General Ledger Account Setup Form

This form is accessed by clicking on the Application Setup item on the main menu, then clicking on New. The following dialog window will open.

The main elements of the window are:

• Account Number - this field can include any number of letters or numbers. We suggest using the number commonly used to refer to your various General Ledger accounts.
• Account Name - this field can include any number of letters or numbers. The Account Name should indicate the items that will be recorded in the account. This will typically be the name used on reports generated from your General Ledger accounting package.
• Description - this field can include any number of letters or numbers. The Description should include any references that would be helpful in describing what items are included in this account, and any other information that would be helpful in preparing the month end reconciliations. This information is available whenever you are preparing a reconciliation by clicking on the Account Information tab.
• Company Policy - this field can include any number of letters or numbers. The Company Policy would state specific interpretations of company policies. This information is available whenever you are preparing a reconciliation by clicking on the Account Information tab.
• Account Type - you must select one of the six account types. The Account Type will specify for RecWizard what the "normal account balance" will be - either a Debit or a Credit. This is done to reduce the use of the minus key when entering items related to accounts that normally have a credit balance. If you find you have made a mistake, you can always change the Account Type at a later date. If you do make a change, you should double check prior month reconciliations to make sure you have not caused any Unidentified Differences by changing the Account Type. The Account Types are further defined in the tutorial by clicking on the links below:
  • Account Types
    • Asset
    • Liability
    • Equity
    • Income
    • Expense
    • Contra-Asset
• Reconciliation Type - you must select one of the four reconciliation types. These are designed to provide specialized input forms to guide you through the preparation of each reconciliation. If you find you have chosen the wrong reconciliation type, you can change to a different reconciliation type. You will receive a warning message before you are allowed to change your Reconciliation Type. For further information go to Changing Reconciliation Types discussion on the Reconciliation Types page.

  The Reconciliations Types are further defined in the tutorial by clicking on the links below:

  • Reconciliation Types
    • List
    • Sub-Ledger Match
    • Calculated Balance
    • Checking Account
    • Amortizable Prepaid
• Key Control Account - click "Yes" if you want to identify this account as being a Key Control account. These are the accounts that you should reconcile as soon as possible because if there are any errors, they could be significant.
• Active Account - select "Yes" or "No" as appropriate. An account that is not active will not show up in the list of accounts available to reconcile when you select Prepare Reconciliations or Reconcile Accounts.
• Consolidation Acct. - if you want to use a standard "code" to identify accounts that are similar for later grouping or consolidation by using the Export function of RecWizard, this is where you would identify which code would be associated with this account.
  • NOTE: If you want to use the Consolidation Acct field you will have to contact RecWizard support to populate your account table with your appropriate Consolidation Acct codes.

When you have completed your account setup click on the Save & Exit button.

Return to TOP