This article explores General Ledgers within the Bookkeeper module.
The General Ledger module is used to open new general ledger accounts, edit existing accounts or delete accounts.
To access the General Ledger module: Go To > Bookkeeper > General Ledger.
| Fee Earner Income Accounts can be opened in the General Ledger Module, but the system automatically opens Fee Earner Income Accounts as soon as Fee Earners invoice their fees. Automatic Fee Earner Income Accounts will be opened for each fee earner, per department, and will instantly appear on the income statement after invoicing. |
| Income Accounts – Category. The category will determine where the account will appear on the income statement |
Trust General Bank account – Remember to link a law society matter for the bank charges and interest. |
1. General Ledger - Toolbar
Fields and Descriptions
| Field | Description | |
| 1 | New | Click on New to open a new account |
| 2 | General Ledger ID | Enter the General Ledger ID, to edit it |
| 3 | Edit | Click on Edit after entering the General Ledger ID |
| 4 | Save | Click on Save to save any changes made |
| 5 | Deactivate | To Deactivate Duplicate or inactive General Ledgers - this can only be done in the 13th Period. |
| 6 | Branch Filter | Use this filter to filter between different branches |
2. General Ledger – Open New General Ledger – Asset
Fields and Descriptions
| Field | Description | |
| 1 | Account Type | Select Asset for Asset Account Type |
| 2 | Account Name | Enter the account name |
| 3 | Branch | Select the branch |
| 4 | Alternate Key | Enter Alternate Key, which can be used in Batches and Transaction History instead of the General Ledger ID |
| 5 | Report – Group name/ Sort Order | Select the group the general ledger account must display under on reports. Enter the sort order for reports |
| 6 | Balance Sheet Type | When opening a new Business Bank Account, you can just fill in the bank details on the right-hand side of the screen under the Bank account details section. |
3. General Ledger – Open New General Ledger – Liability
Fields and Descriptions
| Field | Description | |
| 1 | Account Type | Select Liability for Liability Account Type |
| 2 | Account Name | Enter the account name |
| 3 | Branch | Select the branch |
| 4 | Alternate Key | Enter Alternate Key, which can be used in Batches and Transaction History instead of the General Ledger ID |
| 5 | Reports | Group name/ Sort Order Select the group the general ledger account must display under on reports. Enter the sort order for reports |
| 6 | Balance Sheet Types | Select the Balance Sheet Type for the liability account |
4. General Ledger – Open New General Ledger - Income
Fields and Descriptions
| Field | Description | |
| 1 | Account Type | Select Income for Income Account Type |
| 2 | Account Name | Enter the account name |
| 3 | Branch | Select the branch |
| 4 | Alternate Key | Enter Alternate Key, which can be used in Batches and Transaction History instead of the General Ledger ID |
| 5 | Report – Group name/ Sort Order | Select the group the general ledger account must display under on reports. Enter the sort order for reports |
| 6 | Department/ Fee Earner and Category | Select the correct income account category. |
| 7 | Account Split Payment Details | If split account was selected under section 6, the split account details need to be entered here. Select the accounts and the percentage details of the split allocation |
| 8 | Cost Centres | Complete the cost centre details. For more information on cost centres, please refer to our cost centre document |
5. General Ledger – Open New General Ledger - Expenses
Fields and Descriptions
| Field | Description | |
| 1 | Account Type | Select Expense for Expense Account Type |
| 2 | Account Name | Name Your Expense account |
| 3 | Branch | Select the branch |
| 4 | Alternate Key | Enter Alternate Key, which can be used in Batches and Transaction History instead of the General Ledger ID |
| 5 | Reports – Group name/ Sort Order | Select the group the general ledger account must display under on reports. Enter the sort order for reports |
| 6 | Department/ Fee Earner and Category | Select the Department and Fee Earner the expense account must be linked to, if applicable; alternatively, only select the correct expense account category, usually "Business expense" |
| 7 | Account Split Payment Details | If split account was selected under section 6, the split account details need to be entered here. Select the accounts and the percentage details of the split allocation |
6. General Ledger – Open New General Ledger - Trust
Fields and Descriptions
| Field | Description | |
| 1 | Account Type | Select Trust for Trust Account Type |
| 2 | Account Name | Enter the account name |
| 3 | Branch | Select the branch |
| 4 | Alternate Key | Enter Alternate Key, which can be used in Batches and Transaction History instead of the General Ledger ID |
| 5 | Report – Group name/ Sort Order | Select the group the general ledger account must display under on reports. Enter the sort order for reports |
| 6 | Trust Details | Select General Trust for a Trust bank account or Investment for a Sec 78(2A) account. For General Trust, don’t forget to link a law society matter for capturing interest and bank charges. Investment accounts can also be opened using the Batch Transactions module or via the Payments module when posting the deposit to the investment account. |
| 7 | Bank Account Details | Complete the bank account details. These details will show on the statements and invoices of the clients linked to this bank account. |