General Journal - Chart of Accounts
The chart of accounts is the key to a successful accounting application. Phreebooks allow for accounts name that include characters as well as numbers. It also allows for sub-accounts to be used later in roll-up reporting. If you are not sure how to set up your chart of accounts, refer to your accountant or use one of the supplied chart of accounts during the set-up script.
Notes:
- Exactly one account of type 'Retained Earnings' may be part of the chart of accounts.
- Accounts cannot be deleted if they have been used in a journal entry.
- Accounts should be checked as inactive if they are no longer used but have past journal entries against it.
Adding a general ledger account
- Select General Journal->Chart of Accounts.
- Click on the New icon and a popup will appear.
- Enter the GL account number (0-9 and a-z are allowed).
- Enter the description, and subaccount information as necessary.
- Enter the Account Type. This classifies the account and how entries are treated in the general journal.
- Press Save to create the account and close the window.
Deleting a general ledger account
- Select General Journal->Chart of Accounts.
- Click the Delete icon next to the account to be deleted.
- Acknowledge the deletion and the account will be removed.
NOTE: if the account has journal entries in the database, the account cannot be deleted.
Editing a general ledger account
- Select General Ledger-Chart of Accounts.
- Click the edit icon next to the account to be edited.
- Make any changes and press Save to commit your changes and close the window.
NOTE: Account numbers cannot be changed if they have a journal entry posted against it.
Related Links
General Journal Entries
Reports - Balance Sheet
Reports - Income Statement