Setting up General Ledger (GL) accounts is one of the initial steps in creating a new data file for managing your financial processes. Notably, the process for setting up FX bank accounts is typically conducted under the General Ledger Inquiry. The procedure is as follows:
- Navigate to Accounts > General Ledger > Inquiry then select the General Ledger item. SapphireOne will display the General Ledger screen with a list of G/L accounts already in the data file.
- Click on the blue + button on the main toolbar to create a new GL account. The New General Ledger data entry screen will be displayed ready for data entry.
- Enter the required details such as Account Name, Type, Code and other details as required.
- For any General Ledger accounts that are to be Bank Accounts, (Local as well as FX bank accounts) select the Bank Account checkbox. An additional input area will be displayed named Bank Details. Choose from the following options:
- For Local Currency fill in the details as required but do not select the FX button.
- For FX currencies select the FX button and SapphireOne will display a list of FX currencies for you to select from.
- Click on the green tick button on the main toolbar to save the new General Ledger Account.
The creation of all other FX General Ledger account types is carried out in Utilities mode using the FX Currency Settings function. Through this functionality, the exchange rates for each currency are entered and updated as needed.
It is important to exercise caution when creating any FX types, as they cannot be removed once they are created, as they are reflected in the history audit lines.
When creating General Ledger (G/L) accounts, leave gaps in the numbering, as you may need to create additional G/L accounts at a later time. This will enable their placement in the same area as other accounts of a similar nature, greatly simplifying your G/L layout.
For more details, visit the Accounts > General Ledger > General Ledger article.