Accounts are entered and maintained for use by LILAC general ledger data entry and reporting. Accounts are listed alphabetically, BALANCE sheet accounts are followed by TRADING (profit and loss) accounts.
In the Ledger column TRADING or BALANCE will typically be selected.
This dark blue field will permit the creation a new entry. Scroll down to the 1st blank line, select a Ledger and fill in the details of a new account name to create.
Selections in these fields will require accounting insight to achieve the financial reporting outcomes desired.
Tick in this column if postings to the account are GST inclusive.
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General Ledger Chart of Accounts
Purpose: This document allows the user to establish a Chart of Accounts.
Context: LILAC uses a dynamic approach to General Ledger Accounts. They are not something separate and distinct from the trading database. LILAC lets every account stand for itself in the overall double entry balance. The Chart of Accounts document allows codes, names and attributes of General Ledger accounts to be entered and maintained.
Ledger: Ledger Key from the set BALANCE, DEBTORS, INVENTORY, PAYROLL, TRADING, WIP. Main: Account Key (short name). Type: Account type from the set CURRENT, DIRECT, INDIRECT, INTANGIBLE, NON CURRENT, TANGIBLE. Category: Account category from the set ASSET, COST, EXPENSE, INCOME, LIABILITY, PROPRIETOR, SALES. Taxable: Tick this field if this account will have GST included in its entries. Name: Type in the long name or description for the account. This is used for presentation in reports. Miscellaneous: Tick this field to hide this account in the Profit and Loss report. Don't Show as detail line in P & L. Currency: Foreign exchange currency. G Code: BAS Total Code Export Code: Type in an numeric code for use in exporting to Taxation Accounting packages. Closed: This account is closed. An account can be closed if it is no longer required, temporarily or permanently. That is, a Closed account can be re-opened by removing the tick from the Closed column. In most cases an account to be closed would have a zero balance.
Reports > General Ledger > Trial Balance contains a parameter to show those Closed accounts with a zero balance. Note, accounts with a balance, even if Closed, will be displayed in Reports > General Ledger > Trial Balance... until the account balance is zero.
From Here: This information is used by LILAC in the formatting and structure of financial reports. In addition a Chart of Sub Accounts can be established at: Documents > General Ledger > Chart of Sub Accounts.
