Designing Your General Ledger
Before you begin setting up any part of your general ledger, design your chart of accounts by listing the accounts you need and deciding on an account numbering scheme that suits your financial reporting requirements. If you don't have the services of an accountant to assist you, use one of the sample data charts of accounts as a guideline for designing your own chart of accounts. Print the sample charts of accounts by selecting General Ledger Reports > Chart of Accounts.
Common Services System-Wide Options
You must choose some system-wide options in System Manager's Common Services before setting up your General Ledger. These include:
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Multicurrency setting.
With multicurrency turned on, you can process transactions in more than one currency. If you select multicurrency, you must also select your home currency (called the functional currency). You make this selection in the Company Profile form of Common Services.
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Number of fiscal periods.
Select either 12 or 13 periods for your fiscal year. You make this selection in the Company Profile form.
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Currency codes, rate types, tables, and rates.
You maintain all currency information in the Currency windows. For information, see Common Services help, or refer to the System Manager help.
You do not have to create fiscal calendars before you activate General Ledger. General Ledger creates fiscal calendars during activation based on the number of years of account history you want to add.
See also