Information Stored in General Ledger Accounts

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When adding an account in General Ledger, you specify the following information:

Account number
Account description (name of the account)
Account structure (account segments used in the account number)
Account status
Active or inactive
Account type (Balance sheet, income statement, or retained earnings)
Account allocation instructions (if you want to reallocate the account balance)
Currency information for the account (in multicurrency ledgers)
Normal type of account balance (debit or credit)
Whether to close by segment code (if it is an income statement account)
Whether to post all details to the account in detail, consolidate them, or prohibit them
Whether the account is a control account
Whether to maintain quantity information for the account
Whether the account is a rollup account or a member of a rollup account

For more information about these options, see G/L Accounts Screen.

General Ledger also stores the following information for each account:

Amounts that reflect the actual monetary transactions of the company
Amounts that have been provisionally posted to accounts
Optional quantity information, such as number of units sold or purchased per fiscal period
Budget information
Note:
The number of years of data you can maintain depends on the edition of Sage 300 ERP you use:
- In Sage 300 Premium ERP, you can maintain 99 years of data.
- In Sage 300 Advanced ERP, you can maintain 7 years of data.
- In Sage 300 Standard ERP, you can maintain 7 years of data.