How Do I Set Up a GL Account?
A General Ledger (GL) account is a unique record type used in accounting to classify and track financial transactions within an organization. It serves to organize various financial activities such as revenue, expenses, assets, and liabilities, providing a clear overview of the company's financial position.
You may elect to automatically import your GL Accounts from your accounting system into Discovery. For more information on how to do this, please review the Quickbooks Online Integration.
Alternatively, you may wish to manually create GL Accounts. Here's how to accomplish this:
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Click on your username in the upper right-hand corner. Select
Settings.
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In the left-hand side menu, select
Integration.
We selected
Integration because this is where GL Accounts are established. Since we're manually settng up GL Accounts, we'll be letting Discovery know we'll be using the QuickBooks Desktop accounting system even though we may not. This process establishes GL Accounts in Discovery as usable when processing Client Payments.
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In the
Accounting System dropdown, select QuickBooks Desktop.
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Click the
Save button.
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Eventually, we'll need to select the
Accounts Payable (GL Account) and
Accounts Receivable (GL Account) to complete our Accounting Integration. However, selection options for these are populated by GL Accounts we create in the GL Accounts section below. Since none yet exist, we'll first need to create the GL Accounts used here and in Client Payment processing.
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To create a new GL Account, enter a
New Account Name. Here, we're creating the Accounts Payable GL Account.
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Click the
Add Account button.
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Repeat for the Accounts Receivable GL Account and any other GL Accounts you need to exist in Discovery.
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To complete our Accounting Integration, we can now select the respective GL Accounts for the
Accounts Payable (GL Account) and
Accounts Receivable (GL Account) fields.
- 10
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Click on the
Save button.
We selected
Integration because this is where GL Accounts are established. Since we're manually settng up GL Accounts, we'll be letting Discovery know we'll be using the QuickBooks Desktop accounting system even though we may not. This process establishes GL Accounts in Discovery as usable when processing Client Payments.
GL Accounts are now ready for use.
If you have additional questions or need more in depth information, please feel free to send us a message using the help beacon in the lower right-hand corner.