Ledger Account Setup

Created by Level 1 Support Team, Modified on Fri, 29 Sep, 2023 at 6:59 PM by Level 1 Support Team

Ledger Account Setup screen helps you with the setup of a Ledger Account in your Chart of Accounts. Accounts can be of 2 types, Header and Detail. Header accounts are parent accounts used for grouping 1 more more detailed sub ledgers under it. Ledger postings can only be done against a Detailed account.

Ledger Accounts can be of the following types.

Asset
Liability
Income
Expense
Equity

How to use Ledger Account Setup?

Go to --> Accounting --> Ledger Account Setup --> Create New

Enter the account details
Select the Parent Account to which the ledger account being created will belong to. This will be a HEADER type account
Account no. will be auto loaded when the Account Type is selected. You can go ahead and change it if needed.
If this is a Bank/Cash type account which should come in Payment?deposit dropdown in the application, then set Remittable as Yes
If this is another HEADER Account (Parent Account), then select the Ledger Type as HEADER, else leave it as DETAIL.
This way you can create any number of Ledgers/Sub Ledgers with any level of nesting.

Click on Add button to create the account.

The accounts created in the Ledger Account Set up are listed all accounting screens like Record Income and Record Expense, Fund Transfer etc.