Getting Started with Admin -> Ledger

The Admin -> Ledger section is where you configure the backbone of your company’s financial setup. Here you’ll define fiscal year settings, add bank accounts, set up GL accounts, and ensure that your accounting is ready for accurate reporting. This is an important step in making sure your books stay balanced and your reports reflect reality.

Key Setup Tasks

• Set the start month of your fiscal year (if it’s something other than January) by going to Admin -> Ledger -> Accounting Calendar. You can also create a retail calendar that uses fixed quarters like 4-5-4, 4-4-5, or 5-4-4.
• Add bank accounts at Admin -> Ledger -> Bank Accounts. For each account, choose whether it can be used for accounts receivable, accounts payable, and/or payroll. You can also set your check layout here.
• Add and edit GL accounts with Admin -> Ledger -> New GL Account, Admin -> Ledger -> Edit GL Account, or Ledger -> Accounts.
• Decide how GL accounts should summarize into other accounts for condensed reporting using Admin -> Ledger -> Assign Summarization.
• Use the Verify GL Setup tool Admin -> Ledger -> Verify GL Setup to let the system scan for missing or invalid GL assignments on customers, vendors, orders, and invoices.
• Define GL accounts for use in your Cash Flow Report at Admin -> Ledger -> Cash Flow Definition.
• If you have related add-ons enabled (Tools -> System -> Add-ons), you can also set up Cost Codes (Admin -> Ledger -> Cost Codes) and GL Categories (Admin -> Ledger -> GL Categories) to further categorize GL entries for more detailed reporting.

Onward

Once these tasks are completed, your Ledger configuration will give you a solid accounting foundation. This ensures that transactions flow smoothly into the right accounts and your reports are clear and accurate.