How to create a new GL account | ParagonERP

How to create a new GL account

Upon installation, there are default GL accounts set up in Paragon. If there are accounts missing that you require for your financials, this article will explain how to create them. Once they are created, they must be linked to different transactions in order for the system to know when to debit and credit the account.

Step 1: Go to the GL module

You can access the GL module by hitting the more button at the bottom right corner of the screen.


Then, hit the GL button.


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Step 2: Create new GL account

You will be brought to the GL module, which shows the list and structure of accounts that are currently set up.


The default accounts that are set up in Paragon upon installation include (among others):

  • 1 Assets
  • 2 Liablities
  • 3 Equity
  • 4 Revenue
  • 5 Cost of sale
  • 6 Expenses
  • 7 Expenses 2
  • 8 Expenses 3
  • 9 Financial

Hit the add button at the top left-hand corner to create the new GL account.



The following screen will appear. On this screen, you need to fill out the account name, account number, and account type on the upper left-hand side.



If you want to create a new sub-account from an existing account, select the desired parent account in the list view and hit the add button. So, if you want to create a new GL bank account called chequing and you want the parent account to be bank select the bank record in the GL list and hit add. The resulting new GL sub-account will, by default, be created under that selected parent account.

The rest of the fields in this screen will automatically be filled out (if necessary) when you save the account.

Step 3: Fill out the required information

To fill out the account number, click on the field. In Paragon, you can choose to number your accounts using any format you desire (ex: 1.0.0.0, 1000, 1-0-0-0).


To fill out the account name, click on the field.



Then, choose an account type. To choose an account type, click into the field and choose from the list that displays.


Step 4: Save or cancel

When you are ready to create this new GL account, hit the save button at the bottom right-hand corner.



You can cancel at any time before saving by hitting the cancel button at the top left-hand corner. If you cancel, your GL account will not be created.


When you have hit save, you will be brought back to the list view of the GL module. The account you just created will appear in the list on the left-hand side of the screen.

When you return to the GL module, the list order will have refreshed and the newly created account will be below its parent account as it should.


Step 5: Verify the parent account

If you take a look at the parent account, you'll notice that the newly created account as well as all other sub-accounts previously created are indicated under the heading sub-accounts.


If you have opted to disable posting into parent accounts, you will be given this notification when you create a new sub (or child) account and a parent account is found in your GL link setup:  


 

What's next?

Now that you know how to create GL accounts, learn how to link your GL account to transactions.

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