Creating and assigning General Ledger accounts

Modified on Fri, 24 Mar, 2023 at 4:34 PM

Overview

Cloud Retailer comes with a set of default GL accounts. This is how you can create/edit them.

Procedure

Creating General Ledger Accounts

The Create GL Accounts tool will automatically create the following accounts for each store location:

Cost
Deposits Received
Deposits Tendered
Return Totals
Sales By Department
Sales By No Department
Tender Closing Totals (by tender type)
Tender Opening Totals (by tender type)
Tender Over Totals (by tender type)
Tender Short Totals (by tender type)
Tax Totals
COGS
Not Contributing To Sales
Sales Rounding Error

If you create a new department or tender type, you can run this tool again to create the GL accounts.

To use this tool, navigate to Reports > Create GL Accounts and click [Create GL Accounts] button.

Assigning General Ledger Accounts

Navigate to Reports > General Ledger Assignments, here you can assign the GL description and Code.

Example:

Location
Displays the location for the GL account sets.
Name
This identifies the Cloud Retailer account.
Clicking the Name link offers additional filtering options. See Advanced Filtering Options below.
Description
This identifies that account type and suggests a GL type.
GL description
This is what you will see in your accounting software description or note field.
GL code
This will typically match the GL Description.
GL Type
This tells the system if this account is Debit/Credit.
QuickBooks Online Account Name
This must match the Name of the GL Account under Chart of Accounts in QuickBooks Online.
QuickBooks Online Account Description
This is the line item description you will see in QuickBooks Online. Typically this will be the same as the GL Description column.

Mapping General Ledger Accounts

To "map" report data to your General Ledger Accounts, go to Reports > General Ledger Assignments. Then, select a report by clicking on the blue hyperlink of the report "Name".
A new page will open. Scroll all the way to the bottom of the page and find the "Query Filter Selectable Attribute Set Form" then select the dropdown next to "Attribute Set" and choose "GL entry accounts".
More fields will appear. Fill out the fields as follows:
1. GL code- [Copy the account name from "QB Account Name"]
2. GL description- [Copy the account name from "QB Account Name"]
3. GL type- Select whether this account is Debit/Credit
4. QB Account Name- Start typing the name of an account from your QuickBooks. A list of accounts will appear. Choose the appropriate account to link to.
5. QB Account Description- [Copy the account name from "QB Account Name"]
Click "Save" at the very top right corner of the screen.
Repeat this process for each account you need linked to QuickBooks

NOTE: Depending on how your accounts are balanced, there may be two or more reports that are linked to the SAME account in your QuickBooks.

Advanced Filtering Options

There may be occasions that your GL accounts do not balance. One example may be because an account is including products that do not belong.

We can exclude these products from the account by using the advanced filter.

Let's say, the Returns GL account is not balancing and we know it is because of a "not contributing to sales" product.
Since it's a "not contributing to sales" product, it does not need to be counted as a Return.

First, we will navigate to Reports > General Ledger Assignments.

Locate the Tailspin Toys Returns account. (Replace Tailspin Toys with your company name).
Click on the Tailspin Toys Returns link under the Name column. A new tab or window will open.
Locate the "Advanced filtering" section.
Add another field by clicking the [AND] button.
Specify the filter type, in this example, we are using Product Description > not equals > Not Contributing to Sales.
Be sure to leave any previous filters intact.
Click [Save] when finished.
You may close the tab.

Changes to filters may take up to five minutes to apply.

You can preview your changes by navigating to Reports > GL Report For [Insert your accounting software name].

References

Generate Standard GL Mapping Query Filters