3) Update GL Accounts

Overview

GL Accounts (Chart of Accounts) are used for account posting in GoldFinch.

Update GL Accounts

Open the App Launcher. Search for GL Accounts.

Complete GL Accounts will be created by the post-installation script and are ready for use. You can rename these accounts as needed to match your back-end financial system.  

If you have been using GoldFinch ERP only and want to start using GoldFinch Accounting, you can use this template to update your GL Accounts.

GoldFinch GL Accounts Template 082123.xlsx

GoldFinch uses various GL Accounting group fields for Financial Reporting. Review GL Account - Dependent Picklist Values to ensure that they are set up properly for your GL Accounts.

The following values are preconfigured and are allowed for Statement Type. Do not add or change values.

• Balance Sheet

• Income Statement

The following values are preconfigured and are allowed for Account Type. Do not add or change values.

• Assets

• Liabilities

• Owners Equity

• Revenue

• Cost of Goods Sold

• Expenses

• Other Income

• Other Expenses

You can add or change values for Sub Type1 and Sub Type2.

Update Accounting Setup

After you update GL Accounts (Chart of Accounts), remember to go back to the Company Setup page and Accounting Posting Setup page to review your accounting setup. If you don’t see the required fields on the page layouts, go to Setups\Edit Object to add them manually.

Refer to Company Setup- for field help.

Refer to Account Posting Setup for field help.

Account Current Year Earnings and Account Retained Earnings are required to run financial reports.