3) Setup 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.
The post-installation script will create complete GL Accounts that are ready for use. You can rename these accounts as needed to match your back-end financial system.
Alternatively, 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 they are properly set up 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.
