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Configuration of the General Ledger module in Acumatica ERP

This article consists in a series of steps required to set up the General Ledger and Cash Management module in Acumatica ERP – aka MYOB Advanced in Australia and New Zealand. This article is not intended to be the main documentation for setting up the system but rather a glimpse into the look and feel of the product and hopefully get people’s interest in the product and its features.

You will learn about the tasks pictured in green in the below image:

The first part of the series will cover the configuration of the initial settings of the system: the branch, the ledger, and the General Ledger module preferences.

Enable/Disable features

Acumatica ERP supports “Multi-Branch” accounting and this feature can be enabled using in the “Enable/Disable Features” Form as per the screen-shot below. This setting is not necessary in order to activate the first Branch of the Company.

CS100000; Configuration > Common Settings > Licensing

Create a Branch

The main settings that need to be considered when creating a branch are Branch ID and Name, the Base Currency, Description and Symbol, the Country and information about Weight and Volume which will be used throughout the system. Once the settings are saved, you can view them by accessing the Company screen as shown below.

Define a Ledger

Before defining the Chart of Accounts, you must define a Ledger and the Company added to it.

GL201500; Finance > General Ledger > > Configuration > Setup

Defining the Chart of Accounts – configure segmented key for the GL accounts

Before uploading the chart of accounts, its better to check and modify if needed the GL accounts settings – the lengths of the accounts

CS202000; Configuration > Common Settings > Segmented Keys

Upload the Chart of Accounts file using the Upload functionality provided on the screen

GL202500; Finance > General Ledger > Configuration >Manage

Configure the General Ledger module

On the GL Preferences form you must set up 2 liability GL accounts.

  • YTD Net Income Account (accumulates the net income from the beginning of each FY – you cannot post directly to this account). Once transactions are posted into the system this setting becomes read-only.

  • Retained Earnings Account (accumulates the net income or loss that is retained by the company).

GL102000; Finance > General Ledger > Configuration> Setup

Setting up the Financial Year

GL101000; Finance > General Ledger > Configuration > Setup

Create the first financial year in the system and generate periods. The setting “Belongs to next year” for New Zealand when the months of the financial year are staring 1 year before. (e.g. April 2017 is part of FY2018)

Activate Financial Periods

GL201000; Finance > General Ledger > Work Area > Manage

Select the “Active” check box in the screen below, so you’ll be able to post to these periods.

Once you have finished setting up the GL module, you can start creating General Ledger transactions.

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