General Ledger (GL) Accounts are used for reporting purposes and for exporting sales or purchasing data to an accounting package.

In order to be compatible with the many different accounting packages available, you can setup your own General Ledger Accounts in Blaq to suit the accounting package. Each product in Blaq is assigned to one of these accounts so that sales and purchasing data for each product can be linked to the account. You need to create at least one account before you can create your products.

GL Account

• Account Code - alphanumeric code, it should match the account in your accounting package. If you want a different code to your accounting package, please use the external code below.
• External Code - similar to above, but only for use in an external accounting package, if the code in the external package needs to be different to the GL code in Blaq.
• Description - description of the account, eg. Sales - Paper. This description generally won't be exported, but is often used on Blaq reports.
• Type -
  • Revenue - account is accessible in Product Sales.
  • Cost of Goods Sold or Expense - account is accessible in Product Purchasing.
• Role -
  • Header accounts are used for grouping other accounts.
  • Bank accounts allow a bank account to be connected to the account.
• Tax Rate - the tax rate to add to the charge. For types of bank or credit card, this is used as the default tax rate when importing statements.
• Header Account - a header account this account is grouped under.
• Manager - select the manager that is responsible for this GL Account in their Budget.
• Status - an inactive account cannot be used.

Initial Balance

• Initial Balance - the balance at the date specified below.
• Start date - the date the GL account was at the balance set above.

Bank Details

• Default Payment Method - this is primarily used when importing bank records.