Release Account in Legal Entity
An account from the chart becomes usable in a company only when it is released here. The release carries the company's own controls on the account: validity dates, whether people may post to it by hand, whether its balance must stay on one side, its currency, its bank, and where it appears in the financial statements.
Every field in plain words
Basic
| Field | What it means | What to put |
|---|---|---|
| Account | The account from the company's chart | Required. Picked from the accounts of the chart. Locked after Create |
| Name | The account name | Filled from the account |
| Chart | The company's chart | Filled from Ledger Setup |
| Account Nature, Account Group | From the account | Account Group is hidden under Custom Number Range |
| Currency | The account's currency | Required when Validate Currency is ticked. Cannot be changed once vouchers in another currency exist |
| Bank | The bank of a bank account | Optional |
| Balance Control | Debit or credit balance | See the note below |
| Block | Stop postings to the account in this company |
Control
| Field | What it means |
|---|---|
| Validate Ledger Balance | Check the account's balance side, and the Manual Entry tick, on every voucher |
| Validate Currency | Every voucher line on the account must be in its Currency |
| Validate PostKey | The account must list at least one post key on the Post Key tab. The list is recorded; vouchers do not check it |
| Manual Entry | May be posted on journal vouchers. Checked only when Validate Ledger Balance is ticked |
| Watchlist | Marks the account to watch. Shown in the account lists |
| Force Update Dimension | The account's own dimension values replace those typed on a voucher line |
Validity
| Field | What it means |
|---|---|
| Date From, Date To | Vouchers dated outside these dates are refused. Date From is required |
Reporting
| Field | What it means |
|---|---|
| Account Type | The statement section, from a delivered list for the nature |
| Account Category | The category within it, from a delivered list. The Income Statement groups by it: Operating Revenue and Cost of Sales give Gross Profit; Operating Expenses and Other Expenses give Net Operating Income; Other Income gives Net Income |
| Account Sub Category | From Account Sub Category for that category |
Dimensions tab
Default dimension values of the account. On a journal voucher an empty dimension of the line is filled from here; with Force Update Dimension the account's values win.
Currency and Post Key tabs
A list of currencies (recorded only) and the post key list for Validate PostKey.
The Balance Control rule
The balance check on vouchers reads the Balance Control of the account master, which is set only when the account is first made on Account in Legal Entity. The Balance Control typed on this screen is stored but not read. The balance compared is the account's balance across all companies.
How to configure it
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The screen keeps a release as a Draft until it is released. Journal vouchers and most account lookups offer only released accounts.
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Bank and cash accounts: Validate Currency with the bank's currency, Validate Ledger Balance with a debit balance control, Manual Entry ticked if journal vouchers may touch them.
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Control accounts (receivables, payables, inventory, tax): tick Validate Ledger Balance and leave Manual Entry unticked, so only their documents post to them.
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Release many accounts at once with import.
If something looks wrong
- "Currency is required when validated currency is checked." Fill Currency.
- "At least one Postkey is required in Account Postkey." Add a post key, or untick Validate PostKey.
- "Cannot change currency, There are some transactions on different currency" Vouchers exist in another currency.
- "Account: ... cannot be deleted." Vouchers in this company use it. Block it.
- "Account in Legal Entity - cannot delete this Account as it's predefined" Block it.
- "Chart of Account is not defined for this Legal Entity." Fill Account Chart on Ledger Setup.
- "Date From cannot be greater than Date To." Fix the validity.