In the Chart of Accounts list, all G/L accounts are available and can be viewed at one time. However, there is also a G/L Account Card for each account, and this can be accessed from the Chart of Accounts list.
Each line in the chart of accounts is represented by a G/L account card where you define how the related G/L entries for that account are managed.
Create G/L Account Master in Dynamics 365 Business Central:
Open Chart of Accounts
before creating any G/L Account, you need to consider about No. and group. Check in which group you want to create G/L Account then check the No. code in between which you want to create G/L Code.
Example User want to create Office expenses G/L Account in the Chart of Account list.
Office expense is related to Income statement part. Scroll down and go to the Income Statement.
There are multiple groups created for expenses, check the group in which you want to create Office expenses G/L.
Example user want to create G/L Code in the Administrative expenses, then check no. in this group, here we can create new G/L Code, we need to enter the G/L No. within this range. We can create new No. 8250 for Office expenses.
Click on New button, system will open the new G/L Account card as shown in the below screen.
We need to fill below details in the G/L Account Card.
No. –> Enter 8250
Name –> Enter Office Expenses
Income/Balance –> Select Income statement
Accounts Category –> Select Expense
Accounts Category –> You can select any expense category from the list
Debit/Credit –> Select Both
Account Type –> Select Posting
Direct Posting –> Enable this button, it allow us to select this account at transaction level.
On Posting Tab, select Gen. Posting Type –> Purchase, Gen. Bus. Posting Group –> Domestic, Gen. Prod. Posting Group –> Misc
Select GST Group Code and HSN/SAC Code, also Select GST Credit –> Availment
Get back to the chart of accounts and check , G/L Account is created.
Click on Process –> Indent Chart of Accounts
This option is used to add G/L Account in the Group total.
If you’re considering Microsoft Dynamics 365 Business Central, or just want more information, I’m happy to answer all your questions.