GL Category

REQUIRED FIELDS FOR SETUP

NAME

DESCRIPTION

PRINT ORDER (0 IS THE DEFAULT)

GL CATEGORY TYPE

Process:

The main page displays the GL categories that are set up and the print order. Categories are view only and cannot be changed once created. P2 uses 5 of the GAAP General Ledge Account Types so when you are creating your GL categories you will need to determine which of the GL Types it belongs to.

1) Assets-   Things you own (including your bank accounts/cd's,etc.).

2) Liabilities - Things that you owe (A/P, Wages payable, short-term debt, Notes payable, Current portion of long-term debt).

3) Equity -  Net Assets for NFP.

4) Income  (Revenue) - Income through Sales of Products, Donations, Membership Fees, Contributions.

6) Expenses - Things that are paid for that are consumable. They have no lasting value but are part of the cost of running the business such as wages.

TO VIEW

Locate the category, click View and a new page opens the category details.

TO ADD

Click  +Add Record   and complete the required fields then click   Save   and a message displays The record was saved successfully.