Create a main account

Note

We will not be accepting edits to this topic, because it is generated from a business process in Lifecycle Services.

This task guide steps through adding a main account to an existing chart of accounts. This recording uses the USMF demo company.

  1. Go to General ledger > Chart of accounts > Accounts > Main accounts.
  2. Click New.
  3. In the Main account field, type a value.
  4. In the Name field, type a value.
  5. In the Main account type field, select the type that best represents the accounts balance and location on financial statements.
  6. In the list, select the account category the main account belongs to.
    • Account category is used for default financial reports and Power BI dashboard content.
  7. In the list, click the link in the selected row.
    • Change the default debit or credit balance.
  8. In the Default currency field, select a value from the list of currencies.
  9. In the list, find and select the desired record.
  10. In the list, click the link in the selected row.
  11. Toggle the expansion of the Legal entity overrides section.
  12. Click Add to select a legal entity.
  13. In the list, select the Legal entity.
  14. Click Add.
  15. In the list, mark the selected row.
  16. Check or uncheck the Suspended checkbox.
  17. Expand the Financial reporting fast tab.
  18. In the Exchange rate type field, click the drop-down button to open the lookup.
  19. In the list, select the Exchange rate type for the account.
  20. In the list, click the link in the selected row.
  21. In the Currency translation type field, select the method for calculating exchange rates for the account.
  22. Close the page.