Lab - Create a main account category in the chart of accounts

Access your environment

Before you start this lab, you will need to open the lab environment link above, and log in to the lab environment.

To log in to your lab environment:

  1. Click anywhere on the Windows desktop in the lab window.
  2. On the Resources tab on the side bar, in the MININT box, click Password to have the machine's password typed automatically for you. Then, press Enter.
  3. If the Networks page appears, select No to allow your PC to be discoverable by other PCs and devices on the network.
  4. Internet Explorer will launch automatically after you log in (this can take a minute). Wait for it to navigate to the login page for Finance and Operations.
  5. On the Microsoft Sign-in page, insert your mouse cursor into the Username field. On the Resources tab, below the Azure Portal heading, click Username, then press Enter.
  6. After the browser navigates to the Password page, below the Azure Portal heading, click Password, then press Enter.
  7. In the Would you like to store your password for microsoftonline.com window at the bottom of the screen, select Not for this site.
  8. On the Stay signed in? dialog, click No.

To launch the lab instructions:

  1. Select the Instructions tab on the side bar.
  2. Select Next in bottom right-hand corner of the side bar.

You can now begin your work on this lab.

Scenario

The Accounting manager wants to include the Current ratio value on the Short-term solvency KPI report. Current ratio is calculated by dividing a company’s current assets by current liabilities. Current assets typically consist of cash, cash equivalents, accounts receivable, inventory, and marketable securities. Current liabilities consist of any liabilities that are payable within one year.

To derive the current asset value, the Accounting manager must sum the values of the cash, accounts receivable, and inventory accounts. Fixed assets are not considered current assets. To perform this calculation, they use the Main account category field. Main accounts that are added to the chart of accounts later will also use the Main account category to be included in existing calculations.

Instructions

Perform the following steps to create a General ledger Main account category:

  1. To access the Main account categories page, go to General Ledger > Chart of accounts >-Accounts-> Main account categories.
  2. Select the New button to create a new record.
  3. Enter a unique name for the Main account category and a Description.
  4. Select a Main account type to associate with the account category. The purpose of selecting a Main account type is to reduce the lookup of available Main account categories when you create a new Main account from the Chart of accounts page.
  5. To link an account category to a main account, click the Link main accounts button. Or, link a Main account category to an account from the Main account details page.
  6. Select OK and then Close.

Close the lab environment

  1. Select the Menu button in the top-right corner of the side bar,
  2. Select End and then End my lab and mark it as complete.