The General Ledger is where all of your accounting transactions are recorded. The G/L comprises a set of accounts, the most basic of which are created for you as default accounts. The default accounts are needed to ensure the system will function and they cannot be removed. You can however rename them.
Versa Cloud ERP can replace your current accounting system. If you choose to do so, you would need to transfer your current GL accounts into Versa.
The default accounts include:
Asset Accounts
- Cash
- Accounts Receivable
- Inventory (Raw materials, Work-in-progress, and Finished Goods)
- Buildings
- Machinery, equipment, furniture and fixtures
- Motor Vehicles
- Computer Equipment and Software
Contra-Asset Accounts
- Accumulated Amortization on Buildings
- Accumulated Amortization on Machinery, equipment, furniture and fixtures
- Accumulated Amortization on Motor Vehicles
- Accumulated Amortization on Computer Equipment and Software
Liability Accounts
- Amounts Payable and Accrued Liabilities
- Taxes Payable
- Deposits Received
Equity and Retained Earnings Accounts
- Common Shares
- Retained Earnings
Revenue Accounts
- Trade sales of goods and services
- Realized gains and losses on disposal of assets
- Foreign Exchange gains and losses
Expense Accounts
- Purchases / Cost of Materials
- Amortization of Tangible Assets
This is a basic set of accounts that will be applicable to most businesses. You can add more accounts as required to tailor the GL to your business needs.
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