Microsoft Dynamics GP – How to Create a New GL Account and Post a Journal Entry
Hello, welcome to TMC’s How-to demo series for Dynamics GP, where we explore the features of Dynamics GP for basic tasks within your organization. If you can’t find a demo for your role or work position, let us know in the comments below we’ll try to make it happen. Today we’re going to be going over how to create a new GL account and post a journal entry. My name is John Hoyt, I’m the solution specialist for Technology Management Concepts here at TMC. Let’s get started!
In this video we’re going to cover how to create a new GL account, how to create and post a journal entry using that new account, attach a note to explain why this is being done to provide our audit trail. In this case, we’re adding a new sales distribution channel and we’ll create a new revenue account and reclass some of the existing revenue to it. Let’s see how this works!
I’ll pull up my GP system, from the home page I’m going to navigate to the ‘Financials’ from the ‘Inquiry’ menu, I want to start by looking at my primary revenue account. You can see in 2027 in period 2, I’ve got a really high balance here and I’m going to move some of that to the new account that we’re going to create. To create that account, I’ll navigate to the card section into an account there. I’ll start by giving the new account a number, and then a name. This category will of course be ‘Sales.’ It’s going to hold a credit balance, probably a PML sheet. I’ll go ahead and click ‘Save’ and record that account. Now, I’m ready to create a post my journal entry.
To do that, I’ll navigate over to the ‘Transactions’ menu. Well general journal entry number gets assigned automatically I won’t use a back-posting reviews or approvals on this. I do want to change the date back to second period. So, we’ll do that for the end of February. More reference for why we’re doing this and then we’ll reclass revenue. Maybe we’ve got 25,000 that needs to be reclassed. Now I put my attachment in place. Let’s do a batch. What I want to grab, your My Documents today’s date. My reclassed journal entry I’ll grab that document say ‘Ok’ because we’re going to post this immediately. I’m going to take that out of this batch. We’ll just do a quick post there and then to verify that everything’s gone correct. I get my posting journal to show me my many amounts going in and out of those two accounts. And of course, I’d always be able to verify that by going back into my ‘Inquiry.’ From our new account number now, I can see when those transactions come from my journal entry.
Ok then, so in this video we’ve created a new GL account to track revenue for our new sales channel, reclassed some of the existing revenue to that new account, we added an attachment so we can explain the purpose of our reclass journal entry.
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