In order to associate a product with a specific GL you will need to create a record called the Product GL Account. Products can have one or more of these records associated, but there are some important guidelines to avoid errors. If the product GL Accounts are not set up correctly you may have customers who cannot pay for items or do not get charged for sales tax correctly (if applicable).
Setting Up a Product GL Account:
1. From the Product Record: Related > Product GL Accounts
2. Click +New Product GL Accounts to create a new connection.
3. Fill Out Required Fields and Save.
- Product - A look up to which product this record is associated with. If you follow these steps this should populate automatically.
- Type - This will auto-fill with the type of GL Account once you select the GL Account.
- GL Account - A lookup field to link the Product GL Account with an existing GL account.
You can only have Product GLs for Discount, Revenue/WIP, Tax, or Receivables. Products cannot be associated with other GL account types and direct GL entries to those accounts.
The Liability General Ledger Account cannot be added as a Product GL Account. Only the Credits entity has been configured to use the Liability General Ledger Account because the Credit is an amount of money that is owed. The expectation is that there is only one active Liability General Ledger Account. Associations can either use the Default Liability Account as is or we recommend renaming the Default Liability Account to the preferred client value.
Requirements:
1. Products should have 0 or 1 Revenue/WIP Product GL Accounts.
*If you have more than one you may not be able to process payment correctly.
*The system may not see a difference between active or inactive records, so if you do change the GL account delete the old one once you have created the new one.
2. Products should have 0 or 1 Receivables Product GL Accounts.
*If you have more than one you may not be able to process payment correctly.
*The system may not see a difference between active or inactive records, so if you do change the GL account delete the old one once you have created the new one.
3. Product GL Accounts need to have a GL Account.
4. Product GL Accounts need to have a Type.
This is usually automatically set once you select the GL Account. If it changes on the GL account, make sure it is also changed here.
5. The Type on the Product GL Account needs to match the Account Type on the General Ledger Account.
