Accounts
Accounts help you organize and track the financial activity recorded in General ledger and other feature areas, such as Payables. Each account record captures increases, decreases, and current balances, giving you the information needed to monitor financial performance and produce accurate financial statements.
From General ledger, Accounts, review existing accounts or add new ones. Use the menu next to each account in the list to quickly view or edit the account.
Tip: Review details about the account structure, including how to add segments, adjust segment lengths, and set up account codes.
Use columns to organize information visually, making it easier to find, compare, and analyze accounts quickly.
To quickly locate an account, search or filter the list. To open, select the account number or choose View from an account's menu.
Tip: If you don't know the exact account number or description, enter a partial name or number.
Tips for Working with Accounts
On an account record, activity displays a summary, including beginning and ending balances, debits, credits, and net change. The full summary amount displays, regardless of the project security in place. When you view a period, all amounts that make up the summary number are displayed while the project ID and description are masked.
On an account record, budget details display actual and budgeted amounts for a specified time period. The full summary amount displays, regardless of the project security in place. When you view a period, all amounts that make up the summary number are displayed while the project ID and description are masked.
Tip: The Budget scenario filter shows only budgets that exist for the selected fiscal year on the selected account. If no budgets exist for the selected year and account, the full filter isn't available.
You must have appropriate security rights to delete an account.
You can't delete accounts that have transaction activity or are in use by other records.
Lock an account instead of deleting it to prevent further data entry while keeping its history intact.
Keep account information up-to-date by reviewing and updating descriptions, report classifications, and transaction defaults as business needs change.
Review account balances regularly to monitor financial performance and identify potential issues early.
Apply the Fiscal year and Actual/encumbrance filters to compare balances across reporting periods and support financial reviews.
Use report classifications, such as Class and Statement of cash flows, to keep financial statement reporting consistent.
Periodically verify account data to ensure reports, budgets, and financial records reflect current account activity.
Maintain clear account descriptions and consistent account codes so account purposes are easy to understand.
Use accounts consistently to organize and track related financial activity, making reporting and oversight more efficient.
Review account structure and account codes before audits, reviews, or reporting cycles to help ensure accuracy and completeness.