Step 1: Designing Your Financial Framework – Creating Dynamics GP Chart of Accounts
In this first step we’ll be looking at:
- Your Chart of Accounts
- Defining Your Fiscal Periods
- Multicurrency Setup
Creating Your Chart of Accounts
In this section we’ll cover the following:
- Posting Type
- Account Format
- Entering Accounts
If you would like, you can always login to Fabrikam, the sample company that was installed with your system. This will allow you to see a sample company all set up, and allow you to try things out without affecting your live system.
To access Fabrikam, click on your company’s name in the lower left hand side of Dynamics GP, and select Fabrikam in the Company Login window.
Your system already includes a chart of accounts. This is the basic structure for transaction processing and reporting in Dynamics GP. The first thing you’ll want to do is review it.
Be sure that the correct Posting Type is selected for each account to be either a Balance Sheet account or a Profit and Loss account. This selection will impact the end of year processing when you close an accounting year.
You may want to look at the Account Format Setup to verify the basic framework for your Chart of Accounts. Download the document to get the full set of instructions of creating Dynamics GP chart of accounts