Maintaining a G/L Account in the Chart of Accounts

Account Number Group

100 series

200 series

300 series

700 series

800 series

900 series

Description

A description of the G/L account.

Check this to indicate that this account represents a cash account.

Use one of the following codes to indicate the type of account:
Asset (A)
Liability (L)
Income (I)
Expense (E)

Use this to assign this G/L account to one of your configured budget groups, for use when calculating your budget or using the variance analysis and related dashboards.

SEE ALSO: Budgeting with CU*BASE

Used for income and expense accounts ONLY. This field indicates the G/L account to which the balance of this account should be transferred at year-end.

SEE ALSO: Monthly and Yearly G/L Processing - "Closing the Books"

For Budget Modeling From Asset or Liability Accounts

This section is used to configure the necessary cross-reference for performing budget modeling calculations. The section will be used only when working with an Asset or a Liability account to link an asset to its corresponding income G/L, or link a liability to its corresponding expense G/L. BE CAREFUL: 

• This cross-reference will be used ONLY by the modeling calculation method in CU*BASE budgeting tools (in other words, it has no effect on accruals or anything else where the system correlates your assets to income or your liabilities to expenses). 

• The system will not prevent you from accidentally linking to the wrong income or expense account.

• You must establish a 1:1 ratio between a single asset (or liability) G/L and a single income (or expense) G/L.  If you have multiple assets that feed into a single income G/L, those assets cannot be modeled via the budget tools.

• You can link a non-loan asset G/L (such as an investment account) to its associated income account (remember this must be a 1:1 ratio) and use the same modeling tools to project balances and model the associated investment income G/L.

SEE ALSO: Budgeting with CU*BASE

If this is an asset G/L, enter the single income G/L to which income related to this asset is recorded.  Likewise, if this is a liability G/L, enter the single expense G/L to which the expense related to this liability is recorded.

Remember this must be a 1:1 ratio of one asset (or liability) account to one income (or expense) account.  For example, if you have multiple loan assets tied to a single interest income GL, or multiple investment G/Ls tied to a single investment income G/L, the modeling calculation will not work properly and you should leave this field blank for those G/Ls.

FOR FUTURE USE; currently an informational field only.  Can be used to show the G/L account to which accruals are recorded for products tied to this G/L.  You may leave the field blank if you wish.

Description

Use this to have the system help you fill in the cross-reference accounts that will be used by budget modeling calculations.  A pop-up window will appear showing the system’s suggested match.

Use this to enter free-form text that describes the purpose of this G/L account, such as what kinds of transactions are posted to it, and how it fits into your credit union's overall accounting practices. Purpose information can be viewed from various CU*BASE screens where general ledger account numbers are displayed or entered. A link to an Intranet page or website page can also be entered.

Use this to enter free-form procedures, step-by-step instructions, reminders, and any other information that will be helpful to staff entering or viewing information about this G/L account. A link to an Intranet page or website page can also be entered. Procedures can be viewed from various CU*BASE screens where general ledger account numbers are displayed or entered.

Use this to exclude this or any other G/L account from the “Quick Verify” analysis feature in the Trial Balance G/L Verification Tool (Tool #877). This would be helpful for G/L accounts that are legitimately out of balance on a day-to-day basis, such as your loan loss G/L 719.00.