Valid GL accounts

You can set up GL accounts so that they correspond to accounts that you use in your external accounting system.

When you create your chart of accounts, you can match the account codes in your accounting system to the account names in the Chart of Accounts application.

Transactions have a debit and a credit entry. For each transaction, an account is written to the database as the debit account. However, the cost of the transaction can be negative or positive to create the correct net accounting effect. In other words, the net effect of a credit is to create a given account by debiting that account with a negative cost amount.

Table 1. Valid GL accounts
GL Account	Description	Account type	Object and attribute	Application
Accounts payable control account	Summarizes the amount that is owed to suppliers and other creditors.	Company-related	COMPANIES.APCONTROLACC	Companies Action > Default Company Accounts
Accounts payable suspense account	The value of invoices that are approved, but not paid.	Company-related	COMPANIES.APSUSPENSEACC	Companies Action > Default Company Accounts
Asset GL account	The default debit account for work orders, purchase orders, and other types of accounts against an asset.	Location and asset	LOCATIONS.GLACCOUNT ASSET.GLACCOUNT	Locations
Consignment suspense accounts	The values of inventory that are owned by an external vendor.	Company-related	COMPANIES.CONSACCT	Companies
Currency variance account	Differences between the receipt price and the invoice cost that result from changes in the exchange rate.	Inventory-related	LOCATIONS.CURVARACC	Storeroom
External labor control account	The credit account for work done by outside vendors.	Resource control	ACCOUNTDEFAULTS.GLDEFAULT `DFTLGROUP = LABRESCODE GROUPVALUE = 1`	Chart of Accounts Action > External Labor Control Accounts
External tools control account	The credit account for any external tool transaction.	Resource control	ACCOUNTDEFAULTS.GLDEFAULT `DFTLGROUP = TOOLRESCODE GROUPVALUE = 0`	Chart of Accounts Action > Resource Codes
Internal labor control account	The credit account for work done by internal employees.	Resource control	ACCOUNTDEFAULTS.GLDEFAULT `DFTLGROUP = LABRESCODE GROUPVALUE = 0`	Chart of Accounts Action > Resource Codes
Internal tools control account	The credit account for any internal tool transaction.	Resource control	ACCOUNTDEFAULTS.GLDEFAULT `DFTLGROUP = TOOLRESCODE GROUPVALUE = 0`	Chart of Accounts Action > Resource Codes
Inventory control account	The monetary value of the stock in the associated storeroom location.	Inventory-related	LOCATIONS.CONTROLACC	Storeroom
Inventory cost adjustment account	The changes in the average cost or standard cost of your inventory.	Inventory-related	LOCATIONS.INVCOSTADJACC	Storeroom
Inventory GL account	The resource code that is associated with the commodity group that you set up in the Chart of Accounts application.	Inventory-related	LOCATIONS.CONTROLACC	Storeroom
Inventory resource code	The inventory resource component of the debit account in a transaction.	Resource	ACCOUNTDEFAULTS.GLDEFAULT `DFTLGROUP = INVRESCODE GROUPVALUE = Commodity Group Name`	Chart of Accounts Action > Resource Codes
Invoice cost variance account	The variances in the price, expressed in the vendor currency, between receipt and invoice for the associated storeroom location.	Inventory-related	LOCATIONS.CURVARACC	Storeroom
Labor resource code	The labor resource component of the debit account in a transaction.	Resource	ACCOUNTDEFAULTS.GLDEFAULT `DFTLGROUP = TOOLRESCODE GROUPVALUE = 0`	Chart of Accounts Action > Resource Codes
Operating location GL account	The default debit account for work orders, purchase orders, and other types of accounts against the location.	Location and asset	LOCATIONS.GLACCOUNT	Location
Paid tax GL account	The accrual account for tax that you pay to a vendor or supplier.	Tax	TAXTYPE.INCLUSIVEGL	Organizations Action > Purchasing/Tax Options
Preventive maintenance GL account	Used when a preventive maintenance record generates a work order.	Preventive maintenance	PM.GLACCOUNT	Preventative Maintenance
Purchase variance account	The purchase variance account is not used for any transactions.	Inventory-related	LOCATIONS.PURCHVARACC	Storeroom
Receipts price variance account	The differences between the inventory standard cost and the receipt cost for items in the associated storeroom location.	Inventory-related	LOCATIONS.RECEIPTVARACC	Storeroom
Received but not invoiced account	The materials and services that you have received, but that you have not yet invoiced.	Company-related	COMPANIES.RBNIACC	Companies Action > Default Company Accounts
Rotating suspense account	The accumulated cost of repairs to an asset until you move the asset into a storeroom.	Inventory-related	ASSET.ROTSUSPACCT	Chart of Accounts Action > Default Organization Accounts
Shrinkage cost account	The differences between actual inventory quantities and calculated quantities.	Inventory-related	LOCATIONS.SHRINKAGEACC	Storeroom
Tool control accounts	The default account used to track transactions on a tool that is owned by an external vendor.	Company-related	COMPANIES.TOOLCONTROLACCOUNT	Companies Action > Default Organization Accounts
Tool resource code	The tool resource component of the debit account in a transaction.	Resource	ACCOUNTDEFAULTS.GLDEFAULT `DFTLGROUP = TOOLRESCODE GROUPVALUE = 0` ITEMORGINFO.GLACCOUNT	Chart of Accounts Action > Resource Codes Action > Tool/Org Details
Unpaid tax GL account	The accrual account for unpaid tax.	Tax	TAXTYPE.EXCLUSIVEGL	Organizations Action > Purchasing/Tax Options