In this topic:

Configuring GL Accounts, Account Categories, and Chart of Accounts

This section explains how to create GL Account, Account Category, Chart of Accounts, and make the needed associations between them.

Creating a GL Account

A GL Account is flagged as either a posting account or not flagged as a posting account. Only GL Accounts flagged as a posting account may be used in GL Posting Rules that will create transactions associated with the GL Account. Posting accounts may not be assigned as a parent to another GL Account. Conversely, GL Accounts not flagged as a posting account may be used as a parent to any GL Account, and may be a child of another GL Account not flagged as a posting account.

Parent accounts can have an unlimited number of associated child accounts, but child accounts can have only one parent account.

Create a General Ledger Account 1

POST https://example.gotransverse.com/calypso/3/accounts

Request

{
"description": "Revenue GL account", "name": "Subscription Revenue", "number": "1115", "is_posting_account": true, "type": "REVENUE", "designation": "RECOGNIZED_REVENUE", "status": "ACTIVE"
}

Response


{
  "id": 4,
  "description": "Revenue GL account",
  "name": "Subscription Revenue",
  "number": "1115",
  "is_posting_account": true,
  "type": "REVENUE",
  "designation": "RECOGNIZED_REVENUE",
  "status": "ACTIVE",
  "chart_of_accounts": []
}

To see child-parent account relations, let’s create two GL Accounts.

Create a General Ledger Account 2

POST https://example.gotransverse.com/calypso/3/accounts

Request

{		
  "description": "Revenue Header GL account",
  "name": "REVENUE",
  "number": "2510",
  "is_posting_account": false,
  "type": "REVENUE",
  "designation": "NONE",
  "status": "ACTIVE"
}				

Response

{
  "id": 5,
  "description": "Revenue Header GL account",
  "name": "REVENUE",
  "number": "2510",
  "is_posting_account": false,
  "type": "REVENUE",
  "designation": "NONE",
  "status": "ACTIVE",
  "chart_of_accounts": [] 
}

Creating a GL Account Category

General Ledger account categories provide functionality for organizing and reporting on your GL Accounts.

Create a GL Account Category 1

POST https://example.gotransverse.com/calypso/3/account-categories

Request

{
  "description": "Subscription Revenue category",
  "name": " Subscription Revenue",
  "type": "REVENUE",
  "status": "ACTIVE"
}

Response

{
  "id": 1,
  "description": "Subscription Revenue category",
  "name": "Subscription Revenue",
  "type": "REVENUE",
  "status": "ACTIVE",
  "chart_of_accounts": []
}

To see child-parent account relations, let’s create two GL Account Categories. The following Account Category—“Revenue”—will later be assigned as a parent to the “Subscription Revenue” category.

Create a GL Account Category 2

POST https://example.gotransverse.com/calypso/3/account-categories

Request

{
  "description": "Revenue Header",
  "name": "REVENUE",
  "type": "REVENUE",
  "status": "ACTIVE"
}

Response

{
  "id": 2,
  "description": "Revenue Header",
  "name": "REVENUE",
  "type": "REVENUE",
  "status": "ACTIVE",
  "chart_of_accounts": []
}

Creating a Chart of Accounts

The Chart of Accounts is a group of GL Accounts assigned to the General Ledger. Charge Information Record is a base entity for storing the history of subscriptions, services, and billing account transactions including invoices, payments, and adjustments.

While creating a Chart of Accounts, keep the following items in mind:

  • One GL Account can be assigned to multiple Chart of Accounts.
  • You cannot assign two GL Accounts with the same Number in one Chart of Accounts.
  • One Chart of Accounts may be associated with multiple General Ledgers.
  • A General Ledger is associated with only one Chart of Accounts.

Create a Chart of Accounts

POST https://example.gotransverse.com/calypso/3/chart-of-accounts

Request

{
  "name": "Chart of accounts",
  "description": "additional information on the chart of accounts",
  "status": "ACTIVE"
				}

Response

{
  "id": 2,
  "description": "additional information on the chart of accounts",
  "name": "Chart of accounts",
  "status": "ACTIVE",
  "ledgers": []
}

Assign GL Account Category 1 to the Chart of Accounts

Now, we will assign the “Subscription Revenue” account category with ID=1 to the Chart of Accounts and make the “Revenue” account category with ID=2 parent.

POST https://example.gotransverse.com/calypso/3/chart-of-accounts/
{chart_of_accounts_id}/account-categories

Request

{
  "id": 1,
  "parent_id": 2
}

Response

{
  "id": 1,
  "description": "Subscription Revenue category",
  "name": "Subscription Revenue",
  "type": "REVENUE",
  "status": "ACTIVE",
  "parent_id": 2,
  "parent_name": "REVENUE"
}

Assigning GL Accounts to Chart of Accounts

First, let’s assign the GL Account Number 2510 (ID=5) to the Chart of Account.

Assign a GL Account 2 to the Chart of accounts

POST https://example.gotransverse.com/calypso/3/chart-of-accounts/{chart_of_account_ID}/accounts

Request

{
  "id": 5
}

Response

{
  "id": 5,
  "description": "Revenue Header GL account",
  "name": "REVENUE",
  "number": "2510",
  "is_posting_account": false,
  "type": "REVENUE",
  "designation": "NONE",
  "status": "ACTIVE"
}

Assign a GL Account as a parent

Let’s assign the GL Account which number=1115 and ID=4 to our Chart of Accounts and make GL Account number 2510 with ID=5 its parent in a single command.

POST https://example.gotransverse.com/calypso/3/chart-of-accounts/{chart_of_accout_ID}/accounts

Request

{
  "id": 4,
  "parent_id": 5
}

Response

{
  "id": 4,
  "description": "Revenue GL account ",
  "name": "Subscription Revenue",
  "number": "1115",
  "is_posting_account": true,
  "type": "REVENUE",
  "designation": "RECOGNIZED_REVENUE",
  "status": "ACTIVE",
  "parent_id": 5,
  "parent_number": "2510",
  "parent_name": "REVENUE"
}

As a result, our GL Account Number 2510 with the ID=5 is assigned as a parent account for GL Account Number 1115 with the ID=4.

Now, proceed with setting up your GL Rules and Rule Sets.

 

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