To set up default entries and preferences:
Open the General Ledger Setup window.
(Financial >> Setup >> Financial >> General Ledger)
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Enter the next journal entry and budget journal entry numbers. A new journal entry number is assigned each time you save an entry in the Transaction Entry, Clearing Entry or Quick Journal Entry windows. A new budget journal entry is assigned each time you save an entry in the Budget Transaction Entry window.
The journal entry and budget journal entry number appear on reports as part of your audit trail. You can use these numbers to trace transactions to their original point of entry.
Choose whether to display account balances as net change or period balance amounts.
The display method you select will appear throughout Microsoft Dynamics GP. You can change the method in each window where the account balances are displayed. Refer to Understanding net change and period balance for more information.
Skip the retained earnings entries.
You need to enter the chart of accounts before specifying a retained earnings account. Later, after you’ve set up posting and fixed allocation accounts, you can refer to Chapter 7, “Retained earnings accounts,” for more information about this entry.
Choose whether to keep account history, transaction history, budget transaction history, or all three.
Account history provides account summary balances only. Transaction history includes all transactions posted to an account. Budget transaction history retains the history of budget adjustments. When budget transactions are posted, they move directly to the history table because there is no open table for these transactions. Thus, you must choose an option here if you want to do inquiries on budget transactions after they have been posted.
You can keep history for an unlimited number of years. This information is updated during the year-end closing process when current-year balances become previous-year balances.
If you choose to keep history, you can print historical information on financial statements, comparing previous-year amounts to current-year amounts. You also can calculate budgets based on information from the previous year.
Mark whether to enable users to post to history. If this checkbox is marked, you can post transactions to the most recent history year. For example, you can post-audit adjustments after you have closed the year.
Mark the Deletion of Saved Transactions option to enable users to delete transactions that are saved, but not posted. If you unmark this option, saved transactions must be voided instead of deleted.
Mark the Voiding/Correcting of Subsidiary Transactions option to enable saved transactions originating in other modules to be voided or posted transactions originating in other modules to be backed out or backed out and corrected. Voiding saved transactions originating in other modules will not update the transactions in those modules. You must void or delete the originating transactions using the originating modules.
Mark the Back Out of Intercompany Transactions option to enable intercompany transactions to be backed out.
