Enter a code (maximum eight characters) identifying the account.

Enter a brief description (maximum 24 characters) of the GL account. You can optionally enter descriptions in more than one language. For more information on the Translation Option, see Introduction to QAD Enterprise Applications User Guide.

Select the type of account. See GL Account Types for a description of the available account types.

Indicate if this is an active account.

Inactive accounts cannot be used to record new transactions. An inactive account is still available, however, for historical transactions in overviews and reports.

This read-only field indicates that the account is already referenced within the system. For example, when the account is used in a payment instrument process, this field is automatically selected.

This read-only field indicates that the account has been used in postings.

This drop-down menu is enabled when you select a system account as the account type. Select a value from the list. See System Accounts.

If this account is to be included in a budgeting group, enter a code for the group, or click to look up and select an existing code. Setting up a budget can be done with this group code or by specifying ranges or lists of GL accounts. See Budgeting.

Select the field to enable budget checking. This field is effective if budget checking is enabled in System Maintain (36.24.3.1). For details on this function, see QAD System Administration User Guide.

Select a code for classifying the account based on its function on financial statements. Choices are:

Asset: These represent economic resources owned by an entity, both tangible and intangible, such as bank balances, amounts owed by customers, inventories, land, buildings and machinery, investments, and goodwill. Asset accounts appear on the balance sheet.

Liability: Liabilities are amounts owed to other parties for goods and services supplied and loans. This category also includes capital—sometimes termed equity or net worth—which represents the economic resources supplied to an organization such as share capital, reserves, and loan capital. Liability and capital accounts appear on the balance sheet.

Expense: Any account to appear in the income statement and not defined exceptionally as an income account is defined as an expense. Typically, materials, labor, and expense accounts are all expense accounts. Some revenue accounts may also be defined in the expense category; for example, scrap sales and recovery accounts.

Income. This category identifies any account to appear as a sales account in the income statement. The system assumes, in some reports, that the income account values provide the denominator when the system calculates percentages of sales. For example, Labor account (expense category) is 50% of the sum of the sales accounts (income category).