How to Add/Modify GL Accounts

Introduction: Journals comprised of GL accounts are the bulk functionality of the accounting module. These ledger accounts store all of the transaction information made within your dealership, allowing full control as to what gets posted to the journals and how. Understanding how these accounts work and interact with one another, alongside the system of balancing credits and debit’s, is the foundation of mastering the Accounting module of Infinity.

This page explains how to:

  1. Add a new GL Account
  2. Modify an existing GL Account

Adding a new GL Account

To add to the existing list of GL accounts, first navigate to the Edit -> Add/Modify GL Accounts section of the Edit menu.

Click the Add button to create a new GL account and fill out the pertinent fields. With Infinity’s Accounting module, just use the Base field for your account number to keep things simple. Fill out the appropriate Description, Acct Type, Sales Tax, Taxable Status, and Cash Flow fields.

If this account is location or department specific, you’ll want to use the CO#, Default Profit Center and Default Department fields to specify this information. Otherwise the GL account will be accessible by all locations/departments and show up on all departmentalized reports. The Internal Statement will be used as a bucket number on the Dealership Financial Statements report (Under Accounting Reports > General Ledger Reports in the Accounting Module). External Statement number is only required if you are utilizing the DMS 20 Group Statement, this is used to match the account with a corresponding bucked on the DMS 20 Group Statement(this is an add on, please contact your sales representative if this is something you would like to add to your system). External Acct Number isn’t a required field, it is most commonly used as a reference to a previous chart of accounts (i.e. if your previous chart of accounts used the GL 1600 for Petty Cash, but you are now using GL 1030 for this account, you could enter 1600 in the External Statement field to provide yourself with a cross reference between your new and old chart of accounts).

A scheduled account within Infinity will require a specific field to be entered; this can either be an entity reference, stock number, comment or job info, depending upon the box selected. Otherwise, the transaction will remain unposted until a reference is entered. Examples of common accounts to be scheduled:

  1. Inventory GL accounts – Require Stock #
  2. AP GL accounts – Require Entity #
  3. Payroll GL Accounts – Require Comment

In the below example, you’ll see that the “NEW RV INV” account 1440 is scheduled to require a stock #. This will ensure that all transactions posted to this vehicle, whether it’s the entry into inventory or PDI work before a deal is washed, will be attached and can be found on the vehicles Financial tab in Unit Inventory.

Modifying an existing GL Account

To modify information on an existing GL account, first, navigate to the account by using the yellow filter bar at the top of the list or use the scroll bar to browse all accounts. Being familiar with the yellow filter bar will allow you to quickly navigate through Infinity’s modules.

Once you’ve found the account you’re looking to review, click on it in the list to display the GL account information on the right. If you wish to review transactions within the account itself, you can click “Load Transactions” to see all the posted transactions to that account. In this example, a Parts & Accessories inventory account # 1500 is showing all the invoices and physical inventory adjustments that have been posted. You can then use this information to audit the account or run a report for more research detail.

You can also customize your accounts with features that can be beneficial for the reporting of your financials. These features include departmental splits and creating specific budgets that a GL account should follow.

To create department splits for a GL account, click on the Dep. Splits tab and then add the additional departments that transactions of that account should post to. Your percentage must equal 100% otherwise the transactions will not balance correctly.

To create a budget for the specified GL account, click on the Add/Modify Budgets button on the bottom of the window. Navigate to the account you’re looking to add budgets by using the yellow filter bar at the top. This will limit your list to just the account you need to modify. Adjust the budget buckets accordingly and make sure to save when finished. Please note that these budgets will not need to be enforced unless the “Create Budgets” button is clicked.

To specify which budget is currently being applied to the GL account, type in the corresponding budget bucket # into the field named Budget Bucket.