GL Account
GL account is part of the accounting system used to classify and summarize the increases, decreases, and balances of each asset, liability, stockholders’ equity item, dividend, revenue, and expense. Firms set up accounts for each different business element, such as cash, accounts receivable, and accounts payable.
As FoundryBean Global Work System is a hierarchical accounting System , every GL account must inherit three accounting category - Main accounting category, Summary accounting category and Detail Accounting category as shown below.
