Accounting GL Setup

Setup your Company Record

Select Applications-Party-Create New Party Group

Enter Party Id "Company", Enter Group Name "Your Company, Inc." , Select Currency, Save

Enter Postal Address, Save

Select Company - Click on Create New Contact Information - Select Postal Address - Click Create

Enter Address, City, State, Zip, and Allow Solicitation = Y

Click Update on Contact Information

Select Billing (AP) Address and Click on Add Purpose

Select General Correspondence Address and Click on Add Purpose

Select Primary Address and Click on Add Purpose

Select Purchase Return Address and Click on Add Purpose

Select Shipping Origin Address and Click on Add Purpose

Click on Save then Click on Go Back

Click on Rolls

Add To Roll: view all - Select Internal Organization - Click on Add

Notes: If you don't set the Internal Organization Roll you will not be able to create the General Ledger Chart of Accounts for your company record.

Add To Roll: view all - Select Carrier - Click on Add

Notes: If you don't set the Carrier Roll you will not be able to create the Product Store.

Click on Profile

https://cwiki.apache.org/confluence/display/OFBENDUSER/How+to+Create+the+main+Company+in+Party+Manager

Setup minimum Chart of Accounts.

GL Account Class Id sets the hierarchy for reporting. I found a nice reference at HotWaxSystems - https://www.hotwaxsystems.com/ofbiz/ofbiz-tutorial-charts-of-accounts/

Check for 1150, Unapplied Payments - 1500, Inventory - 1800 Deposits - 2100, Customer Deposits

Setup Journals

Accounting - Organization GL Settings - Setup - Journals

May need Error Journal and a General Journal

Setup GL Account defaults

Accounting - Organization GL Settings - Setup - GL Account Defaults

Setup Financial Type GL Accounts

Accounting - Organization GL Settings - Setup - GL Account defaults - FinAccount Type Gl Account

Bank Account

Credit Card Account

Deposit Account

Equity Line Account

Gift Certificate

Investment Account

Loan Account

Replenish Account

Store Credit Account

Serivce Credit Account

Create Global General Ledger Accounts

Looks like 2 ways to add GL accounts from scratch. Add the GLAccountId, accountCode, accountName via the Web Tools Entity Data Maintenance interface and then clean up in the Accounting - Global GL Settings. The other way is to perform an XML Data Import from the Web Tools Menu.

Notes: It is critical that you enter the GLAccountId manually and make sure that it matches the accountCode as it will make it far easier to find a GL account later on. Allowing the system to assign any sequence number will create problems when searching for a specific GL account number.

Way number 1:

Click on Web Tools - Entity Data Maintenance - G- GlAccount

Click on Create New

Add Top Level Accounts - GlAccountId, accountCode, accountName

1000, 1000, Assets - Click Create

2000, 2000, Liabilities - Click Create

3000, 3000, Owners Equity and Net Worth - Click Create

4000, 4000, Sales - Click Create

5000, 5,000, Cost of Goods Sold - Click Create

6000, 6000, Expenses - Click Create

7000, 7000, Other Expenses - Click Create

8000, 8000, Other Income- Click Create

8200, 8200, Other Expenses - Click Create

8500, 8500, Net Income - Click Create

9000, 9000, Income Tax - Click Create

(Now Update all Accounts with Proper Info)

Select Application-Accounting-Accounting Manager-Global GL Settings

Then Enter Gl Account Type, GL Account Class Id, Gl Resource Type Id, Account Code, Account Name

Not Applicable, Asset, Money, 1000, Assets - Click Add

Not Applicable, Liability, Money, 2000, Liabilities - Click Add

Not Applicable, Equity, Money, 3000, Owners Equity and Net Worth - Click Add

Not Applicable, Revenue, Money, 4000, Sales - Click Add

Not Applicable, Cost of Goods Sold, Money, 5000, Cost of Goods Sold - Click Add

Not Applicable, Expense, Money, 6000, Expenses - Click Add

Not Applicable, Selling, General, and Administrative Expense, Money, 7000, Other Expenses - Click Add

Not Applicable, Income, Money, 8000, Other Income- Click Add

Not Applicable, Cash Expense, Money, 8200, Other Expenses - Click Add

Profit Loss, Debit, Money, 8500, Net Income - Click Add

Not Applicable, Non-Posting, Money, 9000, Income Tax - Click Add

Need to Review Account Classes Ref: https://www.hotwaxsystems.com/ofbiz/ofbiz-tutorial-charts-of-accounts/

Way Number 2:

Click on Web Tools - XML Data Import (Cut and Paste)(If you modify make sure you get the sequence correct. Accounts further down reference accounts higher in the list.)

Notes: My chart of accounts is a little different. I am a small company that is not currently running a perpetual inventory. So on my balance sheet I show $0.00 for inventory, raw materials, and finished goods. I am also a manufacturer but I record my labor and raw materials monthly as expense'd. So I want to see revenue's minus, cost of goods sold with labor each quarter. The purpose of going to OFBiz is so I can have a perpetual inventory, bill of materials for production runs, and work in process. Please setup your chart of accounts accordingly. I have mine here so all I have to do is a little cut and paste each time I have to blow out the database and start again.

Create New Accounting Company

Select Accounting - Organization GL Settings

Click on Create New Accounting Company

Select "Your Company Name"

Click on Create New Accounting Company

Set Base Currency

Click on Add