GL Account Requirements
Each group requires five GL accounts. The accounts must meet specific type requirements:
| Account Field | Required Account Type | Purpose |
|---|---|---|
| Asset GL account | Balance sheet account | Holds the asset's capitalized cost |
| Accumulated depreciation GL account | Balance sheet account | Tracks total depreciation charged to date |
| Depreciation expense GL account | Operating account | Records the periodic depreciation charge to the P&L |
| Gain/Loss on Revaluation GL account | Operating account | Records gains or losses when the asset is revalued |
| Profit/Loss on Disposal GL account | Operating account | Records gains or losses when the asset is disposed of |
All accounts must also:
- Exist in the company's chart of accounts
- Not be blocked
- Be automatic accounts (not manual posting accounts)
- Not be used elsewhere in the financial configuration
Important: The GL accounts are optional when creating a group through the Settings dialog. However, they are
required when the group is used during a Fixed Assets Import with an Initial Value. The import validates that the group has all five accounts configured.