1.

What Are The Three Essential Components Of A Gl Set Of Book?

Answer»

CHART OF ACCOUNTS

  • Your chart of accounts is the account structure you define to fit the specific needs of your organization.
  • You can choose the number of account segments as well as the length, name, and order of each segment.

ACCOUNTING CALENDAR

  • An accounting calendar defines an accounting year and the PERIODS it contains.
  • You can define multiple calendars and assign a different calendar to each set of books.

CURRENCIES

  • You select the functional currency for your set of books as well as other currencies that you use to transact BUSINESS and report in.
  • GL converts monetary amounts entered in a foreign currency to functional currency equivalents using SUPPLIED rates.

CHART OF ACCOUNTS

ACCOUNTING CALENDAR

CURRENCIES


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