GL Account Classes
GL Account Classes are the top of the chart of accounts. Each class carries a type — asset, liability, income or expense — and that type is what tells the system whether a balance belongs on the balance sheet or the profit and loss.
Where to find it
Go to Financial Statement > General Ledger > Settings > GL Account Classes.
Adding a New GL Account Class
Click Add New to open the popup.
| Field | Required | Description |
|---|---|---|
| Class ID | Yes | The unique identifier for the class. |
| Class Name | Yes | The name shown on financial statements. |
| Class Type | Yes | Asset, liability, income or expense. This drives which statement the class reports in and how balances are treated at year end. |
Class Type is the most consequential field in the whole chart of accounts. Balance sheet classes carry forward across years; profit and loss classes are closed into retained earnings. Getting it wrong misstates both statements.
Managing classes
Edit updates a class and Delete removes one holding no groups. Tick Show also Inactive to include retired classes.
Why you rarely need to add one
The supplied chart of accounts already carries a complete set of classes. Most businesses extend the structure by adding groups and accounts rather than classes — a new class is only needed for a genuinely new category of balance.
Related pages
- GL Account Groups — the level below
- GL Accounts — where transactions post
- Financial Years — how classes behave at year end
- System and GL Setup — the retained earnings account