GL Code (General Ledger Code) is a unique code given to each account in the chart of accounts within the finance system. The GL Code is what systems use when sending income data (invoices) to the finance system, so that the finance system knows how to categorize the income within the chart of accounts. A General Ledger contains all the accounts for recording transactions relating to a company's assets, liabilities, owners' equity, revenue, and expenses. Unlike a budget sheet that lists your expected income and expenses, or a receivables or payables report that shows what you owe or are owed, a ledger records transactions only as they happen. Ledger codes are numerals you use to designate a payable or receivable by type. For example, you might designate your phone payments with a code of 100. Your electricity payments might be 101. At any time, you can sort your document by Ledger Code to see how much you’ve paid for phones or utilities.
Articles in this section
- How do I change a Category from Inactive to Active?
- What does the "Export" button do?
- What is the difference of the "Add new category" and "Upload categories" buttons?
- What is a GL Code?
- What is a CSV file?
- How do I change a Category from Active to Inactive?
- How do I delete many Categories at once?
- How do I delete a Category?
- How do I edit a Category?
- How do I export Categories?