How do I set up the offset information?

An offset account, or contra account, is an account that reduces the gross amount of another account to calculate a net balance. Examples of offset accounts: Accumulated Depreciation, and Discount on Note Payable.

Setting up the offset information

1. Open Connect General Ledger > Organization > Journal Codes.

2. Click the field titled Journal Code, and then enter the journal code and press Enter.

3. Find the fields for Offset information on the Journal tab.

4. Click to select the field titled Offset Reference, and then enter the first number to assign to the first offset entry.

5. Click to select the field titled Offset Account, and then enter the default GL account that belongs to the account where the system will create the offset entry.

6. Click to select the field titled Offset Description, and then enter the title of the offset account.

7. Click Save (CTRL+S).

The offset information is saved.