We are currently in the process of implementing E10 and I would like any information on best practice of how GL accounts should be structured?
Our current structure for GL is as follows:
XX-XXXX (where as the first two digits represent the department code and the last four represent the description. For example, professional fees would be 10-6400, 11-6400 and 12-6400 (if professional fees were split out by three different departments).
For anything that is not department related, we have it coded to 99. Example, cash would be 99-1100.
I want to be able to pull financial statements directly from Epicor, so want to utilize a GL scheme that makes that easy.
As per GL structure, THINK beyond today… and align to EPI-defaults.
Will your org always only be 1 company?
Will your org only have one-site/location/division
If muti-company (at some point) Epicor will record Co# on every record, but it would be sweet to have separate Div #'s reflective of separate companys
Epicor has 3 standard GL segments (as pointed out by Prasad
4a) While u can change the name of a segment, doing so will require re-mapping each time GL Controls are imported… so keep names per current default.
It is RARE that a GL account has to be manually input!!!
Transactions… pick-up the underlying/designated accounts, so designing with 3 segments (planning for a potential future) is advised, verses only 2 segments!
Once you start using GL… the natural segment structure can not {easily] be changed!
6 Core account of 4 is usually enough = Chart in EPI-speak
Division/branch of 2 shud be fine
Dept = perhaps 3 characters, as often the benefit results
IT = 120-129 12 = IT 1,2,3,4,5,6,7,8,9 can be different aspects of IT
With only 2 characters… somewhat constrictive.