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General Ledger Account Creation

In the Lenda system, general ledger account creation is done both automatically and manually. On this page, we will list the general ledger accounts that are created automatically. For more on manual general ledger creation, see Creating Charts of Accounts.

When a new currency or a new branch is created, the system automatically creates general ledger accounts. The accounts that are created are:

  1. Write-off Expense (Expense account)
  2. Refunds Payable (LIABILITY account)
  3. Fees Receivable (ASSET account)
  4. Fees Received (INCOME account)
  5. Penalties Receivables (ASSET account)
  6. Penalties Received (INCOME account)
  7. Interest Revenue (INCOME account)
  8. Interest Receivable (ASSET account)
  9. Loans To Clients (ASSET account)

Every time an expense or income type is created, the system creates a general ledger account for tracking transactions involving that account. The general ledger account name and currency are derived from the expense or income type.