I am creating a new corporation; do I need to create new GL Accounts?

Question:

I am creating a new corporation; do I need to create new GL Accounts?

Resolution:

GL Account numbers are universal in that they can be used with any corporation.  However, the same GL account# cannot have a different description in a different corporation.  For example, if account# 100000 has a description of Cash in Bank - Bank of America, you cannot use the same account# with a description of Cash in Bank - Wells Fargo for different corporation.  In such a case, you WILL need to create new account #, but for accounts like Accounts Payable, Rent, Telephone Expense etc., the same account# should be able to be used interchangeably.

If you want to prevent the use of an account # in a corporation, the Rejection Mask feature can be used to set up account# restrictions.  This can be found on the General Ledger File Maintenance Menu - #4-Chart of Accounts-Rejection Mask.  For more information about using the rejection mask, please see the GL Manual starting on page 24.