In this example, we demonstrate how to use Business Fusion's General Ledger in Accounting Manager to set up some basic accounts and make some basic account transactions.

To begin, login to Business Fusion and access Accounting Manager (Figure 1 below):

Figure 1 (Accessing Accounting Manager)

Next, let's define a new hypothetical business account called 'MyBusiness At National Bank'. To do this, select 'Income' from the main gledger category drop menu (Figure 2 below). Notice you can set up almost any type of accounting using an appropriate category.

Figure 2 (Choosing the main gledger category for an account)

Each main category is broken down into several subcategories (50 overall in Business Fusion for General Ledger). Choose the 'Cash in Bank' subcategory to define our new business account (Figure 3 below).

Figure 3 (Choosing the appropriate subcategory in Gledger)

Now it's time to provide our new account's details. Select 'Create a new Account' from the Account control panel. You should see a screen similar to the one in Figure 4 below.

Figure 4 (The Account Control Panel)

Fill in the appropriate account information as shown in Figure 5 for our new business account. Notice i'm having the computer assign the account an account number for tracking purposes. We could provide the actual bank account number here if we wanted to.

Figure 5 (Providing Account Details)

Next, let's define our current account balance for this new business bank account. To do this, access the Account Control Panel (Figure 4), and select the 'Define New Balance' for an account option. On the next screen, choose our new bank account from the list and Submit. You should now be looking at the screen in Figure 6 for defining a new account balance.

Figure 6 (Defining a new account balance)

Now that we've set up an account to debit from, let's set up an account to credit to. Let's our business uses AT&T for long distance. To set up the AT&T account, follow the steps above for creating an account, but choose Expenses at the main General Ledger category and Telephone as the subcategory. Call the account 'ATT'.

After creating the ATT account, let's debit our bank account and credit the ATT account with the amount. To do this, select (Add Transaction) from the Account Control Panel, and you should see a screen like the one in Figure 7 below.

Figure 7 (Debiting an account to credit another)

After debiting our bank account, that balance drops that amount and everything is adjusted automatically and the transaction is recorded in our bank account's report ('View an account report' from the Account Control Panel (ACP - Figure 4 above). Likewise, the ATT account we created is also updated with the new transaction, showing a credit from our business account.

SideNote

You can credit or debit any account you set up in Business Fusion. To credit your bank account, set up other accounts which may be used to deposit to that account. On a business level, this could be a client account, or on a personal level, this could be a Savings account, or Petty Cash type account.

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