The chart of accounts is a foundational element in CoreBridge, providing a structured framework for organizing and categorizing financial transactions. For more information on managing the chart of accounts, please see Managing Chart of Accounts. The system does allow for setting up material, labor, machine and assembly default general ledger (GL) income and expense accounts.
Navigate to Settings / Accounting / Default GL Accounts.
Setting up Default GL Accounts
Setting up default general ledger accounts for material, labor, machine, and assemblies will make sure that when new components are added income and expense are properly allocated for each component. Taxability codes are defaulted by material, labor, and assemblies to default how a component will be taxed. For more information on taxability codes, please see Taxability Codes.
1. Navigate to Settings / Accounting / Default GL Accounts. There are four main subsections. Changes will auto save.
2. Material Defaults - Materials are the physical goods used to make items. These accounts will be the default account when new materials are entered into the system.
Note: Accounts and taxability codes can be change for individual materials as needed.
a. Enter a default COGS / Expense Account.
b. Enter a default Income Account.
c. Enter a default Taxability Code.
3. Assembly Defaults - Assemblies are the products produced by adding together material, labor, and machines. These accounts will be the default account when new assemblies are created in the system.
Note: Accounts and taxability codes can be change for individual assemblies, both parent and child assemblies as needed.
a. Enter a default COGS / Expense Account.
b. Enter a default Income Account.
c. Enter a default Taxability Code.
4. Labor Defaults - Labor is the effort spent on creating items. These accounts will be the default account when new labors are entered into the system.
Note: Accounts and taxability codes can be change for individual labors as needed.
a. Enter a default COGS / Expense Account.
b. Enter a default Income Account.
c. Enter a default Taxability Code.
5. Machine Defaults - Machines are used to create items. These accounts will be the default account when new machines are entered into the system.
Note: Accounts can be change for individual machines as needed.
a. Enter a default COGS / Expense Account.
b. Enter a default Income Account.
