What are the three essential components of a gl set of book?

CHART OF ACCOUNTS Your chart of accounts is the account structure you define to fit the specific needs of your organization. You can ch...

CHART OF ACCOUNTS

• Your chart of accounts is the account structure you define to fit the specific needs of your organization.
• You can choose the number of account segments as well as the length, name, and order of each segment. 

ACCOUNTING CALENDAR

• An accounting calendar defines an accounting year and the periods it contains.
• You can define multiple calendars and assign a different calendar to each set of books.

CURRENCIES

• You select the functional currency for your set of books as well as other currencies that you use to transact business and report in.
• GL converts monetary amounts entered in a foreign currency to functional currency equivalents using supplied rates.