Venkat:
Take a good look at chart of accounts. A lot of times people create a new GL account just because it's so easy to create one! Create the accounts that are really required. If possible, combine accounts of same category/class into one for example: printing/stationery/postage can be combined into one account.
Large number of accounts can be problematic, it delays the closing process.
Also look into the operations of the company, does company have a lot of foreign eexchange transactions, this will require some accounts for foreign currency adjustments, are there inter-company transactions?
If you are creating from scratch, sit with your accountant to narrow down required accounts, account types (B/S & P/L) account groups and number ranges.
It can get complicated if you later want to change a an account from Profit & Loss to Balance Sheet. Proper planning is necessary.
Give sufficient range for account groups as in future you may have to accomodate/create new accounts in a particular group.
You may have to create authorization groups as the accounting clerks may have limited powers
Also, pay special attention to field status groups for the GL accounts, determine which accounts should receive automatic postings.
Assign points if info helps.
Vj
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