What are GL Codes and how to assign them effectively?
Nanonets
FEBRUARY 14, 2024
Liabilities : These represent what a business owes to others, such as loans and accounts payable. For example, all asset accounts might start with the number 1 (e.g., 1010 for Cash, 1020 for Accounts Receivable, etc.). Since the purchase was made on credit, also select the GL code for Accounts Payable (e.g.,
52 
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