Default GL accounts for the land and buildings are predefined; however, you can select another accounts for assets of a particular entity, or particular group of such assets, or for particular land parcels and buildings.
All fields in the form are required, except for the Entity and Land/Building.
The "Land and buildings (create)" form. GL accounts
The Entity field is not the required one. You can select an entity if you are creating a set of default account for the particular entity's assets.
You can leave the Land/Building field empty if you are creating a set of default account for all the assets of this type. Otherwise, you can select a group of land parcels or a group of buildings or a particular asset.
In the GL Account field, select a GL account to be used to register the costs of the selected assets or asset.
The account selected in the Sales Revenue field is intended for the land/building sales profits.
In the Cost of Goods Sold field, you can select an account to be used for recording the cost of the assets sold during the current accounting period.
The Output VAT field is intended for account to which the value-added tax received on sales of land/buildings to customers will be recorded.
The Input VAT field is used for specifying the account to which the value-added tax payable to suppliers on purchases of land/buildings will be recorded.