| Comapny Location Fields | ||
|---|---|---|
| Field Name | Description | Category Restriction |
| Location | This field selects a location from the General ledger location segment in the chart of accounts. This is used to override entries that have locations. For example lets say that you have a COGS account configured as 6000-00 and 00 is your "home office" location - if you sell an item the Chicago location "01" the 01 would be used in the transaction to derive the cogs account - for example 6000-01 | |
| Bank Account | This is the default Bank account for this location. This will default the bank account to transaction screens based upon your user id and profile.
| |
| AR Account | This is the default accounts Receivable account that will default on Accounts Receivable Transactions for this location. | |
| AP Account | This is the default Accounts Payable Account that will default on Accounts Payable transactions | |
| Vendor prepaid | This is the account that is Debited when a prepaid is created. When you are creating a prepaid you are not expensing the transaction you are processing, you are creating a prepaid asset that will be applied to future vouchers. | |
| Customer Prepaid | This is the Account that you are crediting when you are creating the liability on a customer prepayment - so the creation of a prepaid will debit Accounts Receivable and Credit Prepaid. | |
| Service Charges | This is the sales account that is Credited when a sales service charge is created from the AR Service charge system. This allows you to assign service charges by locations. | |
| Sales Discounts | ||
| Cash over and short | This is the account that is Debited or Credited when there is a difference in the POS system or Register integration. | |
| Write off | Use this account to Debit the amounts of Accounts Receivable that are uncollected. This could debit an allowance account on the balance sheet or debit directly to the P&L. | |
| Credit Card Fee | ||
| Sales Account | ||
Purchase Discount Account | A purchase discount is a deduction that may be available if you pay a voucher within a prescribed time. For example, a vendor's invoice for $10,000 with the credit terms 2/10 net 30 indicates that the buyer will be allowed a purchase discount of $200 (2% of $10,000) if the buyer pays within 10 days. If the buyer pays in 30 days, there is no purchase discount. This GL account is normally in the COGS section of the income statement. | |
| Interest Account | This is the account that will be debited when interest expense is created based upon terms codes of a voucher. | |
| Witholding Account | For future use in AP for withholding tax on Accounts Payable vouchers. | |
| Undeposited Funds | This is the account that is debited when you are using undepostied funds to balance cash. For example a customer deposit would credit AR and Debit Undeposited funds and a deposit would Credit undeposited funds and debit cash. | |
| Deferred Payable | This is the account that is debited if you create a deferred purchase on a voucher. With deferred payable you are able to recognize expenses over multiple periods. As the deferral is recognized you would credit deferred payable and debit payables - this is a system driven process. | |
| Petty Cash | Each location can maintain their own petty cash amount. The amounts on the balance sheet can be maintained through a journal entry. | |
| Deferred Revenue | This is the account that is credited if you create a deferred sale on the sales invoice. With deferred revenue you are able to recognize revenue over multiple periods. As the deferral is recognized you would debit deferred revenue and Credit sales - this is a system driven process. | |
Overview
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George Olney
Concepcion Hayden - can you fill the above account descriptions in ?