02-010-3 Accounts Receivable #3 - General Ledger Accounts
Creating General Ledger accounts
Within TransActPOS there are different screens that will require a GL account to be placed in the account field. Listed below are all the screens and the accounts that are needed.
General Ledger accounts are created within the System Module with the following steps.
1. Select System
2. Select Support Files
3. Select GL Accounts
4. Select New
1. Enter the account number and a short description of the account. If this account will be used for Paid Outs, Paid Ins, Payment Discounts, or Credit Discounts choose the correct option
5. Repeat for each account.
Helpful hints:
We recommend that if a particular account is not being used, go ahead and create an account for it and input it within the GL settings. This practice keeps General Leger clean so that if in the future the account is needed it is already set up and ready to use.
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If Finance Charges are not used currently, do not leave that account blank, instead go ahead and create a finance charge account in the accounting software and use that account number.
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Payment Discount Accounts will need to be set up in case there is a need for payment discounts. Sometimes payment discounts can be used to clear accounts to a zero-dollar balance. Zeroing out accounts for Bad Debt, or even to remove finance charges.
Applying General Ledger accounts within Company Setup
After accounts are created in the support files follow the next steps.
1. Select System
2. Select Company Setup
3. Select the module and then apply the appropriate General Ledger account
For example, to set up the Payment Types use the following steps.
1. Select System
2. Select Company Setup
3. Select Payment Types and select the appropriate account number. There are 9 types of payment accounts that may have account numbers but all of them may not be used.
System - Company Setup - Payment Types
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Gift Cards Redeemed (Asset)
System - Company Setup - GL Accounts Page 1
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Cost of Goods Sold (COGS)
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Payment Discount (Expense)
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Accounts Receivables (Asset)
System - Company Setup - GL Accounts Page 2
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Over/Short Account (Expense)
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Layaway Deposits (Liability)
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Gift Card Liability (Liability)
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Customer Credit Paid by Check (Liability)
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System - Company Setup - GL Accounts Page 3
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Non-Stock Inventory (Asset)
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Suspense Account (Equity)
System - Company Setup - Gift Card
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Complimentary Gift Card (Expense)
System - Company Setup - Purchase Orders 1
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P.O. Clearing (Liability)
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System - Company Setup - Sales Orders 1
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Sales Order Deposits (Liability)
System - Company Setup - Service Tickets 1
System - Company Setup - Rental Manager Pg. 3
