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.
 
  • 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.
  • 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

  • Cash/Check (Asset)
  • Non-Cash Account (Asset)
  • Mfg Coupons (Asset)
  • Visa (Asset)
  • MasterCard (Asset)
  • American Express (Asset)
  • Discover (Asset)
  • Other Credit (Asset)
  • Blue Tarp (Asset)
  • Gift Cards Redeemed (Asset)

System - Company Setup - GL Accounts Page 1

  • Sales Income (Income)
  • Sales Discount (Income)
  • Cost of Goods Sold  (COGS) 
  • Payment Discount (Expense)
  • Accounts Receivables (Asset)

System - Company Setup - GL Accounts Page 2

  • Finance Charge (Income)
  • Forfeitures (Income)
  • Sales Tax (Liability)
  • Over/Short Account (Expense)
  • Layaway Deposits (Liability)
  • Gift Card Liability (Liability)
  • Paid Outs (Expense)
  • Customer Credit Paid by Check (Liability)
  • Cash on Hand (Asset)

System - Company Setup - GL Accounts Page 3

  • Stock Inventory (Asset)
  • Non-Stock Inventory (Asset)
  • Inventory Issues 
  • Inventory Receipts
  • Physical Adjustments
  • Cost Adjustments
  • Rental Pre-Payments
  • Suspense Account (Equity)

System - Company Setup - Gift Card

  • Complimentary Gift Card (Expense)

System - Company Setup - Purchase Orders 1

  • P.O. Clearing (Liability)
  • P.O. Freight (Expense)
  • P.O. Handling (Expense)

System - Company Setup - Sales Orders 1

  • Sales Order Deposits (Liability)

System - Company Setup - Service Tickets 1

  • WIP Service (Asset) 

System - Company Setup - Rental Manager Pg. 3

  • GL Rental (Asset)
  • GL Rental Depreciation