GL Accounts - Page 2

Indicate the correct accounts for the following Income and Balance Sheet accounts. The following account designations are the default account values assigned to the TransActPOS system.

Depending upon the specific transaction, the account posting will vary due to the influence of sales link codes. Review System | Support Files | Sales Link Codes for further information. The Assigned GL Account column represents the account to which an account has been assigned. If this field is left blank, the system will insert the Account Description. Much like the last page, clicking the GL Account Numbers button will allow you to add, edit, and delete GL Account numbers in your system.

Finance Charges

Default other income account for finance charges

Forfeitures

Default account used to post layaway forfeiture

Sales Tax (Liability)

The sales tax account accrues sales tax from invoiced sales.

Over\Short Account

The over\short account is typically an expense account utilized to balance the drawer reconciliation if out of balance.

Layaway Deposits (Liability)

Default layaway account credited when a layaway deposit is posted.

Gift Card Liability

The gift card liability account accumulates the liabilities (credits) created during gift card purchases by a customer. This same account is debited when a gift card is redeemed.

Paid Outs

Default paid out expense account

Customer Credit Paid by Check

When a customer requests payment for their current account credit and the credit is going to be to the customer with a check from the store's check book, this is the clearing account to which the check amount will be credited momentarily. Once the "Check Payment" has been made within TransActPOS, the back office should create an account payable posting with the distribution account (normally a debiting account) of the indicated "Customer Credit Paid by Check" account. The end result should be a reduction in the accounts receivable account and a reduction in cash. The "Customer Credit Paid by Check" account should balance to zero.

Note: This statement assumes the installation is generating a release of GL information from TransActPOS and posting (semi-automated or manually) to their non-TransActPOS back office accounting system.

Further information about using this feature is discussed with the Accounts Receivable > Customer File > Sales Info tab > Pay Out to Customer option.

Cash On Hand (Asset)

Typically, this is the account that manages the drawer cash only. Actual deposit account activity is managed within the Payment Type screen.