This section allows you to adjust the format of your General Ledger accounts. It initially defaults to 5-5-5 format, but can be changed by simply adjusting the level 1, level 2, and/or level 3 dropdowns to match the appropriate format. For example, Sage PeachTree G/L accounts should be:
- Level 1: 5
- Level 2: 4
- Level 3: 0
DO NOT CHANGE THIS from your current default if your site is already functional.
This tab also has four sub-tabs: Accounts Receivable, Accounts Payable, Inventory, and Order Entry. Here, you can set the G/L Accounts for accounting purposes.To change an account, you can either use the search ahead feature in Description by typing the name of the account or you can simply input the account number into the appropriate field.
Below are the default information expectations for these accounts.
Accounts Receivable tab
- Accounts Receivable Asset: default A/R account which is used for setting up accounts
- Cash: default checking account for receivables
- Sales: default revenue account
- Miscellaneous Revenue: default revenue account for miscellaneous receivables for charges
- Freight Revenue: default freight revenue account for charges
- Discount Contra Revenue: default account where you book sales discounts
- Allowance Contra Revenue: default account where you book allowances such as when a customer underpays by a penny and you don't want to bother with this
- Finance Charge: default account where you book revenue for finance charges
- Write Off Expense: default expense account when writing off charges to invoices
Accounts Payable tab
- Click the check box if you have multiple A/P accounts. If multiple accounts are not allowed, then the accounts below are the A/P accounts. If this checkbox is selected and multiple accounts are allowed, then this information is the default for setting up vendor type, but individual vendor types allow you to set up the actual account number.
- Accounts Payable Liability: default A/P account.
- Cash: default checking account asset (typically.)
- Discount Contra Expense: default contra-expense account where discounts applied are applied
- Miscellaneous Expense: default expense account where the miscellaneous charges on Vouchers are booked
- Tax Expense: default tax expense account
- Freight Expense: default expense account where you book freight expense
Inventory tab
- Inventory Asset: default inventory account
- Inventory Receipt Expense: default account for when a new material cost type location is setup. If one doesn't exist, this information because the account that is used.
- Work In Process Variance Expense: default account where you record issued inventory for work orders. This is only recorded when you release the WO and tell the WO to create WIP.
- Purchase Price Variance Qty: default account where you book quantity variances during vouchering
- Cycle/Physical Count Expense - this is where you book inventory discrepancies during an inventory count.
- Receiving Accrual Liability: default credit account where you record a PO receipt until the invoice is vouchered
- Inventory Issue Expense: default account for when a new material cost type location is setup. If one doesn't exist, this information because the account that is used.
- Qty Adjustment Expense: default account for when a new material cost type location is setup. If one doesn't exist, this information because the account that is used.
- Purchase Price Variance Cost: default account where you book cost variances during vouchering
- Transfer Cost Variance Expense: default account where you book the difference in cost when transferring between two locations and those two locations had different costs
Order Entry tab
- Cost of Goods Sold Expense: this is the account where you record COGS.