Accountability allows defining GL Accounts for system transactions. On approval, these transactions create Journals, often posting to pre-defined GL accounts, reducing manual selection.
Steps:
- Navigate to Accounting > General Ledger > General Ledger Accounts.
- Click Posting GL Accounts.
- Click Default GL Posting Accounts.
- Enter or select the following information. Accounts with an asterisk (*) are required to ensure that a default posting logic is configured for all transactions.
| Control Accounts | Examples/Use |
| Accounts Receivable Account |
Accounts Receivable Control Account. For example, the total invoice amount for a client job invoice is debited to this account unless there is a more specific posting based on the client type or master client that the invoice relates to. Used for the following transaction types:
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| Accounts Payable Account |
Accounts Payable Control Account. For example, the total invoice amount for a supplier invoice is credited to this account unless there is a more specific posting based on the supplier type or master supplier that the invoice relates to. Used for the following transaction types:
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| WIP Account |
Work In Progress Control Account. For example, the tax-exclusive amount of a supplier invoice line assigned to a billable job is debited to this account. Used for the following transaction types:
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| Advance Billing Account |
Advance Billing Control Account. For example, the tax-exclusive amount of a client job invoice line that is a supplier (external) charge type is credited to this account. Note - this may be the same account as the WIP ACCT if your agency wants to post WIP and ADVANCE BILLING to the same GL account. Used for the following transaction types:
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| Deferred Revenue Account |
Deferred Revenue Control Account. For example, the total amount for deferred revenue transactions is credited to this account. Used for the following transaction types:
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| Accrued Revenue Account |
Accrued Revenue Control Account. For example, the total amount for accrued revenue transactions is debited to this account. Used for the following transaction Types:
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| Retained Earnings Account |
Retained Earnings Account. For example, when the closing balances from one accounting year are transferred/rolled forward to the following accounting year, the net profit from the prior year is posted to this account in the new year. Used for the following transaction Types:
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| Interoffice Loan Account |
Interoffice Transactions. For example, when posting transactions between one office and another office, i.e., Supplier Invoices, Payments, Receipts, and Journals - the journal entries are created via this account for each office. For example, if a supplier invoice is posted with office A, but one expense line on that invoice is allocated for office B – the invoice amount will be debited to this account for office, and the line amount will be credited to this account for office B. Used for the following transaction types:
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| Cumulative Translation Adjustment Account |
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| Tax Accounts | Description |
| Output Tax |
Tax on Client Invoices. For example, the tax amount for a client job invoice is credited to this account unless there is a more specific posting based on the tax code that the invoice relates to. Used for the following transaction types:
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| Input Tax |
Tax on Supplier Invoices. For example, the tax amount for a supplier invoice is debited to this account unless there is a more specific posting based on the tax code that the invoice line relates to. Used for the following transaction types:
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| Billing Accounts | Description |
| Billing Account |
Billings on Client Invoices. For example, the tax-exclusive amount of a client job invoice line that is a time or internal (revenue) charge type is debited to this account unless there is a specific posting type based on the job type or task type or job and task type that the invoice line relates to. Used for the following transaction types:
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| Billing - Supplier Charges Account |
Billings on Client Invoices. For example, the tax-exclusive amount of a client job invoice line that is a supplier or (external) charge type is debited to this account unless there is a specific posting type based on the job type or task type or job and task type that the invoice line relates to. Used for the following transaction types:
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| Billing Control Account |
Billings on Client Invoices. For example, the tax-exclusive total amount of a client job invoice is credited to this account. Used for the following transaction types:
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| Revenue & Expense Accounts | Description |
| Time Revenue Account |
Revenue related to Time (e.g., fee) charges. For example, the amount of a client job invoice line that is a time (revenue) charge type (exclusive of tax, markup, or service fee) is credited to this account unless there is a specific posting type based on the job type or task type or job and task type that the invoice line relates to. Used for the following transaction types:
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| Internal Charge Revenue Account |
Revenue related to internal charges (e.g., recoveries). For example, the amount of a client job invoice line that is an internal (revenue) charge type (exclusive of tax, markup, or service fee) is credited to this account unless there is a specific posting type based on the job type or task type or job and task type that the invoice line relates to. Used for the following transaction types:
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| Mark Up Revenue Account |
Revenue related to markup (e.g., loadings on supplier) charges. For example, the amount of markup on a client job invoice line is credited to this account unless there is a specific posting type based on the job type or task type or job and task type that the invoice line relates to. Used for the following transaction types:
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| Service Fee Revenue Account |
Revenue related to Service Fee (e.g., a percentage-based fee added to the line). For example, the amount of service fee on a client job invoice line is credited to this account unless there is a specific posting type based on the job type or task type or job and task type that the invoice line relates to. Used for the following transaction types:
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FX Gains/Losses Account and Client FX Gains/Losses Account |
These two related fields allow you to configure how foreign exchange gains and losses are recorded in your chart of accounts: FX Gains/Losses Account - The primary account where foreign exchange variances are posted when transactions settle at different exchange rates than originally recorded. This captures FX movements from all transaction types including supplier payments and general foreign exchange adjustments. Client FX Gains/Losses Account - An optional separate account specifically for FX gains and losses arising from client-related transactions (invoices and cash receipts). When populated with a different account number, this allows you to segregate client FX impacts from other operational currency movements. How they work together:
This configuration flexibility enables better financial reporting by allowing agencies to track client currency impacts separately from supplier and other operational FX activities. |
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FX Revaluation Account and Client FX Revaluation Account |
What is FX Revaluation? FX revaluation is the process of adjusting foreign currency balances to reflect current exchange rates at a specific point in time (typically month-end). This ensures that outstanding balances denominated in foreign currencies are accurately valued in your base currency for financial reporting purposes. These two related fields determine where foreign exchange revaluation adjustments are posted when the system performs periodic FX revaluations: FX Revaluation Account - The primary account for foreign exchange gains and losses generated by the system's FX Revaluation function. This captures revaluation adjustments for:
When revaluations are performed, favorable revaluations (gains) are credited to this account while unfavorable revaluations (losses) are debited. Client FX Revaluation Account - An optional separate account specifically for client-related FX revaluation adjustments. When populated with a different account number, this allows you to segregate client revaluation impacts from other operational revaluation movements. How they work together:
This configuration provides flexibility in financial reporting by allowing separation of client-related currency revaluations from supplier and operational revaluation activities. |
| Sales/COGS Accounts | Description |
| WIP Supplier Cost Account |
Cost of Goods Sold amounts. For example, a client invoice is raised to pass on a billable supplier cost to the client. The amount invoiced is debited to this account unless there is a specific posting type based on the job type or task type or job and task type that the invoice line relates to. Used for the following transaction types:
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| WIP Client Invoice Account |
Cost of Goods Sold amounts. For example. a client invoice is raised to pass on a billable supplier cost to the client. The amount invoiced is credited to this account unless there is a specific posting type based on the job type or task type or job and task type that the invoice line relates to. Used for the following transaction types:
Note - If these accounts are left empty, then no system-generated postings for sales/cost of sales are recorded. These postings are always a net zero amount in respect of costs invoiced to clients. They simply record sales and cost of sales related to supplier (external) charges. |