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.
| 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 Earning 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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| 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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| *FOREX Gains/Losses Account |
Foreign exchange gains or losses are posted on client receipts and supplier payments. For example, payment for a client invoice is receipted at a different FX rate than the invoice was posted at. The ensuing FX Gain or Loss is posted to this account. Note – a setup option is available for such gains/losses which relate to client jobs – in which case the gain/loss amount will be posted to the WIP account. Used for the following transaction types:
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| *FOREX Revaluation Account |
Foreign exchange gains or losses generated by the system FX Revaluation function for A/R, A/P, and Bank Balances. For example, an A/R (client invoice) balance is revalued at month's end. If the revaluation is favorable, the revaluation amount is credited to this account (unfavorable revaluation amount is debited to this account). Used for the following transaction types:
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| 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. |
* Indicates this is compulsory – a GL account is required.
This function is a minimum required configuration task for all agencies.