Media Accounting
      Back to home
      2. Media
      3. Media Accounting

      Default media GL posting accounts

      Steps:

      1. Navigate to Media> Media Accounting > Media GL Posting Accounts.
      2. Click on Default Media GL Posting Accounts.
      3. This page defines the default GL Accounts to be used in the case that there are no other more specific posting types defined. The following table explains the role each defined GL account on this page plays. The * Indicates that the field is compulsory and a GL account is required.
      Account Description
      *Media WIP Account

      Media Work In Progress control account.

      For example:

      The tax-exclusive amount of a media supplier invoice is debited to this account.

      Used for the following transaction types:

      • Supplier Invoices (Media lines)
      • Client Media Invoices
      *Media Commission Revenue Account

      Revenue related to Media Commissions. 

      For example: 

      The amount of commission on a client media invoice line is credited to this account unless there is a specific posting type based on the media type.

      Used for the following transaction types:

      • Client Media Invoices
      *Media Service Fee Revenue Account

      Revenue related to a service fee (e.g., a percentage-based fee added to the line).

      For example: 

      The amount of service fee on a client media invoice line is credited to this account unless there is a specific posting type based on the media type.

      Used for the following transaction types:

      • Client Media Invoices
      *Media Billing Account

      Billings on Client Media Invoices. 

      For example: 

      The tax-exclusive total amount of a client media invoice.

      Used for the following transaction types:

      •  Client Media Invoices

      Note – Billing and Billing Control journal entries generated have no impact on the net profit of the agency. They are postings created for informational purposes only. The total amount of billings can be reported on profit and loss statements.
      *Media Accrued Revenue Account

      Media Accrued Revenue Control Account. 

      For example: 

      The total amount for media accrued revenue transactions is debited to this account.

      Used for the following transaction types:

      • Media Accruals & Deferrals
      *Media Deferred Revenue Account

      Media Deferred Revenue Control Account. 

      For example: 

      The total amount for media deferred revenue transactions is credited to this account.

      Used for the following transaction types:

      • Media Accruals & Deferrals
      *Media Accrued Cost Account

      Media Accrued Cost Control Account. 

      For example: 

      The total amount for media accrued cost transactions is debited to this account.

      Used for the following transaction types:

      • Media Accruals & Deferrals
      *Media Deferred Cost Account

      Media Deferred Cost Control Account. 

      For example: 

      The total amount for media deferred cost transactions is credited to this account.

      Used for the following transaction types:

      • Media Accruals & Deferrals