HiFinance
4
SECTION 6.5.2 - GENERAL
LEDGER CONTROL ACCOUNTS
USAGE: To define certain required accounts that are used by
certain programs within HiFinance.
DISCUSSION: Within you chart of accounts, you will need to
define special accounts that can be posted to by, for instance, INVOICING. You will not be able to
start a program that uses one of these accounts until the account is defined
correctly.
When you enter this function, the screen displays a
list of accounts that need to be defined. Enter a value into each field and
press <Enter> or <F10> to complete your entry. To leave this program
without updating, press <ESC>.
Name Comments
TRADE DEBTORS This account is updated by Debtor transactions. These include INVOICING and RECEIPTING. If you print a Debtors trial balance, the total
should match the balance of this General Ledger account.
GST CHARGEABLE This account is posted to during INVOICING with the value of the GST component of the invoice. This
account is posted to after 30/6/2000 in preference to the Salestax account.
SALESTAX CHARGEABLE This account is posted to during INVOICING with the value of the sales-tax component of the invoice.
This field will be phased-out, as it becomes unused after 30/6/2000.
FREIGHT CHARGEABLE This account is posted to during INVOICING with the value of the freight component of the invoice.
DISCOUNT ALLOWED This account is posted to during INVOICING with the value of the discount component of the invoice.
Also, when a discount component is entered in receipting, the value
is posted here.
TRADE CREDITORS This account is updated by Creditor transactions. These
include PURCHASING and PAYMENTS. If you print a CREDITORs
trial balance, the total should match the balance of this General
Ledger account.
GST PAYABLE This account is posted to during PURCHASING with the value of the GST component of the purchase.
This account is posted to after 30/6/2000 in preference to the Salestax
account.
SALESTAX PAYABLE This account is posted to during PURCHASING with the value of the sales-tax component of the
purchase. This field will be phased-out, as it becomes unused after 30/6/2000.
FREIGHT PAYABLE This account is posted to during PURCHASING with the value of the freight component of the purchase.
DISCOUNT TAKEN This account is posted to during PURCHASING with the value of the discount component of the
purchase.
INVENTORY ADJUSTMENT This account is posted to during ADD/SUBTRACT STOCK and STOCKTAKE
ENTRY. It is the contra entry as STOCK
ON HAND is
changed.
INVENTORY REVALUATION This account is posted to during STOCK REVALUATION. It is the contra entry as STOCK ON HAND is changed.
STOCK ON HAND This account represents the total value of Inventory. Every time
a PURCHASE, INVOICE or REVALUATION
is entered, this field must reflect the entry.
WORK-IN-PROGRESS This account represents the total value of Work-in-Progress as
posted to the Job-Costing sub-system. Every time a PURCHASE, INVOICE or STOCK-ADDITION is entered and assigned
to the Job-Costing system, this account will be posted to rather than the STOCK-ON-HAND account. If you do not use Job-Costing, assign this
field to the same account as the STOCK-ON-HAND.
RECOVERED COSTS This account represents the costs that are recovered to
Work-in-Progress via Job Cost and Time-sheets. If you do not use Job-Costing,
assign this field to the same account as the STOCK-ON-HAND.
BANK This account defines the CASH-AT-BANK account. All RECEIPTS
and PAYMENTS are posted to this
account. If you have chosen to enable multiple-banks (see SECTION
7.2.1) this prompt reads DEFAULT
BANK instead.
PAYROLL This account is optional unless you are using the Payroll
system. If not used, set it to the same as the BANK or
some sundry account.
INCOME TAX This account is optional unless you are using the Payroll system.
. If not used, set it to the same as the BANK or some sundry account.
SUPERANNUATION This account is optional unless you are using the Payroll system. .
If not used, set it to the same as the BANK or some sundry account.
Hint:
Optional accounts must still have a value. If you are not sure, attach them to
a suspense account. If a posting is made to the suspense account, you can then
journal it back to the correct account when you finalise the structure of the
Chart-of-Accounts.
To move to the next field, press <Enter>. Complete your entry by pressing <F10>. If HiFinance has found no inconsistencies, you
will be asked to confirm your entries and then the General Ledger will be
updated.
