HiFinance
5
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 eventually 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.
ACCOUNT FEES This account is only required if you use the option. If not,
point it to any revenue account. The main use of this account is for account
keeping charges, which are generated by the AUTO-JOURNALS. These could
include card fees, overdue account fees and statement fees. Card fees, here,
refer to a charge per active card. If you charge per transaction, see below. If
not used, set it to the same as the BANK or some sundry account.
CARD FEES This account is only required if you use the option. This the
account where monies are posted from charges made to customers who you extract
payments from, for credit-cards. It is automatically posted to if you use the
relevant auto-payment function in HiFinance. If not used, set it to the same as
the BANK or some sundry account.
RESELLER REIMBURSEMENT
CARD FEES This account is only required if you use the
option. This the account where monies are posted the difference between the
reimbursement (to wholesale sites) and the discount to the customer. If not
used, set it to the same as the BANK or some sundry account.
TRANSACTION FEES This account is only required if you use the option. This the
account where monies are posted from charges made to customers who you extract
payments from, on the basis of number of transactions for the month. It is
automatically posted to as part of the EOM process. If you charge the customer
on a per-active-card basis, see above. If not used, set it to the same as the BANK or some sundry account.
STATEMENT FEES This account is only required if you use the option. This the
account where monies are posted from charges made to customers who you extract
payments from, for printing statements. It is automatically posted to if you
use the relevant function in HiFinance. If not used, set it to the same as the BANK or some sundry account.
PROMOTION EXPENSES This account is only required if you use the option. This the
account where monies are posted from expenses incurred for promotions.. It is
automatically posted to if you use the relevant auto-payment function in
HiFinance. If not used, set it to the same as the BANK or some sundry account.
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 eventually 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.
NET DISCOUNT APPLIED This account is only required if you use the option.
This is the account where monies deducted from a card reimbursement due to the
type of card being accepted. It is automatically posted to if you use the
relevant auto-payment function in HiFinance. If not used, set it to the same as
the BANK or some sundry account.
LATE PAYMENT FEES This account is only required if you use the option. This is
the account where monies sent when a late payment is charged. It is
automatically posted to by certain daily programs that check for overdue
accounts. If not used, set it to the same as the BANK or
some sundry account.
OVERDUE FEES This account is only required if you use the option.
This is the account where monies sent when a overdue fee is chatged. It is
automatically posted to by certain daily programs that check for overdue
accounts. If not used, set it to the same as the BANK or
some sundry account.
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.
STOCK IN TRANSIT This account is used if you have the PURCHASE VIA ADD
STOCK ONLY option enabled. This option is described in SECTION
3.3.1.
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.
