Account numbers are 4-digit numbers in Pak Accounting, with an associated name. For example, account number 1200 might be Accounts Receivable, and 1150 could be Accounts Receivable - Employees.

The system can use any account numbering scheme; however, some consideration to follow the generally accepted accounting procedure's 'standard' scheme will allow the use of pre-defined reports within the system without customization or modification.  

 1000-1999      Assets

 2000-2999      Liabilities

 3000-3999      Capital

 4000-4999      Income

 5000-5999      Cost of Goods Sold

 6000-8999      Expenses

 9000-9999      Oil and Gas Billing and Revenue distribution accounts

Income and expense accounts must be setup in a single range.  In the above example, the income/expense range is 4000-8999.

The paying off of debt in regular installments over a period of time

G/L account used to record accounts payable invoices that the company owes.  

Usually a company writes checks out of only one A/P account.  In that case follow the AP basic setup.

Companies that regularly write checks for some types of expenses out of a different bank account, will find it advantageous to set up a separate A/P account.  For example, a company has offices in two locations and maintains separate checking accounts for each office.  

To set up multiple A/P accounts, do the following steps:

1.        Set up two separate bank codes in Bank Account Master

2.        Set up two separate A/P accounts in Account Maintenance with Account type set to "P" and bank code defined.

3.        When you enter invoices, select the account number to record the invoice (Note:  you must enter the vendor Sub-Account first), and since the account number is associated with a bank code the checks will write out of that account.

An itemized listing of the amount of all estimated revenue which a given business anticipates receiving, along with a listing of the amount of all estimated costs and expenses that will be incurred in obtaining the above mentioned income during a given period of time.

A systematic listing of all account numbers used by a company.

Chart of Accounts and Sub-Accounts can be easily printed to the screen or printer.  Select Account or Sub-Account maintenance, and choose List from the menu.

For an account listing, enter the range of accounts you want printed.  Then select whether to print Sub-Accounts and inactive accounts.  By default, Sub-Accounts and inactive accounts are not printed.  

For any check writing module, (ie Payroll, A/P, etc)  the check date is the date that will print on the check and recorded on the bank reconciliation file.

Listing of checks written by date.  Pak Accounting listing can narrow listing to list only Cleared, Voided, or Outstanding checks.

See Check register listing.

Cleared Checks - Written checks have cleared the bank.

Voided Checks - Check that have been written, but then voided (reversed) from the system.  Check number is marked as Voided and should not be used again.

Outstanding Checks - Written checks that have not cleared the bank yet.

Usually in regards to an invoice.  The due date is the date that the vendor requests payment to be received by.

The date (or accounting period) in which the entry will be recorded in the general ledger.  Effective date must be within the posting allowed date range (set up under General Ledger/Master Files Maintenance) in order to post. Also the date at which a lease or division of interest becomes applicable.

Email format and multiple email addresses:

Enter an email address for this customer in order to send an A/R statement by email. If sending to multiple email addresses enter a semi-colon (;) after each email address.

To write off a charge in the period in which it is incurred.

Financial Accounting Standards Board.

The accounting records that show all the financial statement accounts of a business.

An itemized list of goods shipped usually specifying the terms of sale.

Date of physical invoice.

Number on the invoice designated by the vendor.

Number on the invoice designated by the vendor.

Checks not written through the Accounts Payable check writing process.  Not a computer generated check.  Can be entered into the Accounts payable system either through Handwritten checks if the invoice has not been processed and updated, or through Manual checks to posted A/P if the invoice has been posted to the general ledger.

A separate Pak Accounting Module, which allows you to print checks on blank check stock.  The printer uses a special MICR toner cartridge to print, so the bank can read the magnetic encoding of the bank account and routing numbers.

These cartridges are available from Pak Accounting for most HP Laser printers and a few of the other most common lasers. Call Pak Accounting at (325)677-1543 to check on availability and pricing.

Setup MICR check in Bank Account Master:

The ability to select groups of multiple records at the same time using the control key or the shift key on the keyboard.

What is Positive Pay?

Positive Pay allows a company and its financial institution to work together to detect check fraud by identifying items presented for payment that the company did not issue.  The Positive Pay process entails a daily reconciling of a company's issued checks to checks presented for payment to your bank to identify potentially fraudulent checks.  The company electronically transmits to the financial institution a list of all checks it issued on a particular day (including check number, amount and date as well as other bank and account information)  Stop payments, voided checks, and manual checks can also be included in the file.  The financial institution verifies checks received for payment against that list and pays only those on the list.  Checks presented for payment that fail to match with checks issued by a company are rejected and an exception item list is presented to the company for "pay/no pay" decisions.  The company can reject any exception items that it believes to be fraudulent. The financial institution only pays items that have been approved by the company.

See Export Positive Pay File for more information on how to use. .

The copying or recording of entries from the journals to the ledgers. For example, recording journal entries from the manual journal entries journal into the General Ledger.

Also called Updating

Automatic Post to General Ledger box - if box is checked, entries will post to the General Ledger upon updating/posting.  If unchecked, the entries will go to Unposted entries Maintenance for review.

Definition: A Prenote is a test transaction a banking institution uses to make sure the provided account information is valid before setting up an Automated Clearing House (ACH) transfer. This test does not have any monetary value to it. The bank will use it to validate Routing Transit and account numbers that will be used for transactions in the future, that are on the Prenote transaction.  Your bank sends the Prenote transaction to the bank indicated by the RT/Account.  If the Account is valid, that receiving bank does nothing.  If it is INCORRECT, they will send a error message back to your bank – who will then contact you to let you know the Account or RT is incorrect.  This ensures any future ACH deposits/withdrawals will not get errors when being processed by your bank.

Number of Days Required for the Prenote: The number of days the Prenote transaction must proceed the first Live ACH deposit/withdrawal transaction.

Prenote Date: The date that the Prenote transaction was created.

A reference helps to group a complete entry within a journal.  The check number (for a deposit), invoice number (for payable item), or date is frequently used.  The reference field is either user designated (i.e. Unposted Entries maintenance) or is automatically computer generated (see Next number assignment).

Why use a reference?

References are useful for searching for a particular entry in the general ledger since the entire entry is grouped under one reference.