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<< Click to Display Table of Contents >> Navigation: General Ledger > Master Files Maintenance > GL Company Maintenance > Accounts Tab |
The accounts tab allows for specific accounts to be defined for Current Year Earnings, Retained Earnings, and Sales Tax. In addition, enter the Income/Expense range of accounts so that the system can calculate current year net profit correctly and process it accordingly.
Defines the range of accounts that are profit and loss accounts (i.e. income and expense accounts). The system uses this range to determine the current year net profit and record the amount into the "Summarize into" account and to exclude the non-balance sheet accounts when creating balance forward entries. If this range of accounts is modified after you have posted entries using the "old" range of accounts, you MUST resummarize the posted detail. |
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Profit/Loss Summary Account |
Account number used to accumulate the current year’s net profit. At any time the company's net profit, by period, for the year is available for printing or display. It is also used in reporting (net income on the balance sheet) and the total used when creating balance forward entries. |
Retained Earnings Account |
Account number used in creating balance forward entries to record the previous year's net income/loss. This account is usually called Retained Earnings for corporations and Capital for individuals. |
Sales Tax Account |
When tracking sales tax enter the sales tax account to record the entry. The account is usually assigned to the Taxing authority Sub-Table, using the first two characters of the Sub-Account being the state code. This account is used by Invoicing, Service Ticket, and A/P direct pay. |