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There are some accounts that are important to take notice of, that will be constantly referred to in this help file as a reference.
In the standard chart of accounts that is provided (pre-installed) in the system. User will be blocked from deleting them even though there is no transaction inside.
At [Setup] tab, click [Chart of Accounts]
You will see a list of chart of accounts already pre-set for your immediate use.
You can replace the accounts code and name , but do not inactive and create a separate account of the same thing.
Example if your
Trade Debtors Control change to Accounts receivables, ...click here...
Trade Creditors Control change to Accounts payables, ...click here...
Unappropriated Profit & Loss b/f change to Retained Earnings... ..click here...
1. Contra Accounts (also known as Suspense Account)
- To be used when customer and supplier's accounts to be offset against each other.
- Customer is also your supplier, buying and selling with the same entity
- See Contra topic
- This account balance must be always zero in your monthly or year end report
2. Trade Debtors Control - Third Party (or Trade Receivables, accounts receivables)
- What the market owes your company in total
- supported by the values reflected in the customers' aging report
- Trade Debtors Control change to Accounts receivables, ...click here...
3. Trade Debtors - Retail (For Retail use only)
4. Trade Creditors Control (or Trade Payables, accounts payables)
What the company owes the market in total (Sum amount of all suppliers' owing to)
- supported by the values reflected in the suppliers' aging report
5. Exchange Gain / Loss - Actual
6. GST Input Tax , Output Tax , GST Receivable / Payable Accounts (or GST Control a/c)
See Fast-Tax related
8. Voucher Expense (for retail use only)
9. Opening Stock, closing stock
10. Accrued Salary
11. Material Cost
12. Unappropriated Profit /Loss B/F ( Retained Earnings )
There can only be one unappropriated Profit and Loss account in your balance sheet regardless of the number of departments (or outlets) accounts you may have in your overall company financial statement.