FAQ - Multiple Trade Controls

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Qtn : We are currently maintaining multiple trade debtors control account to represent different currencies of our customers, how can we better manage the chart of accounts?

Trade Debtors Control - USD      

Trade Debtors Control - SGD        

Trade Debtors Control - EURO

 

Answer : It is subject to each accountant's preference to present the company's financial statement, however, it is recommended that you keep only one Trade Debtors Control account in your base currency will be sufficient. Make use of customer group (dynamic, you can change anytime) to indicate each customer's currency or area group to do your management reporting.

 

Unless there is a control in place that new customers or suppliers can be created by the accounts department only, it is best that the GL control is set default, points to Trade Debtors Control as a single control account only. Front end users, example, sales person or admin staff may not be account savy enough to decide which control account to charge to.

 

The above also applies to Trade Creditors' Control, non trade creditors
 
Next topic : related parties, non trade other debtors control

 


Related Topics

GL Opening Balance

 

FAQ : How to link debtors/creditors to different control account

 

 

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