Setting up your books properly is the best way to achieve accurate records. Correct account assignment setup is extremely important when setting up your accounts receivable and accounts payable systems.
We have provided tool-tips for each account setup for a clear understanding of the function of each account.
When importing a chart of accounts template, we will automatically assign these accounts for you.
NOTE: You will not be able to invoice customers or record payables without first setting up account assignments.
1. To customize your system account assignments, select “Settings” from the main navigation.
2. Select “Account Assignments”
3. Assign each function an account number and account description.
4. When complete, click “Save Accounts”
NOTE: Account Types:
- Accounts Receivable - Asset
- Discounts - Revenue (Contra Account)
- Undeposited Customer Payments - Asset
- Unapplied Customer Payments - Liability
- Write-offs - Expense
- Accounts Payable - Liability
For more information on a contra account, see the article What is a contra account