Total Legal Accounting 3


 

SECTION 6.5.2 - GENERAL LEDGER CONTROL ACCOUNTS

 

USAGE: To define certain required accounts that are used by certain programs within T.L.A.

 

DISCUSSION: Within you chart of accounts, you will need to define special accounts that can be posted to by, for instance, INVOICING. You will not be able to start a program that uses one of these accounts until the account is defined correctly.

 

When you enter this function, the screen displays a list of accounts that need to be defined. Enter a value into each field and press <Enter> or <F10> to complete your entry. To leave this program without updating, press <ESC>.

 

Name                  Comments

 

CLIENT LEDGER    This account is updated by Client transactions. These include FILL-BILLS and RECEIPTING. If you print a CLIENT balanceS REPORT, the total should match the balance of this General Ledger account.

 

DISBURSEMENT LEDGER This account is updated by Disbursement transactions. These include DISBURSEMENTS and JOURNALS. If you print a DISBURSEMENT balanceS REPORT, the total should match the balance of this General Ledger account.

 

GST CHARGEABLE This account is posted to during BILLING with the value of the GST component of the invoice.

 

BILLINGS        This account is the default account used in FILE-BILLS.

 

TRADE CREDITORS           This account is updated by Creditor transactions if the Creditor is tagged as a Trade type. These include PURCHASING and PAYMENTS. If you print a CREDITORs trial balance, the total should match the balance of this General Ledger account.

 

DISBURSEMENT CREDITORS     This account is updated by Creditor transactions if the Creditor is tagged as a Disbursement type. These include PURCHASING and PAYMENTS. If you print a CREDITORs trial balance, the total should match the balance of this General Ledger account.

 

SERVICE CREDITORS      This account is updated by Creditor transactions if the Creditor is tagged as a Service type. These include PURCHASING and PAYMENTS. If you print a CREDITORs trial balance, the total should match the balance of this General Ledger account.

 

GST PAYABLE This account is posted to during PURCHASING with the value of the GST component of the purchase.

 

FREIGHT PAYABLE           This account is posted to during PURCHASING with the value of the freight component of the purchase.

 

DISCOUNT TAKEN This account is posted to during PURCHASING with the value of the discount component of the purchase.

 

GENERAL BANK      This account defines the default GENERAL BANK account. RECEIPTS and PAYMENTS are posted to this account.

 

TRUST BANK   This account defines the default TRUST BANK account. RECEIPTS and PAYMENTS are posted to this account.

 

PAYROLL           This account is optional unless you are using the Payroll system. If not used, set it to the same as the BANK or some sundry account.

 

INCOME TAX   This account is optional unless you are using the Payroll system. . If not used, set it to the same as the BANK or some sundry account.

 

SUPERANNUATION This account is optional unless you are using the Payroll system. . If not used, set it to the same as the BANK or some sundry account.

 

Hint: Optional accounts must still have a value. If you are not sure, attach them to a suspense account. If a posting is made to the suspense account, you can then journal it back to the correct account when you finalise the structure of the Chart-of-Accounts.

 

To move to the next field, press <Enter>. Complete your entry by pressing <F10>. If T.L.A. has found no inconsistencies, you will be asked to confirm your entries and then the General Ledger will be updated.

Return to Table of Contents  Return to Table of Contents