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    System Preferences: Accounts
    • 08 Jul 2024
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    System Preferences: Accounts

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    Article summary

    This article provides information about the Accounts tab in System Preferences. On the Accounts tab, users configure accounts to automatically populate account-related fields throughout R365. The values provided in these settings will be used as the default accounts throughout the system.


    Field

    Description

    1

    Accounts Payable

    Accounts Payable GL Account to offset all AP transactions. This account should only be used for AP transactions so that expenses are correctly recorded. Reference the balance sheet to view the AP balance by location.

    2

    Accounts Receivable

    Accounts Receivable GL Account to offset all AR transactions. This account should only be used for AR transactions so that expenses are correctly recorded. Reference the balance sheet to view the AR balance by location.

    3

    Credit Expected

    Credit Expected GL Account used on the Vendor Credit Expected field on AP Invoice transactions. The Credit Expected GL Account is used when a credit is due to your restaurant, such as when there is a supply shortage or a damaged shipment.

    4

    Retained Earnings

    Retained Earnings GL Account used to close out the fiscal year. This is often calculated as Beginning Retained Earnings + Profits/Losses - Dividends.

    5

    Undeposited Funds

    Undeposited Funds GL Account that populates the Undeposited Funds field in Bank Deposit and matches the Undeposited Funds in Bank Activity. This account is used to hold funds that have not been deposited yet.

    6

    Checking

    Checking account that populates all Checking Account fields system-wide. This field is optional but is recommended for faster payment processing.

    7

    Item Cost

    GL Account used to assign costs to a purchased item on AP Invoices, Inventory Counts, Inventory Adjustments, and so on.

    8

    Item Inventory

    GL Account used to assign inventory values on AP Invoices, Inventory Counts, Inventory Adjustments, and so on. 

    9

    Food Sales

    Food Sales Account that populates Food Sales Account fields system-wide. This field is optional but is recommended to better analyze food operation effectiveness.

    10

    Sales Tax

    Sales Tax Payable GL Account used on taxable AP transactions. This account tracks sales taxes collected on taxed products and services.


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