The 'Accounts' tab resides on the System Preferences screen. Click here for more information on System Preferences. On the Accounts tab, System-wide Account settings are set. The values provided in these settings will be used as the Default Accounts throughout the System.
1) Accounts Payable - The default Accounts Payable GL Account that will offset all AP Transactions. This account should only be used for AP Transactions so that expenses are recorded correctly. Reference the balance sheet for a view of the Accounts Payable balance by Location
2) Accounts Receivable - The default Accounts Recievable GL Account that will offset all AR Transactions. This account should only be used for AR Transactions so that expenses are recorded correctly. Reference the balance sheet for a view of the Accounts Receivable balance by Location
3) Credit Expected - The Credit Expected GL Account used on the 'Vendor Credit Expected' field on an AP Invoice transaction. This often occurs when a credit is due to your restaurant based on a shortage of supplies or damage to a shipment
4) Retained Earnings - The Retained Earnings GL Account used for a fiscal year-end close. This is often calculated by Beginning Retained Earnings + Profits/Losses - Dividends
5) Undeposited Funds - The Undeposited Funds GL Account will populate 'Undeposited Funds' on the Bank Deposit screen as well as match Undeposited Funds on the Bank Activity Screen. This account is merely for holding funds that have not been deposited yet
6) Checking - System-wide default Checking Account that will populate wherever the Checking Account is present. This is an optional field, but if entered, can allow for quicker processing of payments
7) Item Cost - The defaulted GL Account used to assign Costs with a Purchased Item that will auto-populate on AP Invoices, Inventory Count Inventory Adjustments etc.
8) Item Inventory - The defaulted GL Account used to assign Inventory Values that will auto-populate on AP Invoices, Inventory Count Inventory Adjustments etc.
9) Food Sales - System-wide default Food Sales Account that will populate wherever the Food Sales Account is present. This is an optional field but, if entered, can be beneficial in analyzing the effectiveness of food operation
10) Sales Tax - The Sales Tax Payable GL Account used on taxable AR Transactions. This account keeps track of the Sales Taxes that were collected from taxed products and services