Once the basic Chart of Accounts is set up, it is simple to add accounts. From the Chart of Accounts dialog, go to Commands > New to enter an additional account.
In this exercise, we will enter two new general ledger accounts to use for direct mail postage deposits that we receive from customers. We will then go into the control files and make adjustments so that they will be used automatically.
Close the Print Preview window.
From the Chart of Accounts window, select Commands > New.
Enter 24 for the Account and click OK.
Enter Deposits Held for the Description.
We want this account to Total into Account 2, Liabilities.
This will be a General account.
We have created a general account to receive deposits. We will now create a detail account that will total into it.
Select Commands > New.
Enter 2400 for the Account and click OK.
Enter Direct Mail Postage for the Description.
We want this account to Total into Account 24, Deposits Held.
This will be a Detail account.
Now we will associate this account with the product category we have for Direct Mail Postage.
Close the Chart of Accounts window to return to the Accounting Node.
Go to the Order Entry Node.
Select View > Control Files > Product category from the Order Entry Node menu.
Find the Product category POS.
Notice that the GL Sales and Purchase References are blank. At this time, any sales or purchases associated with this item would be charged against sales and item for resale by default.
Click Alternate GL Sales Reference and enter 2400.
Now, all sales of Direct Mail Postage will be charged to the liability account that we entered earlier.
Click Alternate GL Purchase Reference and enter 2400.
When we pay the direct mail house for the postage, the purchase will be applied to the same liability account. As a result, the account balance for account 2400 will always show the deposits we have invoiced to customers and the postage invoices we have received from mail houses or payments made to the post office.
