![]() ![]() ![]() NOTE: Need a bit more guidance? If you are unsure about any of this information, you should speak with your accounting professional. You can access your linked accounts from Setup on the menu bar and choose Linked Accounts from the drop-down. These accounts are automatically linked when you create a new Company File using the New Company File Assistant by default but you can change the linked accounts to suit your business. Don’t have an accounting professional? View our list of AccountEdge Experts.ĪccountEdge uses linked accounts to help keep track of your transactions for double entry accounting. This will help you modify your chart of accounts and enter your opening balances accurately. ![]() NOTE: We recommend speaking to your accounting professional and getting the latest set of financial statements, including a trial balance and the supporting detail for your open accounts receivable, accounts payable, inventory balances and mid-year payroll details. You should enter an opening balance for your linked payables account in the Account Opening Balances window before you enter any historical purchases. Vendor Balances enables you to view the purchases amounts that make up the balance of your linked payables account. ![]() You should enter an opening balance for your linked receivables account in the Account Opening Balances window before you enter any historical sales. You can enter historical sales transactions from this window. The entries you make in this window are used to print the Job Profit and Loss Statement.Ĭustomer Balances allows you to view the sales amounts that make up the balance of your linked receivables account. Job Opening Balances is where you can view and update opening balances, by account, for every detail job in your Company File. Your conversion month is the month in which you begin entering transactions into your Company File. You can start to use AccountEdge before you’ve entered your opening balances for your accounts, but remember, they affect your most important reports - your Balance Sheet and your Profit + Loss, so you will need to enter them before running any financial reports.Īccount Opening Balances enables you to enter the balance of each account in your accounts list as of the first day of your conversion month. NOTE: You can enter in Opening Balances later by going to Setup on the top menu bar and selecting an option from the Balances dropdown. These transactions are sales you have made, payments received, purchases, and processed payroll. Opening balances are a way to account for all the transactions you have completed before your selected conversion date in AccountEdge. Getting your opening balances entered correctly is key to a successful implementation of any accounting application. Other expenses, for example: interest charged. Other revenues, for example: interest earned on savings and dividends paid from stocks. The day-to-day expenses of running your business, for example, utility bills, employee wages, and cleaning. The direct cost of selling your goods and providing services, for example: purchase costs and freight charges. Revenue from the sale of goods and services. Common equity accounts are current year earnings, retained earnings, and shareholders’ equity. The business’s net worth, that is, its assets minus its liabilities. Money owed by you that is due in more than one year, for example: a business loan. Money owed by you that is due in less than a year. Other assets you own, such as loans made to others and goodwill. These may include short-term deposits.Īssets that have a long life, for example: buildings, cars, and computers. Money in the bank, for example: in a checking or savings account.Īssets that, if required, can be turned into cash within a year. For example: when you record a transaction to pay $100 for your utility bill from your checking account, there would be $100 credit (decrease) against your checking account and $100 debit (increase) to the expense account you use to track utility payments.ĪccountEdge uses a standard account number format (X-XXXX) for your accounts list. Since AccountEdge is a double-entry accounting system, every transaction entered will have an equal amount in the form of a debit and a credit. Accounts that normally carry a credit balance are the liability, equity, and income accounts. Accounts that normally carry a debit balance are asset and expense accounts.Ī credit amount increases the balance of accounts with a credit balance and decreases the balance of accounts with a debit balance. CreditĪ debit amount increases the balance of accounts with a debit balance and decreases the balance of accounts with a credit balance. Let’s explore the subject of accounts in AccountEdge to get a better understanding of what you will be setting up. ![]()
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