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To add an Account, enter a five-digit Account number into the account number field. Each Account must have a unique Account number. Enter the name of the Account into the account name field, and select an account type from the Account Type menu. When editing Accounts, only the name, and some other optional fields, may be changed. To change Account numbers and Account Types, see the Delete/Transfer to Account function on the Account Glossary Window.
Note: Design Manager comes with a preset Chart of Accounts that can be used by most design firms. Only advanced users or accountants should modify these Accounts as setting them up incorrectly can result in erroneous financial reports. If a user is unfamiliar with proper account structure, they should be limited to adding additional checking accounts or credit card accounts, or changing the names of Accounts.
Account Number: The five-digit code for the Account. Generally, Asset Accounts start with a number "1", Liability Accounts with a "2", Equity Accounts with a "3", Revenue Accounts with a "4", Cost of Goods Accounts with a "5", and Expense Accounts with a "6". For example, cash is an Asset and its Account number is 10010.
Account Name: The Account name describes the uses of the Account. This name will appear on your financial statements. The Account name may be up to thirty characters.
Account Type: Clicking on the menu will display the list of available Account Types. Select an Account Type by clicking on it. The following Account Types are available:
Asset: A Balance Sheet account used to hold cash, investments, Accounts Receivable, Vendor Deposits, Inventory, land building; and equipment.
Asset (Bank/Checking): A special type of Asset Account that will show up as a checking account.
Liability: A Balance Sheet account used to hold Accounts Payable, sales taxes payable, payroll taxes payable, Client Deposits, and debt.
Liability (Credit Card): A special type of Liability Account used to hold credit card transactions.
Equity: A Balance Sheet Account used to maintain the accumulated net worth of your business.
Revenue: An Income Statement Account used to record sales.
Cost of Goods: An Income Statement Account used to record purchases for Projects.
Operating Expense: An Income Statement Account used to record expenses not associated with Projects.
Other Income/Expense: An Income Statement Account used to hold Items not related to Projects and not part of Operating Expenses, Cost of Goods Sold, or Revenue.
Payroll Account: Select this option to include the Account as a payroll account. This allows the Account to show on an Employee’s payroll account list. See Employee Window - Payroll Tab.
When the Account Type Asset (Bank/Checking) is selected, then this Account will represent a checking, savings, or petty cash account. This will allow you to write checks and enter cash receipts against this Account, as well as reconcile your bank statement. Two additional fields will also appear when this type is selected:
Bank Number: This is a field that you can use to record the bank number for this cash account, usually found at the bottom of the check before your account number. The bank number is for your reference only and may be left blank.
Checking Number: You may record your checking account number issued to you by your bank in this field. The checking number is for your reference only and may be left blank.
When the Account Type Liability (Credit Card) is selected, you may select to pay a Vendor using this Account, as the Account will now appear in the Pay With field on the Vendor Invoice Windows. Two additional fields will appear when this type is selected:
CC Payee: Enter the Vendor code for the credit card you wish to use in this field. The code should be the name of the credit card such as "VISA" or "AMEX". If no Vendor code exists, you may create one by entering the credit card payee name, address, and other information on the Vendor Window. To search for an existing credit card Vendor code, place the cursor in the CC Payee field and click on the Search Button.
Credit Card Number: Enter the credit card account number in this field. The credit card number is optional and for your reference only. Note: this information is not used by Design Manager in any purchasing capacity!