These are Accounts that Design Manager uses in the normal course of processing. This tab is divided into four sections: Payable Accounts, Receivable Accounts, Inventory, and General Ledger. Payable Accounts include Vendor Deposits, Vendor Discounts, and Accounts Payable. The Receivable Accounts are Accounts Receivable, Client Deposits, and Finance Charges. Inventory Accounts consist of Inventory, Inventory Freight, and Work in Process. General Ledger includes the Retained Earnings and Suspense Accounts. Design Manager comes with these Accounts pre-configured.
If you are unfamiliar with advanced accounting practices, it is recommended that you leave these accounts as they are currently configured! Setting them incorrectly can cause data to be misrepresented in your General Ledger.
To edit an Account Number on this window, highlight the Account Number and type in a new Number. To search for an Account Number, place the cursor into the field of interest, then click on the Search button in the lower left corner of this window and choose the desired Account.
Payable Accounts:
| • | Vendor Deposits: The General Ledger Account used to record Vendor Deposits. The current balance in this Account is always the total amount of Deposits paid to vendor, but not yet applied to Invoices received from the Vendor. In most cases, this is an Asset Account. |
| • | Vendor Discounts: The General Ledger Account used to record Vendor Discounts. A Vendor Discount is usually a percent reduction from an Invoice which you receive for paying the Invoice early. In most cases, the Vendor Discount is either a Revenue or Cost of Goods Sold Account. |
| • | Accounts Payable: The General Ledger Account used to record unpaid Vendor Deposits and Invoices. The balance of this Liability Account represents the total outstanding amount currently owed to Vendors. |
Receivable Accounts
| • | Accounts Receivable: Accounts Receivable is an Asset Account that holds the total amount currently owed to you by your clients. In other words, this Account holds the value, or balance due, of all Client Invoices less any Payments applied to the Invoices. |
| • | Client Deposits: The General Ledger Account used to record Client Deposits. This Liability Account records the amount of Deposit or Retainer received from clients to be applied on future Invoices. |
| • | Finance Charge: Usually a Revenue Account, the Finance Charge Account is used to record the fees generated through the Finance Charges utility in Design Manager on delinquent Client Invoices. For more information, see Finance Charges. |
| • | Un-deposited Funds: The Un-Deposited Funds Account is generally an Asset Account that holds your cash receipts until they are physically transferred to the bank. For more information, see Recording Receipts into the Un-deposited Funds Account. |
Inventory
| • | Inventory: The Inventory Account is used when recording purchases for the company's Inventory and sales to clients for merchandise from the Inventory. The Inventory Account should be an Asset Account. |
| • | Inventory Freight: The shipping costs of merchandise for the company Inventory can be recorded separately into this Account, if desired. If you want the shipping costs to be included with the merchandise costs, set this Account to the current Inventory Account from above. |
| • | Work in Process: Work in Process is the General Ledger Account number used to maintain purchases from your Vendors that have not yet been invoiced to your clients. Work in Process should be an Asset, Liability, or Equity Account. |
General Ledger
| • | Retained Earnings: This is the General Ledger Account used to record the company’s retained earnings. This Equity Account holds the earnings of the company prior to the Income Statement for the current fiscal year. |
| • | Suspense: The General Ledger Account used to record the company’s Suspense transactions. The Suspense Account gathers any transaction that cannot be recorded into a proper Account due to an error in the manner the Accounts were initially arranged or an Account is no longer available. The Suspense Account is also used for moving activity between a Balance Sheet and Income Statement Account. This Account is usually an Equity Account so that its balance is not transferred into Retained Earnings at the end of the year. |