Sales Linked Accounts window

The Sales Linked Accounts window enables you to review and change the linked accounts assigned to your sales.

These accounts are automatically linked when you create a new company file using the New Company File Assistant. You may want to change the linked accounts to suit your business.

Field Descriptions

Asset Account for Tracking Receivables

Enter or select an asset account for tracking money that people owe you for sales. This account is referred to as your linked receivables account.

This linked account summarises all the money your customers owe you; it appears on your balance sheet and other financial reports. The amounts your customers owe your business for purchases they’ve made on account are considered assets. This account is debited (increased) whenever you enter sales on account using the Sales window. This account is credited (decreased) whenever you enter payments from customers using the Receive Payments window.

tip : You can use the Company Data Auditor to compare the total of your customer invoices with the linked receivables account balance.

 

Bank Account for Customer Receipts

Enter or select an asset account for tracking the money you’ve received from people for sales, and from which you write refund cheques to customers. This account is referred to as your receivables bank account.

When you enter a payment from a customer, this account is debited (increased) by the amount of the transaction, and your linked Asset Account for Tracking Receivables is credited (decreased).

The account you select here must be a bank or credit card account type.

I charge freight on sales—Income Account for Freight

If you select the I charge freight on sales option, the Income Account for Freight field appears. This field enables you to tracks income amounts you collect for freight, when you enter sales. This account is referred to as your freight collected account.

This account enables you to see how much of your gross sales amount is goods or services, and how much is payment for shipping. This account appears on the Trial Balance, the Profit and Loss Statement and other reports.

If you don’t charge freight, you do not need to select an account in this field.

I track deposits collected from customers—Liability Account for Customer Deposits

If you select the I track deposits collected from customers option, the Liability Account for Customer Deposits field appears. Enter a liability account for tracking deposit amounts you collect for sales orders. This account is referred to as your linked customer deposits account.

The amount is considered a liability for your company until the sale actually is made, because all or a portion of the deposit will have to be repaid to the customer if the sales isn’t finalised. This account appears on the Trial Balance, the Profit and Loss Statement and other reports.

If you don’t take deposits from your customers, you do not need to select an account in this field.

I give discounts for early payments—Expense or Cost of Sales Account for Discounts

If you select the I give discounts for early payments option, the Expense or Cost of Sales Account for Discounts field appears. Enter or select an account for tracking discount amounts that you’ve provided to your customers for paying their bills early.

This account is referred to as your linked customer discounts account.

When you enter payments using the Receive Payments window, the discount amount the customer is eligible for appears by default and is tracked using the Expense or Cost of Sales Account for Discounts.

If you don’t offer early-payment discounts to your customers, you do not need to enter an account in this field.

I assess charges for late payment—Income Account for Late Charges

If you select the I assess charges for late payment option, the Income Account for Late Charges field appears. Enter or select an income account that tracks finance charge amounts that you’ve collected from customers.

This account is referred to as your linked customer late charges account.

This account is updated when you enter an amount in the Finance Charge field in the Receive Payments window.

Terms

Click to open the Credit Terms window, where you can create a set of default credit terms and enter default sales tax codes for all your customers.

The credit terms and tax codes you select will be automatically applied to every new customer record you add to the Card File. If you want, you can change these details for an individual customer in the Selling Details view of the Card Information window.

OK

Click to save your changes and close this window.

Tips for this window

Related topics

■	Enter account opening balances

■	Set up sales