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21st Century Accounting Help - Receivables/Configure

Control Accounts

A control account contains balances for all transactions of a certain type. In Receivables, for example, the Receivables control account contains the sum of the balances in all the customer accounts that have been assigned that control account. You indicate one set of control accounts for use with cash (walk-in) customers. The system posts the cash sale and the discount, if any, to the cash and discount accounts in this set.

Use Receivables/Configure/Control Accounts to set up multiple sets of Receivables control accounts. Each set includes accounts for receivables, discounts, finance charges, and cash receipts.

Use Receivables/Configure/Customers to assign the sets to appropriate customers.



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