Task/Problem Overview

This KB article will list all general ledger accounts that are included in the GL out of the box.

GL Definitions

Account Name	Type	Sub Type	Description	Actions Affecting this Ledger Account
Accounts Payable	Liability	Current Liabilities	Keeps track of money we owe vendors after receipt of goods.	Creating Bills/Credit or Debit memos, Paying bills.
Accounts Receivable	Asset	Current Assets	Keeps track of the money owed to us (i.e., a customer’s obligation to pay for goods and services provided)	paying Invoices, invoicing, recording finance charges, invoice underpayment, issuing a customer credit
Accrued Sales Tax	Liability	Current Liabilities	Records the value of the sales tax liability from each sale	Invoicing, Payment of invoices, Refunding RMAs.
AR Undeposited Cash Sales	Asset	Current Assets	Keeps track of the undeposited cash received through sales.
AR Undeposited Checks	Asset	Current Assets	Keeps track of the checks that need to be reconciled with the bank's checks statement.
AR Undeposited Credit Card Sales	Asset	Current Assets	Keeps track of the credit card transactions that need to be reconciled with bank's credit cards statement.
AR Undeposited EFT/WIRE Sales	Asset	Current Assets	Keeps track of the EFT/WIRE transactions that need to be reconciled with bank's EFT/WIRE statement.
Cash	Asset	Fixed Assets	Records the amount of cash on hand and cash equivalents (i.e., not deposited in the bank)	Using cash/checks in accepting deposits, paying invoices, issuing a Customer Credit from overpayment, issuing a refund. receiving money from customers using cash/checks.
Checking	Asset	Fixed Assets	Bank checking account	Same as cash but if the user is using Credit Cards for payments.
Cost of Goods In Warehouse Transfer	Expense	Expense	Keeps track of the cost of items left the origin warehouse but not yet received in the destination warehouse.
Cost of Goods Sold	Expense	Costs of Goods Sold	Cost of the goods sold	Invoicing of non-direct orders.
Customer Credit	Liability	Long Term Liabilities	Records customer credits (i.e., income from customers that we have yet to disburse to an invoice)	Invoice Customer Overpayment, Standalone Payment.
Customer Credit Expense	Expense	Other Expenses	Keeps track of Customer Credit Expense.
Default Bank Account	Asset	Fixed Assets	Keeps track of the amount in the default bank.	N/A just a default bank account used as a default money depositing account but it can be replaced by whatever the customer uses.
Deposit Requests	Liability	Long Term Liabilities	Keeps track of deposit requests
Deposits Income	Liability	Long Term Liabilities	Deposits received from customers	Deposits on orders before invoicing.
Discount Available	Liability	Long Term Liabilities	Keeps track of available terms discounts.	Paying a bill that has a term discount.
Earned Interest	Revenue	Income	Records the amount of interest earned from investments, saving account balances, etc	N/A
Finance Charge Expense	Expense	Expense	Finance charges assessed on our outstanding vendor balances	N/A
Finance Charge Income	Revenue	Income	Income from finance charges assessed on outstanding customer balances	Finance charge recording.
Freight Expense	Expense	Expense	Shipping expense from a vendor	When using freight in bills upon creating or paying bills /crediting RTVs.
Freight Income	Revenue	Income	Income from shipping goods to a customer	Invoicing with freight on the invoice.
Initial Recorded Deposits	Asset	Fixed Assets	Keeps track of the amount deposited before legacy system migration.	N/A
Interbranch Transfer Account	Expense	Expense	Keeps track of interbranch transfers
Inventory	Asset	Fixed Assets	Value of our current inventory	All inventory updates including invoicing of non-direct invoices, receiving, inventory control, inventory valuation.
Inventory Adjustment	Expense	Expense	Value of our current inventory differences	Doing inventory valuation with values different then existing inventory.
Inventory On Return	Asset	Fixed Assets	Keeps track of the cost items in vendor return bins
Invoice Adjustments	Revenue	Income	Invoice adjustments done through discount adjustment	Adding/Removing Invoice Adjustments
Lot Inventory	Asset	Fixed Assets	Keeps track of the cost of inventory sold a lot.
Miscellaneous Expense	Expense	Expense	Expenses unrelated to other expense accounts	Creating bills/Credit or Debit memos, RTV crediting
Miscellaneous Income	Revenue	Income	Income unrelated to other revenue accounts	Invoicing with a misc charge on the invoice.
Net Income	Equity	Expense	Keeps track of the net income.
Non-Inventoried Items	Asset	Fixed Assets	Current assets not related to inventory (e.g., office furniture, etc.)	N/A
Payment Surcharges Revenue	Revenue	Revenue	Keeps track of surcharge
Penalty Income	Revenue	Other Income	Keeps track of income from return penalties (e.g., restocking fees)	When crediting an RMA and taking a penalty charge from the customer.
Petty Cash	Asset	Fixed Assets	Petty cash on hand account	N/A
Potential Purchase Liability	Liability	Long Term Liabilities	Expenses related to the purchase of goods from vendors	Putting away receivers, creating bills.
Purchase Discounts	Expense	Expense	Discounts taken from vendors
Retained Earnings	Equity	Expense	Portion of net income of the company that is retained by the company.
Rounding Difference	Asset	Fixed Assets	Account to keep track of any rounding differences	All of thel rounding errors across the system.
RTV Returned Items	Expense	Expense	Keeps track of RTV returned items cost but did not have a credit created.
Sales Discounts	Revenue	Income	Discounts given to customers
Sales Income	Revenue	Income	Income from the sale of goods	Invoicing.
Sales Returns & Allowances	Expense	Expense	A contra-revenue account to record sale returns & allowances against sales revenue.	N/A
Sales Term Discounts	Revenue	Income	Terms discounts given to customers
Service Charge	Expense	Expense	Records bank-imposed service charges from merchant accounts (i.e., Credit Cards)	N/A
Service Expense	Expense	Expense	Expenses related to services performed for us	N/A
Service Income	Revenue	Income	Income from services	Invoicing with a service charge on the invoice.
Suspect Inventory	Asset	Fixed Assets	Keeps track of the cost items in suspect on hand bins
Tax Expense	Expense	Expense	Taxes owed on purchases from vendors	Paying bills / credit and debit memos.
Term Discounts Income	Revenue	Income	Terms discount accepted from vendors	N/A
Unrefunded Credited RMAs	Asset	Fixed Assets	Keeps track of the credited RMAs but not refunded yet.
Vendor Credit	Asset	Fixed Assets	Records the amount of all credit owed to us for each vendor due to RTVs	Upon crediting an RTV or creation of a vendor credit/debit memo.
Vendor Deposits	Asset	Fixed Assets	Keeps track of PO deposits made to the vendor.
Writeoff Expense	Expense	Expense	Money lost when writing off outstanding customer liability	Writing off all/partial amounts of the invoice value.
Writeoff Income	Revenue	Income	Money gained when a vendor writes off our liability or writing off an overpayment made by the customer	Writing off the rest of a customer payment.