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1 Savance Phone: Fax:

2 Table of Contents Overview 3 Ledger Account Types 3 Ledger Account Manager 3 1 System Create/Edit Make General... Ledger Entry 8 4 Manage... Ledger Account Transactions 9 Setting the Posting Default 10 1 From... the Ledger Account Manager 10 2 From... the Account/Vendor Manager 11 Change A Line Item s Account 12 Other Places To See Ledger Activity 13 2

3 Overview This document will cover the structure and configuration of the in Savance Enterprise. I will go over which ledger accounts are system ledger accounts that must be present at all times. I will also go over creating your own ledger accounts and setting them up for your customers and vendors. I will also detail how these ledger accounts function in Savance Enterprise. Ledger Account Types There are a couple of different Ledger Account types that are important to know about., Dividend, and Expense accounts follow the same set of debit/credit rules. Debits increase assets, dividends, and expenses, while credits decrease these accounts. These accounts normally carry a debit balance. Liability, Equity, and Revenue each follow rules that are opposite of what was just described. Credits increase liabilities, equities, and revenues, while debits decrease these accounts. These accounts normally carry a credit balance. Type Dividend Expense Liability Equity Revenue Balance Debit Debit Debit Credit Credit Credit Debit Increase Increase Increase Decrease Decrease Decrease Credit Decrease Decrease Decrease Increase Increase Increase Ledger Account Manager To view all ledger accounts, go to Accounting > Accounting Manager >. This will show you all system accounts and custom accounts, which will be discussed in further detail in later sections. Below is an example of this window. 3

4 3.1 System The Ledger Account Manager will show you all the ledger accounts that are available by default, which cannot be edited or removed. Below is a list of each of these accounts, including their type, whether a debit increases/decreases the account, and a description of each. Name Accounts Receivable Type Cash Checking Default Bank Account Initial Recorded Deposits Inventory Debit Comment Increase Keeps track of the money owed to us (i.e., a customer s obligation to pay for goods and services provided) Increase Records the amount of cash on hand and cash equivalents (i.e., not deposited in the bank) Increase Bank checking account Increase Keeps track of the amount in the default bank. Increase Keeps track of the amount deposits before legacy system migration. Increase Value of our current inventory 2014 Savance 4

5 Name NonInventoried Items Petty Cash Rounding Difference Vendor Credit Cost of Goods Sold Type Debit Comment Increase Current assets not related to inventory (e.g., office furniture, etc.) Increase Petty cash on hand account Increase Account to keep track of any rounding differences Increase Records the amount of all credit owed to us for each vendor due to RTVs Expense Increase Records bank-imposed service charges from merchant accounts (i.e., Credit Cards) Expense Increase Finance charges assessed on our outstanding vendor balances Financial Charge Expense Freight Expense Increase Shipping expense from a vendor Expense Miscellaneou Expense Increase Expenses unrelated to other expense s Expense accounts Purchases Expense Increase Expenses related to the purchase of goods from vendors Sales Expense Increase A contra-revenue account to record Returns & sale returns & allowances against Allowances sales revenue. Service Expense Increase Records bank-imposed service Charge charges from merchant accounts (i.e., Credit Cards) Service Expense Increase Expenses related to services Expense performed for us Tax Expense Expense Increase Taxes owed on purchases from vendors Term Expense Increase Terms discounts given to customers Discounts Expense Writeoff Expense Increase Money lost when writing off Expense outstanding customer liability Accounts Liability Decrease Keeps track of money we owe Payable vendors after receipt of goods. 5

6 Name Accrued Sales Tax Discount Available Customer Credit Deposits Income Earned Interest Type Debit Comment Liability Decrease Records the value of the sales tax liability from each sale Liability Decrease Keeps track of available terms discounts. Revenue Decrease Records customer credits (i.e., income from customers that we have yet to disburse to an invoice) Revenue Decrease Deposits received from customers Revenue Decrease Records the amount of interest earned from investments, savings account balances, etc Finance Revenue Decrease Income from finance charges Charge assessed on outstanding customer Income balances Freight Revenue Decrease Income from shipping goods to a Income customer Miscellaneou Revenue Decrease Income unrelated to other revenue s Income accounts Penalty Revenue Decrease Keeps track of income from return Income penalties (e.g., restocking fees) Sales Income Revenue Decrease Income from the sale of goods Service Revenue Decrease Income from services Income Term Revenue Decrease Terms discount accepted from Discounts vendors Income Writeoff Revenue Decrease Money gained when a vendor writes Income off our liability 2014 Savance 6

7 3.2 Create/Edit To create a new account, click on the Account button on the top-left and select New Ledger Account. This will bring up the follow screen to allow you to create a new account. Give it a Ledger Name and choose one of the Types. The "Ledger tracks current (short-term) assets or liabilities" option is only available if the type is "" or "Liability". Unchecked this would mean "Ledger tracks non-current (long-term) assets or liabilities". Next, you have the option to choose an existing ledger account for the Parent option if you would like to nest the new account underneath it. You can only select a parent of the same Type as the ledger account that you are creating. Now you may give it an optional Description, and you may specify an Initial Balance if you would like it to be something other than 0. You can designate the ledger account as a Bank Account and type in a Bank Account Number (only applies to ). You can optionally type in a Division Number, Account Number, and Sub Account Number as well. When you are all done, click Save to add the account to the list! An account can be edited later by right-clicking it. However, an account cannot be deleted from the system. If you would like to disable 7

8 an account, you can edit the account and uncheck the Enabled box at the bottom. Note that you cannot disable a ledger account that has a balance other than $0. The disabled ledger accounts will only be shown when the "Include Inactive Accounts" option is checked in the Accounting Manager (it will be shown with a line going through it). The ledger account can be re-enabled by following the reverse process. 3.3 Make General Ledger Entry From the screen, click on the Accounts button and select Make General Ledger Entry. This will bring up the following window: First choose the Transaction Date, Transaction Reference number, and an optional Comment. Be sure Specify the Amount to be made with this entry. Finally, choose the ledger accounts that you are Debiting and Crediting. When you are ready, you can hit the Add button so that the transaction will be added to the window below. You can make multiple ledger entries from this window, and the transactions will not be processed until you either choose "Save & Close" or "Save & New". Choosing "Cancel" will not save any changes that you have made on this screen Savance 8

9 To view the transaction, simply right-click on the account and select Show Transactions. You will be able to see the date, description, and other details from this window. Remember that this transaction will show up in both the Debit Account and the Credit Account. Details on this will be discussed in the next section. 3.4 Manage Ledger Account Transactions If you'd like to view all the transactions for a specific ledger account, you can do so by right-clicking one of the accounts in the Ledger Account Manager and clicking Show Transactions. Below is an example of the entry that was made manually in the last section. You can specify a date range if necessary and hit the Filter button to display the appropriate results. You are shown the transaction date, a reference number, the description, the transferee, the deposit, the payment, and the balance for each transaction. The reference number can contain a number for an order, PO, bill, payment, etc. It is a link, so clicking it will open the associated document. Transactions that increase the ledger balance are shown in the Deposit column. Likewise, transactions that decrease the ledger balance are shown in the Payment column. Negative numbers are represented in parentheses. The ledger starting balance is shown in the lower right corner, which depends on how it was created. Making changes to the ledger account transactions will not change the corresponding reference (i.e., the invoice, receiver, payment, etc.). However, changing the reference document will update the corresponding ledger account transactions. Keep this in mind if you edit either a document or a 9

10 ledger transaction entry. Right-click on a transaction, and you will have the option to Edit, Void, or Delete the transaction. If you Void or Delete, the transaction is voided or deleted in this ledger account and the transferee ledger account. After voiding a transaction, the text is struck out. You can Unvoid the transaction by right-clicking and selecting Unvoid. However, please note that transactions that are Deleted cannot be undeleted. An example of a voided entry can be seen below. NOTE: These functions require the appropriate security permissions. There are separate permissions for editing, voiding, and deleting. Setting the Posting Default The Posting Defaults option allows you to use a different ledger account from the system defaults. This is useful for creating and assigning customer-specific ledger accounts. For example, you can create a new accounts receivable ledger account specifically for one customer, and then set up a Posting Default rule so any ledger account activity from this customer will post to this ledger account instead. There are a couple ways to go about this, which will be discussed in the following sections. 4.1 From the Ledger Account Manager In the Ledger Account Manager, go over to the Posting Defaults tab. This will bring up the following screen 2014 Savance 10

11 To get started, select a Posting Account from the list on the left and click the New button. Now choose the Account, Vendor, and/or Warehouse the rule should apply to. Choose the Ledger Account that should apply, which includes system accounts and any custom accounts that you may have created (or you can also choose ALL). The list will only display existing ledgers of the same type. The User cannot change setting means that the user is forced to use the ledger account specified in the rule where applicable (such as on a PO or an Order) and will not be able to change it manually. The Show default but do not select it means that the ledger account specified in the rule will not automatically be selected, where applicable. It will instead show the user that it is the default ledger account for the action. Finally, you may add an optional comment, and then click Save to put the rule into effect. Once you save, you will see the new rule show up on the list at the top. NOTE: A user without the appropriate security rights to change the ledger account posting defaults will still be able to see how each rule is configured. However, the New, Edit, and Delete buttons will be disabled to prevent any changes. 4.2 From the Account/Vendor Manager You can determine the default posting account for a specific customer or vendor by opening its account as well. So search for the customer/vendor in the Account Manager or Vendor Manager, and go to the Posting Accounts tab. 11

12 This screen will essentially be the same in both managers, except for the defaults. You can create a new ledger account from this screen if it doesn t exist by hitting the New button. This would take you to the new ledger account creation screen. After Saving, the new account will be available for you to choose. Any changes here will be reflected in the Posting Defaults section of the Manager (and vice versa). Change A Line Item s Account If you'd like, you can change the Account for each individual part number on a Quote/Order/ Invoice or RFQ/PO. Simply go to the Account column to view or change the account being used for the corresponding line, as seen below. Each line item defaults to the Inventory asset account, but it can be manually changed to a different ledger account. This is useful if you are ordering regular inventory items as well as office supplies, where you could create an asset ledger account specifically for Office Supplies Savance 12

13 You can also change the default Account from Inventory to something else for each item in the Item Manager. Other Places To See Ledger Activity The History tab of an Order, PO, RMA, and RTV has a Ledger Transactions tab that will show all ledger activity specific to that type of order. You can also find a Ledger Transactions tab on the shipper or receiver. There is also a Ledger Transactions tab on the Edit Bill screen. An example for an Order can be seen below. 13

14 Thank you for choosing Savance! Savance Phone: Fax: SE-HG

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