An account set is a group of general ledger account numbers, including the payables control account, to which vendors' transactions are distributed.
You must create at least one account set before you can add vendor records.
If you use multicurrency accounting, you must add at least one account set for each currency used by your vendors. The account set you assign to a vendor must use the vendor's currency.
In multicurrency ledgers:
- Specify the currency used by vendors assigned to each account set.
- For account sets that do not use the functional currency, enter account numbers for unrealized exchange gains and losses, and realized exchange gains and losses.
- For account sets that do not use the functional currency, specify an account for exchange rounding differences.
Multicurrency Account Sets
If you use multicurrency accounting, you assign a currency code to each account set to identify the currency used by the vendors you will assign to the set. Once you save (add) an account set, you cannot change its currency.
Multicurrency account sets that do not use the functional currency also include the accounts to which you post gains and losses that result when you revalue Accounts Payable transactions at new exchange rates:
- Unrealized Exchange Gain (available only if you use the Realized and Unrealized Gain/Loss accounting method)
- Unrealized Exchange Loss (available only if you use the Realized and Unrealized Gain/Loss accounting method)
- Exchange Gain
- Exchange Loss
- Exchange Rounding
These general ledger accounts must allow the account set's currency.
The general ledger accounts you assign to multicurrency account sets depend on the type of currency information you require in your general ledger. For example, you might use a separate Payables Control account for each currency, but use the same numbers for the rest of the accounts in all your account sets.
If you use the same account number for all the unrealized and realized exchange gains and losses accounts, the balance in that account in your general ledger will be the net exchange gain or loss on Payables transactions.
Editing Account Sets
You can change everything in most records except the identifying code. To change the code, you first add a record with the code you want to use, then delete the record with the code you do not want.
If you use multicurrency accounting, you cannot change the currency code assigned to an account set.
Deleting Account Sets
You can delete account sets only when they are not assigned to vendors or vendor groups.
If you want to delete a code that is assigned to a vendor group or vendor record, you must first assign a different account set to the vendor record, then delete the unwanted code.