Adding or Modifying an Account Set

You use the A/P Account Sets screen to create groups of general ledger account numbers that you can use to categorize vendor transactions when they are posted in general ledger.

You must create at least one account set before you can add vendor records.

Before adding account sets:

  • Decide on the codes to use for the new account sets.

  • Determine the general ledger account numbers to assign to the account sets. More...

    You need to know the numbers of these general ledger accounts:

    • Payables control
    • Payment discounts
    • Prepayments
    • Retainage (if you use retainage accounting)

    • If you use multicurrency accounting, you also need to know the currency code for each account set that does not use the functional currency, as well as the account numbers for the exchange gain and exchange loss accounts. (The names of the accounts vary, depending on the Gain/Loss Accounting Method selected for your company.)

    Note: If your database does not include Sage 300 General Ledger, Accounts Payable does not verify any general ledger account numbers. You must check the numbers you specify against the general ledger that you use.

Before editing or deleting account sets:

  • Verify the codes for the account sets you are changing or deleting.

  • Print the Vendor List and Vendor Group List, including Profile information, to see which vendors and vendor groups use the account sets you want to delete.

    Note: You can delete an account set only if it is not assigned to vendor records (including vendor groups).

  • Reassign any vendors and vendor groups to different account sets, if they use an account set you are planning to delete.
  • If changing account numbers, ensure that your general ledger contains the accounts you want to assign.

To add a new account set:

  1. Open Accounts Payable > A/P Setup >  Account Sets.

  2. On the screen that appears, enter information in the following fields:

    • Account Set Code. Type a code, up to six characters, to identify the account set.
    • Description. Type a description of the account set.

    • Currency Code. If this is a multicurrency account set, type the currency code, or use the Finder to select it.

      Note: You cannot change the currency code after you add the set.

    • General Ledger Accounts. Type or select the general ledger account numbers that make up the set. If you use Sage 300 General Ledger, you can select the account numbers from the Finder.

      In a multicurrency account set that does not use the functional currency, you must also enter the currency code and account numbers for the exchange gain, exchange loss, and exchange rounding accounts.

  3. When finished, click the Add button.

To edit an account set:

  1. Open Accounts Payable > A/P Setup >  Account Sets.

  2. Select the account set you want to change.

  3. Make your changes.

    Note: If you use multicurrency accounting, you cannot change the currency code assigned to an account set.

  4. Click Save.

To delete a terms code:

  1. Open Accounts Payable > A/P Setup >  Account Sets.

  2. Select the account set you want to delete.
  3. Click Delete.

    If a message appears asking you to confirm the deletion, click Yes.

Print and file the Account Sets report.