P/O Account Sets Screen

Note: This screen is available only if you are using Purchase Orders as a stand-alone program (that is, you do not use Inventory Control).

Open Purchase Orders > P/O Setup > Account Sets.

Type a number or code that will identify the account set record you are creating.

The code can be up to six characters long, and contain letters and numbers.

Type a description using up to 30 characters. This description will appear on purchase orders, receipts, invoices, etc.

If you want to describe the item more completely, use the comments fields.

Select this option if you do not want to use the account set in transactions.

If you make an account set inactive, you can no longer assign it to transactions.

This option is useful if you decide to delete an account set and want to ensure no further transactions are entered for it.

(General Ledger Account)

Type the number of the general ledger inventory or expense account to debit when you receive items and to credit when you enter returns that use this account set code.

This field displays the date of the last change made to the record.

(General Ledger Account)

Type the number of the general ledger suspense account to which Purchase Orders will post receipts and returns that use this account set code.

This account could be considered the accrued amount payable for goods received.

As you post the related vendor invoices in Accounts Payable, offsetting journal entries (debits) related to the items purchased are generated against the Payables Clearing account to clear the balance that is left in this account from posting P/O receipts.

Overview

Use the Account Sets screen to define a set of general ledger accounts to which you post Purchase Orders transactions (if you use Purchase Orders as a stand-alone system without Inventory Control).

You must add at least one account set to Purchase Orders before you can add item records. If you add more than one account set, you can group items by the account set to which they belong.