A/R Account Sets Screen

If you have a multicurrency system, enter the Exchange Gain account for the account set.

Exchange Gain is an income statement account to which you post differences arising from fluctuating exchange rates when you revalue a transaction at a new exchange rate or when you apply a payment to it. A gain occurs when changes in the exchange rate cause an increase in the functional-equivalent amount your customer owes you.

If you have a multicurrency system, enter the Exchange Loss account for the account set.

Exchange Loss is an income statement account to which you post differences arising from fluctuating exchange rates when you revalue a transaction at a new exchange rate or when you apply a payment to it. A loss occurs when changes in the exchange rate cause an decrease in the functional-equivalent amount your customer owes you.

If you have a multicurrency system, enter the Exchange Rounding account for the account set.

Exchange Rounding is an income statement account that is updated with differences that arise when amounts are converted to the functional currency from source currencies and tax reporting currencies.

Enter the Prepayment Liability account for the account set.

Prepayment Liability is a liability account to which prepayments are credited. The account is debited when prepayments are applied to invoices or refunded.

Enter the Receipt Discounts account for the account set.

Receipt Discounts is an expense account to which customer discounts taken for early payment are debited when you post receipt transactions that include discounts. The account number you specify should be in the expenses or cost of goods sold section of your general ledger chart of accounts.

Enter the Receivables Control account for the account set.

Receivables Control is an asset account to which you post the total amount receivable from all customers assigned to the account set.

Accounts Receivable creates transactions to debit the account when you post invoices for sales, interest charges, and recurring charges, and when you apply debit notes. The account is credited when invoices are paid, credit notes are applied, and amounts are written off.

Control accounts contain only totals, whereas the information stored by the Accounts Receivable program contains details at the transaction distribution level.

If all transactions are processed correctly, the total of all receivable balances in the Accounts Receivable system equals the total of the balances in the receivable control accounts in your general ledger.

Enter the Retainage account for the account set.

Retainage is an asset account that accumulates outstanding retainage amounts until you clear the amounts by processing retainage invoices, retainage debit notes, and retainage credit notes.

Note: This account is used only if you use retainage accounting.

Note: This account is available only if you use the Realized and Unrealized Gain/Loss accounting method in Sage 300.

If you have a multicurrency system, enter the Unrealized Exchange Gain account for the account set.

Unrealized Exchange Gain is the income statement account to which you post the amount by which a multicurrency transaction increases in its functional equivalent value when you revalue it at a new exchange rate.

A gain occurs when a change in the value of a transaction benefits you.

The gain is unrealized because the transaction is not settled. (That is, it has an outstanding balance, and the exchange rate for the transaction can continue to change until it is fully paid or written off.)

Note: This account is available only if you use the Realized and Unrealized Gain/Loss accounting method in Sage 300.

If you have a multicurrency system, enter the Unrealized Exchange Loss account for the account set.

Unrealized Exchange Loss is the income statement accounts to which you post the amount by which a multicurrency transaction decreases in its functional equivalent value when you revalue it at a new exchange rate.

A loss occurs when the change in value of a transaction favors your customer.

The loss is unrealized because the transaction is not settled. (That is, it has an outstanding balance, and the exchange rate for the transaction can continue to change until it is fully paid or written off.)

Enter the Write-Offs account for the account set.

Write-Offs is the expense account to which amounts are debited when you write off transactions and balances. The Create Write Off Batch screen automatically produces transactions for this account.