A/R Account Sets Screen

Type a unique code, up to six characters, to identify the account set.

If you use multicurrency accounting, you assign a currency code to each account set to identify the currency used by the customers you will assign to the set.

You must assign a currency code that has been defined in Common Services.

Note: After you add an account set, you cannot change its currency.

Type a description of the account set, using up to 60 characters.

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.

Select this option if you do not want to assign the account set to any customers.

Normally, you use this option when you decide to delete an account set, and want to ensure that it is not assigned to any additional customer accounts. You can change the option at any time.

You cannot assign inactive account sets to customer records. You also cannot save changes to customer records that use an inactive account set, unless you first assign the records to an active account set.

This information field displays the date of the last change made to the account set. You do not make an entry in this field.

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.