Use the PJC Account Sets screen to create account sets, which are groups of general ledger accounts. You assign an account set to each contract to identify the general ledger accounts to which you post Project and Job Costing transactions for the contract.
You use the Account Sets screen in the I/C Setup folder to add account sets.
Contents of Account Sets
When you add an account set, you enter a unique code of up to six characters for the set, and a description (for example, Assembled Items). Account set codes can contain upper-case letters and numbers.
For each account set, you specify a costing method, and you enter account numbers for a set of general ledger accounts.
Account sets do not specify all of the accounts that are used with an item. You specify the following account codes for sales and COGS with inventory categories. Sage 300 Order Entry uses the Sales account and Returns account—Inventory Control does not use them:
- Sales
- Returns
- Cost of Goods Sold
- Cost Variance
- Damaged Goods
- Internal Usage
Selecting a Costing Method
You must specify a costing method for each account set.
You can select one of eight costing methods for your account sets. Since different methods of inventory valuation are appropriate in different situations, you may want to ask your accountant to determine which method best suits your needs and to ensure that the calculation methods used by Sage 300 are appropriate for your business.
For more information, see Costing Methods Reference List.
Editing Account Sets
You can change all of the information in an account set except the identifying code.
To change the code, you first add an account set with the code you want to use, then delete the account set with the code you do not want.
Deleting Account Sets
You can delete account sets only when they are not assigned to inventory items.
If you want to delete a code that is assigned to an inventory item, you must first assign a different account set to the inventory item, and then delete the unwanted code.
For more information, see About Deleting Account Sets.