Adding Account Sets

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.

  • Print the Account Sets report for the records you want to edit or delete. Double-click the Account Sets icon in the Setup Reports folder to open the report screen.
  • Print the Item Status report, including the Profile information for the account sets you want to change so you know which items will be affected.
  • If changing account numbers, check that your general ledger contains the accounts you want to assign for these general ledger accounts:
    • Inventory Control account
    • Payables Clearing account
    • Adjustment Write-Off account
    • Assembly Cost Credit account
    • Non-stock Clearing account
    • Transfer Clearing account
    • Shipment Clearing account
    • Disassembly Expense account
    • Physical Inventory Adjustment account
    • Credit/Debit Note Clearing account

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

To add an account set:

  1. Open Inventory Control > I/C Setup > Account Sets.

  2. In the Account Set Code field, type the new code that will identify this account set.
  3. Type a description of the account set.

  4. In the Costing Method field, specify a costing method.

  5. In the remaining fields, enter the numbers of the general ledger accounts to use for this account set. More...

    Enter the general ledger account numbers for:

    • Inventory Control account. An asset account containing the total value of the inventory on hand (at actual cost). The account increases when you receive goods, and decreases when you ship goods.

      The word "control" in the account name means that the account contains only totals, whereas the information stored by Inventory Control contains details on an item-by-item basis.

      When you process all accounting entries correctly, the total cost of the inventory in the Inventory Control system equals the totals in the Inventory Control accounts in the general ledger.

    • Payables Clearing account. A suspense account to which Inventory Control posts the "other side" of the accounting entries for inventory you receive (and for previous receipts you return to suppliers).

      Inventory Control normally generates credit entries to this account for inventory you receive; therefore, the account can be thought of as the accrued amount payable for goods received into inventory. Inventory Control debits this account when you enter receipt returns.

      As you post the related vendor invoices in Sage 300 Accounts Payable, offsetting journal entries (debits) related to the inventory purchased are generated against the Payables Clearing account to clear the balance that is left in this account from posting the inventory receipt.

    • Adjustment Write-Off account. The account to which you post inventory adjustments and write-offs. Entries to this account are normally expenses (debits); therefore, the account number you specify should be in the expenses or cost of goods sold section of your general ledger.
    • Assembly Cost Credit account. The account to which you post the variable and fixed costs of assembling items. The program credits this account with the variable and fixed cost of assembly. You may want to create manual entries in the general ledger to redistribute the assembly cost credit to accounts such as labor costs.

    • Non-stock Clearing account. The account which you credit when you ship non-stock items, and debit when you enter shipment returns for non-stock items.

      You can use non-stock items to handle specially ordered items which you do not stock in your inventory, and to handle service charges that appear on invoices.

    • Transfer Clearing account. This account is used for the additional cost amount in the Transfer screen.

    • Shipment Clearing. Debited instead of Cost of Goods sold when shipping goods from Order Entry.

      The Shipment Clearing account is required because the shipment and invoicing functions in Order Entry are separated. The COGS account is debited when you invoice the shipment.

    • Disassembly Expense. Used if you specify an expense amount when you disassemble items that were previously assembled in Inventory Control.
    • Physical Inventory Adjustment. The expense account that balances the change in inventory value when you adjust inventory quantities after making a physical inventory count.
    • Credit/Debit Note Clearing. Debited instead of the IC Control account or the Damaged Goods account in Order Entry returns sent to Accounts Receivable. The G/L transaction credits the clearing account instead of COGS and A/R Control.

      • The Credit/Debit Note Clearing account is required because the inventory return and credit note functions in Order Entry are separated, with one side of the transaction going through the Accounts Receivable program.

  6. Click Add (or Save, if you added the account set before).

Print the I/C Account Sets report for your records.