The listing of these accounts is called the Chart of Accounts. Your accountant or bookkeeper should have a listing of which accounts they want you to use for each cost of sales, expense, income and liability accounts. You can detail the list and enter the corresponding account numbers from your Accounting System in the General Ledger (GL) Accounting References field.
Each Inventory Item will be assigned to an Inventory Group and in turn, an Account. This will help to simplify entry and reporting. For example, the item Apple Juice will be assigned to the NA Beverage Group which is tied to the Food Account.
We have provided a pre-set list of Accounts however, you can always add and/or delete Accounts to correspond with your existing Accounts.
To Add, Delete or Edit Accounts:
1.
Click Settings (upper left corner).
2.
Choose Setup .
3.
Select Accounts .
4.
Select an existing Account to edit or click Delete . For new Account, click Add
.
5. Enter all information as detailed below.
6.
Click Save .
Field |
Details |
Account Name |
Enter in the Account Name. If you want this to be a Sub-Account, type in the name of the Account you wish to create a sub for, add a dash and enter the name of the sub-account. Example: Chili Seasoning Mix would be Cost of Sales, but can be detailed to Cost of Sales - Food and Cost of Sales - Food - Spices. |
GL Accounting Reference |
The Name or Code Number
that corresponds with this account in your Accounting System. As this
can be edited later, press the TAB key to skip entering the Accounting
Reference and Optimum Control will copy the Account Name to this
field. |
Account Type |
For the purposes of this program, you have the following Account Types: •Asset – e.g. Banking, Credit Cards, etc. •Cost of Sales – e.g. Beverages, Food, Labor, etc. •Expense – e.g. Delivery Charges, Paper Products, etc. •Income – e.g. Gross Sales, Other Income, etc. •Liability – e.g. Tax Accounts, etc. |
Active |
Active is the default. If you wish to make the Account Inactive, UNCHECK the box and the Account will not appear in any windows or reports. |
Contra Account |
In the Usage Summary and P&L Reports you can choose to list Contra Accounts. Cost of Sales and Expense Accounts provide base percentages on certain Income Accounts. For example, you may want all food-related Cost of Sales Accounts listed as a percentage against Food Sales. In this case, the Food Sales Income Account is the Contra Account. |