Optimum Control can be used to track all accounting expenditures and ultimately give you the ability to run a mini profit and loss report, actual versus budget report or even export purchases to your accounting system.
The listing of these accounts is called the Chart of Accounts (COA). 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 GL Accounting References field.
Each Inventory Group will be tied to an account to simplify entry and reporting. Each inventory item will be assigned to a Group and in turn, an Account. For example, the item Apple Juice will be tied to the NA beverage group which is tied to the Food Account.
Accounts can be added any time and can also be used to categorize items to an account detail general expenses in the Invoice window. NOTE: We have provided a preset list of accounts. If needed, you can always add others to correspond with your existing accounts.
To Add or Edit Accounts
1. Click Settings (upper left corner)
2. Choose Setup
3. Accounts
4. Select Existing account to edit or
click Add .
5. Enter all information as detailed
below and 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 could 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. This can be
edited at any time. If you do not want to enter the accounting
reference at this time, press the TAB key and Optimum Control will
copy the Account Name to this field. |
Account Type |
You may have to consult your accountant or bookkeeper for this but basically you have Cost of Sales, Income or Expense accounts for the purposes of this program, but Bank accounts, credit card accounts etc. are Asset accounts. Choose asset accounts for income from Credit card accounts (they are probably set up as Income accounts in your system but if you are using for a mini P & L then you will need to make sure they are type Asset or Liability. Again we cannot stress enough that you consult your accountant. |
Active |
If this box is unchecked then the Account will not appear in any windows or reports. |
Contra Account |
IN the usage summary and P and L reports you can choose to have cost of sales and Expense accounts base percentages on certain income accounts. For instance you may want all food related cost of sales accounts listed as a percentage against Food Sales. in case the Food Sales income account is the contra account. |