Control Accounts

The Control Account List window maintains Payroll, Accounts Payable and Petty Cash control codes for double entry posting. Unlimited Control Accounts can be setup. Each bank account and petty cash custodians require separate control accounts. When Petty cash is posted, petty cash distribution will debit individual accounts and the total will credit the Petty Cash Custodian chart of account code. If the control account is for Accounts Payable or Payroll, the clearing account will be credited when invoices or payroll are posted. After printing cheques and running a cheque posting register, the clearing account will be debited and the bank account credited.

Buttons

Insert - Add a new account.
Change - Change a highlighted control account.
Delete - Delete a highlighted control account (only if it is not being used).
Reports - Create a control account report.
Excel - Paste the selected record/s into MS Excel worksheet.
Select All - Selects every entries that appear on list.
Help - Provide online help on selected topic.

Columns

Cu – 2-digit alpha currency code representing the currency type, usually an abbreviation of the currencies name (e.g. GB).
Code – 2-digit alphanumeric code representing the account.
Description - Name of account.

To create a new control account:

1. In the Main Menu Bar select Control Table > Control Accounts

2. Click on Insert button. Control Code Details window will appear

Fields

Code - 2-digit alphanumeric code representing the account.
Currency - 2-digit alpha currency code representing the currency type, usually an abbreviation of the currencies name (e.g. AU).
Description - Name of account.
Branch - of bank.
Address - of bank.
City - of bank.
State - of bank.
Post Code - of bank.
Account No - of bank account.
CHQ From/To - Range of cheque numbers.

3. Enter a two-digit alphanumeric code in the Code field. If you are setting up new banks use B2, B3, etc., new petty cash custodians use P2, P3, etc.

4. From the Currency, drop-down box, select the currency of bank account or petty cash custodian

5. You can leave Address area blank as it has no effect on your data.

6. If you have two separate cheque stocks for two banks it is a good idea to enter the Chq From and to range as a warning will be given if you are using the wrong bank code when printing cheques. Please view this guide here to setup your Cheque Sequence Ranges for your Control Accounts: Set your Default Cheque Number Range

7. Click on Control Accounts tab

8. If you are creating a BANK ACCOUNT code:

Add the Accounts Payable Clearing, Payroll Clearing and Bank A/C chart codes. Use the ... icon to lookup the accounts from the Chart of Accounts.
The Accounts Payable Clearing and Payroll Clearing can point to the same chart code.

9. If you are creating a PETTY CASH code, then click 'Is this a P/C source code' check box.

All other fields will be greyed out and you will only have to enter in the Petty Cash Clearing chart code. Use the ... icon to lookup the accounts from the Chart of Accounts.

10. The Tax Code is used to flag the posted items

11. Click on OK to create the new control account.

Scenario: A $10,000 cash cheque is drawn for a petty cash float, this must be coded to the same chart of account as the petty cash control account. If $4,000 is used to reimburse employee's petty cash envelopes, $6,000 should be in the tin. When these envelopes are entered in the Petty Cash Entry and posted to the G/L, individual accounts will be debited and the P/C Control account '01 000 0301' will be credited with the total. The balance would now be $6,000; the reimbursement cheque for $4,000 should be coded to '01 000 0301' bringing the float back to $10,000.

The Art Department Accountant is doing their own petty cash, then a separate control account should be setup for all Art Department petty cash. This will assist in control and reconciliations of petty cash. Chart of Accounts i.e. '01 000 0302' is setup. A Production has two bank accounts. One from which monies are debited for accounts payable and payroll, the other a holding account which has a greater interest. Each bank account has to have a separate control account and chart of account code. This will enable you to do bank reconciliations on each bank account.

Tip: If a Control Account is being used in the production it cannot be deleted. Control accounts that are being used will be flagged automatically once data has been entered.