the MacNail construction accounting software includes two different types of Checkbook Ledgers.
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Full Ledgers include 'lookup formulas' that refer to the Master Index. They also include room for job
cost categories.
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Quick Ledgers do not have 'lookup formulas' or room for job cost categories. If you want to use a Quick
Ledger to find totals by project or by payee, you must be careful to use consistent spelling when data entering.
You will not be able to post to Cost Control or Profit & Loss worksheets from a Quick Ledger, or use it for generating
Reports. Your choice of ledgers will depend on the amount of job costing you want to do, and whether
you are using Logbooks for your job expenses.
When to use Full Ledgers:
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Use Full Ledgers if you are job costing ANY of the four payment types directly from the Checkbook Ledger.
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Use Full Ledgers if you want to use the Ledgers to calculate your income taxes.
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Use Full Ledgers if you want to regularly 'look up' supplier or project information for the Ledger.
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Use Full Ledgers if you are using the accrual method of accounting (see page 198).
When to use Quick
Ledgers:
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Use a Quick Ledger if you use cash accounting and want to 'keep the books' as simply as possible.
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Use a Quick Ledger for savings accounts, non-business accounts, and other accounts that have very little
traffic and that aren't used for job costing, taxes or income statements. |
