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Utility Accounts |
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WORKING WITH UTILITY ACCOUNTS ENTERING UTILITY ACCOUNT DATA UTILITY ACCOUNT RECORDS RELATED TOPICS When to use Utility AccountsGoldenseal uses utility accounts "behind the scenes" to manage some tasks. You can also create your own utility accounts if you'd like to use "classic" accounting within Goldenseal.HINT-- Even if you never look at them, Utility accounts will still keep the accounting functions running smoothly. Viewing a Utility AccountTo view utility accounts, follow these steps:
HINT-- You can also use the Find command to locate a specific account. Utility Account FieldsEach Utility account contains the following fields:Account Name-- Type in a short name for the account. This is the text that will be displayed in menu fields. The account name for standard accounts
cannot be changed. Created-- The account creation date is entered automatically. Reporting TypesUtility accounts can be of any of the following types:ASSETSAccounts Receivable-- Totals for billed sales, billed projects, rents that are due, and similar items.Prepaid Expenses-- Expenses that you have marked as prepaid. Undeposited Funds-- Money received but not yet deposited. Misc. Assets-- Other items considered as an asset on the balance sheet. REVENUESRevenue Accrued-- Totals for income accrued (when work is done).Revenue Cash-- Totals for cash income (when payment is received). Revenue Other-- Other income. LIABILITIESAccounts Payable-- Totals that you currently owe to suppliers and subcontractors.Unpaid Benefits-- Benefits not yet paid. Unpaid Taxes-- Payroll tax and Sales tax not yet paid. Unpaid Other-- Miscellaneous unpaid items. Misc. Liability-- Other items considered as a liability on the balance sheet. EXPENSESExpenses Accrued-- Totals for expenses accrued (when work is done).Expenses Cash-- Totals for cash expenses (when the item is paid). Expenses Other-- Other expenses. OTHERCurrent Equity-- Current business value.Starting Equity-- Business value when you started using Goldenseal. Inventory-- Value of items held for resale or use in projects. Utility-- Miscellaneous items that are not listed on the balance sheet. Editing Utility AccountsGoldenseal uses each utility account to store totals for a specific accounting function. The utility account also keeps a list of transactions that it uses to generate reports.You can change the name of any utility account, and you can enter any comments you have about it. You cannot change the reporting type or current balance for any of the standard utility accounts that Goldenseal starts out with. You also can't change
the basic function-- Goldenseal will continue to use the Unbilled Sales account to track billable sales, even if you rename it to something else. Viewing Transactions in a Utility AccountIn some Utility accounts you can see all transactions that currently are included in the account.For example, to see all unbilled sales, follow these steps.
Creating new Expense AccountsGoldenseal starts out with five expense accounts for equipment, labor, materials, subcontractors and other costs.Goldenseal automatically posts Equipment Hours to the equipment expense account, Material Purchases to the material expense account, and so on. If you want to track expenses with "classic" bookkeeping accounts, create addition expense accounts. To do so, follow these steps:
For example, to add an Expense Account field to the Material Purchases layout, follow these steps:
You can also include expense accounts in Equipment Hours, Labor Hours, Other Costs and Subcontractor Costs. Creating new Revenue AccountsGoldenseal starts out with four basic revenue accounts-- for sales, project income, rentals and other income.If you want to track expenses with "classic" bookkeeping accounts, create addition revenue accounts. To do so, follow these steps:
For example, to add an Revenue Account field to the Sales layout, follow these steps:
You can also include revenue accounts in Billing Records and Rental Transactions. Creating Other Utility AccountsYou can create multiple Undeposited Funds accounts, and assign them to Payment Receipts the same as you would for revenue accounts.You can also create any type of new Utility Account, and use Cash Transfers to transfer funds between it and other accounts. Using in ReportsTo show totals for a new utility account in a report, first create a calculator that uses the new account. To do so, follow these steps:
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