Other Cost Accounts

Use Other Cost Accounts for miscellaneous vendors that aren't material suppliers or subcontractors.

HINT-- Goldenseal uses other costs for expense tracking, accounts payable and job costing.

        When to Use Other Cost Accounts | Viewing Contacts
        Using Other Cost Accounts

        Creating Other Cost Accounts | Data Fields | More Info | Calculated Fields
        Status Field | Income Tax Class

       Entering Records | Changing Records | Deleting Records | Voiding Records
       Finding Records | Sorting Records | Fixing Mistakes

Website Info Links
       Accounting Software | Accounts Payable Software | Expense Tracking Software | Job Costing Software

       Other Costs | Vendor Payment Terms | Vendor Sales Tax

When to Use Other Cost Accounts

Use Other Cost accounts for any supplier that doesn't fit into one of the other cost account classes (Equipment, Employees, Material Suppliers or Subcontractors).

Some common types of Other Cost Accounts:

  • Airlines, car rentals and hotels
  • Government agencies
  • Insurance companies
  • Landlords
  • Magazine subscriptions
  • Medical professionals
  • Places where you advertise
  • Post Office and shipping services
  • Professional associations and dues
  • Tax agencies
  • Utilities

Usually it doesn't matter how you classify a supplier-- for example, you could include an accountant or lawyer as either a subcontractor or as an other cost.   It depends on where you'd like to see them in job costs.

NOTE-- Other Cost accounts do not track the expiration of worker's comp insurance.  If you must track insurance for a person or company, enter them as a Subcontractor account.

Creating Other Cost Accounts

To create a new Other Cost account, follow these steps:

  1. Choose Other Costs from the Accounts menu.
  2. Choose New Record from the Edit menu, or click the New button.
  3. Fill out information about the account.

QUICK SETUP HINT-- You only need to enter an Account Name.  For check printing, also fill in Full Name and Address.  For billing, fill in Payment Terms, Tax Rate and Credit Limit.

Data Fields

For each Other Cost account, enter the following information:

Account Name-- Type in a short name for the account. This is the text that will be displayed in the Chart of Accounts and in pop-up menus.
Full name-- Type in the complete name for the account. This is the text that will be written on invoices, checks, and other printed documents.
HINT-- The full name can be very different from the account name. For example, if you make tax payments to a bank, you might call the account name "IRS" and the full name "CitiBank 941 Deposit", so it prints correctly on checks.
Contact-- Type in the name of one or more contact people.
Address-- Type in the address to which payments are sent.
E-mail-- Enter the e-mail address.
Phone Numbers-- Enter phone numbers.
Account Number-- If this vendor assigns you a customer or account number, enter it here.
Comments-- Type in any comments you have about this account. You can enter key words here, to make it possible to find groups of accounts.

Created-- The date that the account was created is entered automatically. You may change this date so it will appear in different order, when the Chart of Accounts is viewed by date.
Record Number-- A record number is automatically assigned to the account.
Cost Type-- Use the pop-up menu to identify the Cost Type to which this account belongs.
Tax ID Number-- If the account uses a Tax ID number, type it in here.
Allow One Time Names-- Turn on this checkbox if you use this account for one-time vendors that you'll type in for each purchase.

More Info

Click the More Info button to enter additional details for this account:

Billing Setup
Payment Terms-- Use the clairvoyant field to enter payment terms that are generally used for this account. By using a payment term that has a due date, bills due to this account are automatically included in the Pay Bills command.
Withholding Rate-- If you need to collect backup withholding from this vendor, enter the withholding rate to use.
Income Tax Class-- Enter the cost category to use when classifying this vendor's purchases for income tax purposes.  If you leave the field blank, they'll be included in the Material Purchases category.
Credit Limit-- If there is a maximum amount you can owe to this vendor, enter the amount here.
Sales Tax Rate-- Enter the sales tax rate that is usually used for purchases from this account.

Job Cost Setup
Category System-- Enter the Category System to use when entering itemized costs for this account.
Income Tax Class-- Enter the cost category you'll use for this vendor's expenses in the Income Tax report.
Gets 1099?-- If you need to generate 1099 forms for this account at the end of the year, turn on this checkbox.
Include in Starter File-- Turn on the checkmark if you'd like to include this file when you export a Starter file .

Calculated Fields

Total Payables-- The amount that you currently owe to this supplier.
Paid On Account-- The amount you've paid on account to this supplier.

Status Field

Enter the current status of this account:

Active-- You currently do business with this supplier.
Inactive-- You don't currently do business with this supplier, but you may in the future.
Closed-- You definitely don't do business with this supplier any more.

Income Tax Classes

Use the Income Tax Class field to identify expenses for income tax purposes.  You can use any Cost Category for each material supplier, subcontractor and other cost account.  If you don't enter a tax class, Goldenseal will include the expenses for this account under "other costs".

To make a report of income and expenses divided into tax categories, click here.

The income tax classes are a "quick and dirty" way to group expenses into categories that are good enough for tax forms.  It lumps all expenses from each account into a single category.  If you change the tax class for any account, it immediately changes the category of all expenses from that account.

HINT-- For more accurate expense tracking, use job costs.

Viewing Contacts

To view contact records for this supplier, click one of the buttons in the right side of the record layout.

Click View Appointments to see Appointment records for this supplier.
Click View Contact Log to see Contact Log records for this supplier.
Click View Document Log to see Document Log records for this supplier.
Click View Problem Log to see Problem Log records for this supplier.

Using Other Cost Accounts

To enter Other Cost services that are paid for immediately or billed for later payment, choose Other Costs from the Costs menu.

To pay bills to Other Costs, choose Pay Bills from the Bank menu.