CenterPoint Accounting
- Accounts Detail
Detail Tab Fields
Click the name of the field you want to view information for:
| Raw Materials Inventory |
The Detail tab can be different for different account categories. Some accounts such as Revenue Expense and Cost of Goods do not have any additional detail. The Detail tab can be broken into an upper section and a lower section. Information under Account Detail Information is for this specific account and is not
Bank Account Account Detail Information (Cash Account Category):
This is an Undeposited Funds Account - If selected, this check box tells CenterPoint which receipt transactions have been entered but not yet deposited. When a deposit is made, a journal entry is posted to credit an Undeposited Funds account and debit the Bank account it was deposited into. You most likely won't be using accounts marked as undeposited funds account for payroll.
Company Specific Detail Information
Bank Description Line 1 - 4 - Enter information about the bank this bank account is for. For example, name, address, phone number, website. This information is concatenated and displayed in the Bank Description field on the Check Form Designer.
Bank Routing Number -
Enter the routing number for this bank account. This information can be maintained for each
Bank Account Number - Enter the bank account number for this bank account. .
Fractional Code - The fractional code (ABA transit number) generally appears in the upper right part of a check near the date and serves as a backup in check processing should the MICR routing number at the bottom of the check become illegible. It looks like a fraction, with a numerator and a denominator. The numerator consists of two parts separated by a dash. The prefix (no longer used in check processing, yet still printed on most checks) is a 1 to 2 digit code indicating the region where the bank is located. The numbers 1 to 49 are cities, assigned by size of the cities in 1910. The numbers 50 to 99 are states, assigned in a rough spatial geographic order, and are used for banks located outside one of the 49 numbered cities. The second part of the numerator (after the dash) is the bank's ABA Institution Identifier, which is also part of the 9 digit routing number. The denominator is also part of the routing number; it's identical to the first four digits of the routing number with any leading zeros removed (i.e. 0212 is written as 212, 0310 written as 310, etc. There might be a fourth element to the ABA number, a branch number to the right of the fraction.
Signature 1 & 2 - Select the signature(s) that should be used for this bank account. Signatures are used with the Check Form Designer and are setup in Setup > Signatures. They allow you to use assign an image of a signature to a name and assign it to a company/account. Signatures can be printed on check forms by adding the Signature 1 or Signature 2 field to the check form using the Check Form Designer. To use a signature on a check, you must have the appropriate security level to access specific signatures on a per company basis (this right will allow you to include a signature on a check, but will not allow you to modify the signature). The security level is usually assigned by your System Administrator using a Security Policy on a per company basis. If you are granted access to signatures for a company, you will have access to all signatures for that company. If you do not have access to signatures, you will not be able to use Signature lookups and if you print checks that have been assigned signatures, the check will print but the signature will not print. For detailed information about signatures, see the Create and Assign a Signature to an Account/Company and Check topic.
Check Label 1 & 2 - These user-definable fields add the flexibility of placing information you determine somewhere on your checks (the boxes must be added to the check in the Check Designer first). Available for Cash and Line of Credit accounts only.
Return to Create an Account Procedure
Credit Card/Taxes Payable Liability Account Detail Information:
Credit Card Liability
Credit cards work a little different than Accounts Payable. For Accounts Payable, sub-ledger detail is maintained for each vendor that invoices are posted for.For credit cards, there is only one vendor that money is owed to and that is the credit card company. Transactions may have been recorded as purchases to many different companies. Therefore, you need to specify which vendor the credit card liability will be posted to.
Vendor Liability is Paid To - Click
and select the
vendor for credit card liability payments.
Company
Specific Detail Information
Computer security is important if the information below is entered:
Card Number - Enter the credit card number.
Security Key - Enter the security key for the credit card (usually found on the back of the card.)
Expiration Date - Enter the expiration date of the credit card.
Taxes Payable Liability
Taxes payable work like credit card accounts in that a different vendor than the one you are paying might have been used in the transaction that generates the invoice. An example might be that you have an account called 943 Taxes Payable. If you are entering in transactions to pay an employee, you might post the taxes to this account at the same time. The vendor used in the check that creates the invoice to your taxes payable account is the employee. However, you are likely paying those taxes to a bank. On the Detail tab of Taxes Payable accounts, you need to identify the vendor that liability is paid to. If the Vendor is not in the list, click New, enter the Vendor information, click Save, and then click OK. For the system-supplied accounts, vendors are already assigned to the account, but can be changed. For example, the Federal Taxes Payable account is assigned the Internal Revenue Service vendor and the State Unemployment account is assigned the State Department of Revenue vendor.
Return to Create an Account Procedure
Current Liability Account Detail Information:
Depending on the category selected, your Detail tab might vary. CenterPoint can calculate the amount of accrued interest accrued each month on you loans and post it to an additional liability in the Accrued Liabilities category. This is done by entering additional details about the loan.
Lender - Click and select a vendor from
the list, or type a vendor name. To create a new vendor, right-click,
and then select New. Allows certain reports to group information by lender.
Accrued Interest Liability - If you are using CenterPoint to accrue interest each period, this box identifies the liability that accrued interest for this loan will post to. Click
and select an
accrued interest account from the list (accounts that display in this
lookup list are accounts in an account category set to accrued interest)
, or type an accrued interest account. To
create a new accrued interest account, click New next to the Accrued Interest
Liability box. The newly created account will display automatically.
Interest Expense - If using CenterPoint to accrue interest each period for this loan, this box identifies the Expense account that will offset the Accrued Interest Liability account in that transaction. For example, Accrued Interest Expense. Click and select an interest
expense account from the list (accounts that display in this lookup list
are expense accounts) , or type an interest expense account.
Current Portion Long-term Liability (only for equipment and long term loans) – This field identifies the account in the Current Portion of Long Term Debt category that current portion transactions will post to. The journal entry will debit the Long Term account and credit this account to show that amount in the current section of your Balance Sheet. To create a new current portion long-term liability account, click New next to the Current Portion Long-term Liability box. The newly created account will display automatically.
Company
Specific Detail Information:
Interest Type - In order to calculate Accrued Interest and Current Portion of Long Term Debt, select either Equal Principal Payments or Equal Total Payments.
Payments Per Year - Enter the total number of scheduled payments due each year on the loan. This selection is necessary in order to be able to calculate Accrued Interest and Current Portion of Long Term Debt transactions.
Interest Rate - Enter the interest rate on the loan. This selection is necessary in order to be able to calculate Accrued Interest and Current Portion of Long Term Debt transactions. If the interest rate varies, you will need to update this box if you are using CenterPoint to calculate accrued interest or current portion.
Loan Origination Date - Enter the starting date of the loan from which the interest and payments are calculated.
Loan Completion Date - Enter the date that the last loan payment is due.
If you are posting your current portion of long term liabilities to a Current Portion account, you need to make sure that you set up the payment schedule at least once and save it so that CenterPoint knows what the balance of the Current Portion account should be at any given period:
Return to Create an Account Procedure
Depreciable Asset Account Detail Information:
This is an Accumulated Depreciation Account - This account can be used in Depreciation Transaction depending on your settings in File > Preferences > Depreciation > Depreciation Settings. If the preference is set to handle accumulated depreciation by adjusting an account, this is the account that will be used.
Top
Return to Create an Account Procedure
Finished Goods Inventory Account Detail Information:
Offset Account - The offset for a finished goods inventory account is usually a cost of goods sold account.
Return to Create an Account Procedure
Line of Credit Account Detail Information:
Line of Credit accounts are included in the list of Bank Accounts in CenterPoint payment and receipt transactions> A receipt that selects a Line of Credit account in the bank account box credits (increases) the liability balance. A payment that selects a Line of Credit account in the bank account box debits (increases) the liability balance.
CenterPoint can calculate the amount of accrued interest accrued each month on your loans and post it to an additional liability in the Accrued Liabilities category. This is done by entering additional details about the loan.
Lender - Click and select a vendor from
the list, or type a vendor name. To create a new vendor, right-click,
and then select New.
Accrued Interest Liability - If you are using CenterPoint to accrue interest each period, this box identifies the liability that accrued interest for this loan will post to. Click
and select an
accrued interest account from the list (accounts that display in this
lookup list are accounts in an account category set to accrued interest)
, or type an accrued interest account. To
create a new accrued interest account, click New next to the Accrued Interest
Liability box.
Interest Expense - If using CenterPoint to accrue interest each period for this loan, this box identifies the Expense account that will offset the Accrued Interest Liability account in that transaction. For example, Accrued Interest Expense. Click and select an interest
expense account from the list (accounts that display in this lookup list
are expense accounts) , or type an interest expense account.
Company
Specific Account Detail Information
for Line of Credit Accounts
Interest Type - In order to calculate Accrued Interest and Current Portion of Long Term Debt, select either Equal Principal Payments or Equal Total Payments.
Payments Per Year - Enter the total number of payments due each year on the loan. This selection is necessary in order to be able to calculate Accrued Interest and Current Portion of Long Term Debt transactions.
Interest Rate - Enter the interest rate on the loan. This selection is necessary in order to be able to calculate Accrued Interest and Current Portion of Long Term Debt transactions.
Loan Origination Date - Enter the starting date of the loan from which the interest and payments are calculated.
Loan Completion Date - Enter the date that the last loan payment is due.
Bank Routing Number - Enter the bank routing number for the line of credit account. This box may be used in the future for electronic funds transfers.
Bank Account Number - Enter the bank account number for the line of credit account. This box may be used in the future for electronic funds transfers.
Bank Description Line 1 - 4 - Enter information about the bank this bank account is for. For example, name, address, phone number, website. This information is concatenated and displayed in the Bank Description field on the Check Form Designer.
Fractional Code - The fractional code (ABA transit number) generally appears in the upper right part of a check near the date and serves as a backup in check processing should the MICR routing number at the bottom of the check become illegible. It looks like a fraction, with a numerator and a denominator. The numerator consists of two parts separated by a dash. The prefix (no longer used in check processing, yet still printed on most checks) is a 1 to 2 digit code indicating the region where the bank is located. The numbers 1 to 49 are cities, assigned by size of the cities in 1910. The numbers 50 to 99 are states, assigned in a rough spatial geographic order, and are used for banks located outside one of the 49 numbered cities. The second part of the numerator (after the dash) is the bank's ABA Institution Identifier, which is also part of the 9 digit routing number. The denominator is also part of the routing number; it's identical to the first four digits of the routing number with any leading zeros removed (i.e. 0212 is written as 212, 0310 written as 310, etc. There might be a fourth element to the ABA number, a branch number to the right of the fraction.
Signature 1 & 2 - Select the signature(s) that should be used for this bank account. Signatures are used with the Check Form Designer and are setup in Setup > Signatures. They allow you to use assign an image of a signature to a name and assign it to a company/account. Signatures can be printed on check forms by adding the Signature 1 or Signature 2 field to the check form using the Check Form Designer. To use a signature on a check, you must have the appropriate security level to access specific signatures on a per company basis (this right will allow you to include a signature on a check, but will not allow you to modify the signature). The security level is usually assigned by your System Administrator using a Security Policy on a per company basis. If you are granted access to signatures for a company, you will have access to all signatures for that company. If you do not have access to signatures, you will not be able to use Signature lookups and if you print checks that have been assigned signatures, the check will print but the signature will not print.
Check Label 1 & 2 - These user-definable fields add the flexibility of placing information you determine somewhere on your checks (the boxes must be added to the check in the Check Designer first). Available for Cash and Line of Credit accounts only.
Return to Create an Account Procedure
Long Term Liability Account Detail Information:
CenterPoint can calculate the amount of accrued interest accrued each month on your loans and post it to an additional liability in the Accrued Liabilities category. This is done by entering additional details about the loan. Additionally, for long term liabilities, you may want the portion of that long term liability that is considered current to be in the current liabilities section of the Balance Sheet. CenterPoint has the ability to calculate what that current portion balance should be and post to an account in the Current Portion of Long Term Debt category automatically. If you are posting your current portion of long term liabilities to a Current Portion account, you need to make sure that you set up the payment schedule at lest once and save it so that CenterPoint knows what the balance of the Current Portion account should be at any given period.
Lender - Click and select a vendor from
the list, or type a vendor name. To create a new vendor, right-click,
and then select New.
Accrued Interest Liability - If you are using CenterPoint to accrue interest each period, this box identifies the liability that accrued interest for this loan will post to. Click
and select an
accrued interest account from the list (accounts that display in this
lookup list are accounts in an account category set to accrued interest)
, or type an accrued interest account. To
create a new accrued interest account, click New next to the Accrued Interest
Liability box.
Accrued Interest Expense - If using CenterPoint to accrue interest each period for this loan, this box identifies the Expense account that will offset the Accrued Interest Liability account in that transaction. For example, Accrued Interest Expense. Click and select an interest
expense account from the list (accounts that display in this lookup list
are expense accounts) , type an interest expense account, or right-click and create a New Account or Fixed Asset Item.
Current Portion Long-term Liability (only for equipment and long term loans)- This box identifies the account in the Current Portion of Long term Debt category that current portion transactions will post to. The journal entry will debit the Long Term account and credit this account to show that amount in the current section of your Balance Sheet. Click and
select a current liability
account from the list (accounts that display in this lookup list are accounts
in an account category set to current portion), or type a current liability
account. To
create a new current liability account, click New next to the Current
Portion Long-term Liability box.
If you are posting your current portion of long term liabilities to a Current Portion account, you need to make sure that you set up the payment schedule at least once and save it so that CenterPoint knows what the balance of the Current Portion account should be at any given period. Click the Schedule Payments button to set up a payment schedule, enter the details at the top of the Payment Schedule screen, click Calculate,and then click Save.
Company Specific Account Detail Information
for Long Term Liability Accounts
Interest Type - In order to calculate Accrued Interest and Current Portion of Long Term Debt, select either Equal Principal Payments or Equal Total Payments.
Payments Per Year - Enter the total number of payments due each year on the loan.
Interest Rate - Enter the interest rate on the loan.
Loan Origination Date - Enter the starting date of the loan from which the interest and payments are calculated.
Loan Completion Date - Enter the date that the last loan payment is due.
Schedule Payments - Click this button, enter the details at the top of the Payment Schedule screen, click Calculate,and then click Save.
Return to Create an Account Procedure
Payroll Liability Account Detail Information (Taxes Payable):
Taxes payable work like credit card accounts in that a different vendor than the one you are paying might have been used in the transaction that generates the invoice. An example might be that you have an account called 943 Taxes Payable. If you are entering transactions to pay an employee, you might post the taxes to this account at the same time. The vendor used in the check that creates the invoice to your taxes payable account is the employee. However, you are likely paying those taxes to a bank, identify the vendor below.
Vendor Liability is Paid To - If your database has only one company/fund, click and select the
vendor for payroll liability payments. If your database has more than one company/fund and you want the same vendor to be paid for all of the companies/funds, click and select the
vendor for payroll liability payments. If your database has more than one company/fund and you want to pay different vendors for the payroll liability, select the Assign Vendor by Company/Fund? check box, under Company/Fund Specific Detail Information, select the company/fund to pay and the vendor the payroll liability payment should be made to. Repeat for each company/fund.
Return to Create an Account Procedure
Purchased Inventory Account Detail Information:
Offset Account - The offset account for purchased for resale inventories will be used in a transaction when the inventory is sold. The original purchase of the inventory multiplied by the quantity sold is posted to the inventory and the offset account. This will use the inventory valuation method selected in the Company > Detail > Additional Detail tab.
Return to Create an Account Procedure
Work In Process Inventory Account Detail Information:
Offset Account - The categories for Work in Process are similar to those of Income and expense accounts. The offset account of a work in process account is used when expensing the inventory. The price per unit multiplied by the quantity is posted to the work in process inventory account and the offset account.
Return to Create an Account Procedure
Raw Materials Inventory Account Detail Information:
This information will display if you do not have the Inventory module:
WIP Account - The accounts in the lookup will only display accounts where the Account Category is work in process inventory and are not already assigned to an account as a WIP account. The units of measure assigned to the raw materials account and the WIP account selected here must match. If they do not match, a message will display giving you three options; Assign the Unit of Measure from the WIP account to the Raw Materials account (this account), Assign the Unit of Measures from the Raw Materials account (this account) to the WIP account, or remove the assigned WIP Account.
Offset/COGS Account - The offset for a purchased inventory or finished goods inventory account is usually a cost of goods sold account.
This information will display if you have the Inventory module:
WIP Account - The accounts in the lookup will only display accounts where the Account Category is work in process inventory and are not already assigned to an account as a WIP account. The units of measure assigned to the raw materials account and the WIP account selected here must match. If they do not match, a message will display giving you three options; Assign the Unit of Measure from the WIP account to the Raw Materials account (this account), Assign the Unit of Measures from the Raw Materials account (this account) to the WIP account, or remove the assigned WIP Account.
Offset/COGS Account - The offset for a purchased inventory or finished goods inventory account is usually a cost of goods sold account.
Adjustments Account- Select the account used for adjustments.
Purchase Price Variance Account - Select the account used for purchase price variances.