Accounting CS
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If you process payables for your client in Accounting CS, it is important that you assign the appropriate GL accounts to the AP accounts to ensure that the journal entries are posted to the correct accounts. You must assign these accounts regardless of the accounting method selected (accrual basis or cash basis) in the Setup > Clients > Accounts Payable tab; otherwise, the application will assign items with blank accounts to the undistributed account, which may cause balances to be off.
Accounting CS posts accounts payable transactions to the accounts listed below. The accounts may differ, based on the accounting method selected for your client.
Accrual basis
| Action | Debit entries | Credit entries | Posting period | Notes |
|---|---|---|---|---|
| Entering a payable | Distributions for the payable | AP account for the payable | Posting period for the payable | |
| Printing a check to pay | AP account for the payable |
GL account for the bank account Discount account |
Based on the AP date | |
| Applying a payment when check is printed to pay | AP account for the payable | AP account for the payable | Based on the AP date | Reference number will be PMTAPP |
| Entering a prepayment in the Enter Transactions screen |
Distribution accounts for the transaction (could be AP or Expense account) |
GL account for the bank account | Posting period for the payment | Prepayments include handwritten checks, unprinted checks, and payments |
| Applying a prepayment and payable together | AP account for the payable |
Distribution accounts for the prepayment in the Enter Transactions screen (could be AP or Expense account) |
Based on the AP date | Reference number will be PMTAPP |
| Entering a credit memo | AP account for the credit memo | Distribution accounts for the credit memo | Posting period for the credit memo | |
| Applying a credit memo and payable together | No entry is made |
Cash basis
| Action | Debit entries | Credit entries | Posting period | Notes |
|---|---|---|---|---|
| Entering a payable | No entry is made | |||
| Printing a check to pay | AP account for the payable |
GL account for the bank account Discount account |
Based on AP date | |
| Applying a payment when check is printed to pay | Distribution accounts for the payable | AP account for the payable | Based on AP date | Reference number will be PMTAPP |
| Entering a prepayment in the Enter Transactions screen |
Distribution accounts for the prepayment in the Enter Transactions screen (could be AP or Expense account) |
GL account for the bank account | Posting period for the payment | Prepayments include handwritten checks, unprinted checks, and payments |
| Applying a prepayment and payable together | Distributions for the payable |
Distribution accounts for the prepayment in the Enter Transactions screen (could be AP or Expense account) |
Based on AP date | Reference number will be PMTAPP |
| Entering a credit memo | No entry is made | |||
| Applying a credit memo and payable together | No entry is made |
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