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3.10 Accounting Default Preferences


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Tradepoint supports preferences within your Company Settings. These will enable you to set defaults for a number of actions within Tradepoint. This automates many basic actions as you conduct business.

Default Account Preferences: These Accounting preferences will assign the default sales and transaction activity to the respective accounts you assign. The only required default accounting preferences are undeposited funds, A/R and an A/P account.

Note: If you need to create one of these accounts while setting up the preferences you will be able to do so by toggling back and forth between the COA section and the Preferences section. As soon as an account is created within the COA it will be accessible in Preferences. You will NOT need to save your changes to Company Settings to access a newly created account.

  1. Undeposited Funds: This account is used for checks and cash before they are deposited into a bank account. A subsequent deposit will take the money from this account and put it in the bank account as a single entry. This facilitates bank reconciliation as only a single entry will show up.
  2. Trust Account: This account is used for pre-payments both A/R and A/P so that the funds are not recognized as revenue or payables until such time as an invoice or bill is issued. All prepayments will require that this account be filled out before allowing you to proceed.
  3. A/R Account: This account is your accounts receivable account used for Invoices, payments, and credit memos to record revenue. It is the reciprocal of income on the invoice side, and the bank account/undeposited funds account on the payment side.
  4. A/P Account: This is your accounts payable account used for Bills, payments and credit memos to record liabilities. It is the reciprocal of expense/COGS on the bill  side and the bank account account on the payment side.
  5. Discount Account: This is not yet used and can be left blank at this time.
  6. Rebate Account: This is not yet used and can be left blank at this time.
  7. Damaged Goods; This account is used for credit memos/returns/refunds to indicate that inventory is damaged and the cost associated with the damage (whether it is returnable at a discounted rate to inventory or fully written off.)
  8. Outgoing Shipping: This is all revenue as a result of shipping. This minus your shipping expenses/COGS will give your profit or loss on shipping and should be checked periodically to ensure that you are not losing money on shipping services.
  9. Net Payroll: This is similar to A/P and is the total of all transactions for a given payroll period. Thus it includes all payments to employees and all employer portions of all deductions.
  10. Vacation Account: This is the account used to hold vacation pay that is being held back for your employees. You will pay out of this account when the employee redeems his or her vacation pay.
  11. Mileage reimbursement: This is the account used for expense reports to account for Mileage.
  12. Exchange Profit or Loss: This account is used for recognizing profit or loss on transactions such as invoices and payments. It can also be used for periodic updates based on exchange variance from what was your expected exchange rate, versus what you were actually charged.
  13. Inventory Liability Account: This is the reciprocal of your Inventory Asset accounts for any received inventory. When you receive a bill for received inventory, the line items on the bill will be the opposite of these inventory liabilities and assigned to the inventory liability account, not the assigned COGS account as COGS is recognized at time of invoice. Do not assign expense or COGS to the bill for received inventory, instead use the default Inventory Liability account. The balance on this account is your variance between expected cost and actual cost on the bill and can be used to calculate changes to your valuations.
  14. Rounding P&L: This account is used if you use > 2 decimal places for individual line items. The rounding amount between the line items and the rounded values that go into and out of bank accounts will be stored here.

Contact Management: This option will allow Tradepoint to generate new Account numbers for you automatically. The number is a computer generated alphanumeric account number. This option can be unchecked if you have your own numbering system for when new accounts are created.

Default Referral will allow you to set a default account to a contact for all referral activity generated in Tradepoint.

Default Credit Limit will set a default credit limit for all customers, resellers and suppliers as those accounts are created. If your company does not use credit limits then leave this field blank

Sales Figures: If you are using imported sales data then check off this box. This will set different parameters for the closing accounting periods for your sales figures.

Beginning of Fiscal Year establishes within Tradepoint the beginning of the fiscal year for your company within Tradepoint.

Fiscal Year label is the ending day of the fiscal year for your company. This sets the yearly closing period for your accounting activity.

Products Accounting Defaults: These are accounting rules for your Products. Setting these here will often be a considerable time saver instead of applying each accounting rule one by one to your Products. Clicking the 'Apply Defaults' icon will automatically apply your defaults to all Products within Tradepoint. This process can be repeated if/when new Products are imported into Tradepoint at a later date.

Invoicing: Check of the option to allow your Sates Taxes to be editable. This will allow sales taxes to be edited within all open Invoices. For charging Sales Taxes on shipping this option will automatically calculate taxes on shipping amounts for Sales orders that are shipped out.

Note: All preferences will extend to your Ecommerce processes automatically when using one of our Ecommerce solutions or web services to manage your Ecommerce activity.

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