System Preferences: Accounts

1

Accounts Payable

Accounts Payable GL Account to offset all AP transactions. This account should only be used for AP transactions so that expenses are correctly recorded. Reference the balance sheet to view the AP balance by location.

2

Accounts Receivable

Accounts Receivable GL Account to offset all AR transactions. This account should only be used for AR transactions so that expenses are correctly recorded. Reference the balance sheet to view the AR balance by location.

3

Credit Expected

Credit Expected GL Account used on the Vendor Credit Expected field on AP Invoice transactions. The Credit Expected GL Account is used when a credit is due to your restaurant, such as when there is a supply shortage or a damaged shipment.

4

Retained Earnings

Retained Earnings GL Account used to close out the fiscal year. This is often calculated as Beginning Retained Earnings + Profits/Losses - Dividends.

5

Undeposited Funds

Undeposited Funds GL Account that populates the Undeposited Funds field in Bank Deposit and matches the Undeposited Funds in Bank Activity. This account is used to hold funds that have not been deposited yet.

6

Checking

Checking account that populates all Checking Account fields system-wide. This field is optional but is recommended for faster payment processing.

7

Item Cost

GL Account used to assign costs to a purchased item on AP Invoices, Inventory Counts, Inventory Adjustments, and so on.

8

Item Inventory

GL Account used to assign inventory values on AP Invoices, Inventory Counts, Inventory Adjustments, and so on. 

9

Food Sales

Food Sales Account that populates Food Sales Account fields system-wide. This field is optional but is recommended to better analyze food operation effectiveness.

10

Sales Tax

Sales Tax Payable GL Account used on taxable AP transactions. This account tracks sales taxes collected on taxed products and services.