DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Renaming control accounts


#1

Can we replace description such as “Cash on Hand, Cash at Bank, Account Payable, Account Receivable” Chart of Account setting?
I suggest for summary display in drill menu from the group of COA. Thnx.


#2

What would you like to rename it to? I’m not against this idea, I’m only trying to understand the use case for this.


#3

That’s right like you said, I mean rename, can we?


#4

Not really unless the reason of renaming is because you are using Manager in foreign language.

Early next year there will be two new features Multi-step Income Statements and Classified Balance Sheets. This will enable you to setup new reporting layouts including ability to rename control accounts if desired.


#5

Wow, it’s great, I really appreciate about it. Because I always use Chart of Account to grouping account number and make me help to know it’s direct cost or not. Mr. Lubos, thanks for your consideration and help. Honestly, I really like your this software.


#6

Lubos,

I use Multi-step Income Statement and Classified Bal Sheets for departmentalised accounting.
Even though I have renamed the Accounts Receivable, I need SUB-ACCOUNTS or subsidiary accounts for different types of Accounts Receivable of each Department in the business.
ie . I want to be able to link an Income/Revenue item to a Specific Receivable

eg Dr Levies Receivable - Dept 1
Cr Levies Determined (Income) - Dept 1.

Dr  Levies Receivable - Dept 2
Cr  Levies Determined (Income) - Dept 2

Then when the monies are received, they can be deposited into the correct bank account for the respective Departments. You have all monies going into Cash At Bank Control account but I need to separate each deposit by a customer into the two departments which run separate bank accounts.

Can you help me set up the sub accounts and link to specific income accounts please and then accept deposits into the appropriate bank account please?

same thing happens with Customer Credits:
I need to separate credits into Dept 1 and Dept 2.

REALLY need your help. I have read the Guides and Forums and only reference is in Custom Fields but not sure if that is going to work in the accounts.

And, What are LEVELS for reporting on Balance Sheet? 1 2 3 4 etc


#7

Let’s simplify this a bit.

Default account for accounts receivable is called Accounts receivable.

Now let’s assume you have 3 departments each “owning” their customer accounts.

Do you need to split Accounts receivable account so on balance sheet the balance is split by department? Such as:

  • Accounts receivable (dept. 1)
  • Accounts receivable (dept. 2)
  • Accounts receivable (dept. 3)

#8

Yes Lubos. That is exactly what I need: to be able to Link each Income Account (eg Dept 1) to an Accounts Recble sub-Account (eg ARec 1)
Can you create that or show me how to do that please?
I love your software and how you answer these sorts of questions. Well Done!!


#9

Currently there is only one control account per subsidiary ledger. In other words, all customers will belong to single Accounts receivable account. In future, I’m planning to support ability to have multiple control accounts. For example you will be able to have multiple accounts receivable account and then for each customer you will be able to decide to which control account they should belong.


#10

That is a very critical improvement Lubos. Will you remove those control accounts soon so that the user can assign/link their own particular Revenue a/c with a particular A/c Rec asset? Similarly, Customer Credits (Liability) needs separation into sub-accounts for department reporting.
When are you intending to do this Lubos? You probably know that MYOB lets the user set up the B/Sheet - P&L Stmt links (which educated users understand but novices might not).

I would really appreciate this flexibility and BUDGETS when you get a chance asap.
Best regards
Michele