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Retail ADVANTAGE Point of Sale Software Online Manual Section 7.3

 

7.3 CHART OF ACCOUNTS

SELECT GENERAL LEDGER THEN MAINTAIN CHART OF ACCOUNTS 

ADVANTAGE  POS Software divides the chart of accounts into five main account categories.  The categories are Assets, Liabilities, Equity, Income and Expense accounts. You can also review all accounts by selecting the all tab.

 

                                        1.  Asset Accounts - things of value owned by the business.
                                        2.  Liability Accounts - amounts owed to outsiders.
3.  Owner's Equity Accounts - amounts owed by the business 
to its owners (profit).  If the business loses money the owners may 
owe additional money to the business.
                                        4.  Revenue Accounts - Sources of income.
                                        5.  Expense Accounts - Payments necessary to run the business.

 

To add an account, select the plus icon on the tool bar found on the top of the screen.  A General Ledger account is a combination of the account number and the department.  You can use the same account number for a different account if you have a different department for each account.  The power is in essence the ability to have accounts departmentalized.  For instance you can have an account called Sales numbered 5000 with department 10 for Retail and another sales account number 5000 but with department called 20.  Review the following examples to explain best.

 

            Account       Name                    Department

            5000          Sales Retail               10 (Retail)

            5000          Sales Services                20 (Services)

            6010          Cost of Goods Sold –Retail      10 (Retail)

            6010          Cost of Goods Sold – Service      20 (Service)

 

This ability is great because it allows you the capability to perform department and consolidated reporting for financial reports.

 

 

SAMPLE CHART OF ACCOUNTS

 

 

Asset Accounts

 

Current Assets

 

1000      Petty Cash

1010       Regular Checking Account

1020      Payroll Checking Account

1030      Savings Account

1040      Special Account

1050      Investments-Money Market

1060      Investments-Certificates of Deposit

1100      Accounts Receivable

1140      Other Receivables

1150      Allowance for Doubtful Accounts

1200      Supplies Inventory

1210      Inventory

1400      Pre-paid Expenses

1410      Employee Advances

1420      Prepaid Interest

1430      Other Current Assets

 

Fixed Assets

 

1500      Furniture and Fixtures

1510      Equipment

1520      Vehicles

1530      Other Depreciable Property

1540      Leasehold Improvements

1550      Buildings

1560      Building Improvements

1690      Land

1700      Accumulated Depreciation, Furniture and Fixtures

1710      Accumulated Depreciation, Equipment

1720      Accumulated Depreciation, Vehicles

1730      Accumulated Depreciation, Other

1740      Accumulated Depreciation, Leasehold

1750      Accumulated Depreciation, Buildings

1760      Accumulated Depreciation, Building Improvements

 

Other Assets

 

1900      Deposits

1910      Organization Costs

1915      Accumulated Amortization, Organization Costs

1920      Notes Receivable, Non-Current

1990      Other Non-Current Assets

 

Liability Accounts

 

Current Liabilities

 

2000      Accounts Payable

2300      Accrued Expenses

2310      Sales Tax Payable

2320      Wages Payable

2430      401-K Deductions Payable

2335    Health Insurance  Payable

2340      Federal Payroll Taxes Payable

2350      FUTA Tax Payable

2360      State Payroll Taxes Payable

2370      SUTA Payable

2380      Local Payroll Taxes Payable

2390      Income Taxes Payable

2400      Other Taxes Payable

2410      Employee Benefits Payable

2420       Current Portion of Long-term Debt

2440      Deposits from Customers

2480      Other Current Liabilities

 

Long-Term Liabilities

 

2700      Notes Payable

2702      Land Payable

2704      Equipment Payable

2706      Vehicles Payable

2708      Bank Loans Payable

2710       Deferred Revenue

2740      Other Long-term Liabilities

 

Equity Accounts

 

3010      Stated Capital 

3020      Capital Surplus     

3030      Retained Earnings

 

Revenue Accounts

 

4000      Sales of Service

4040      Sales - Retail

4080      Other Income

4540      Finance Charges Income

4550      Shipping Charges Reimbursed

4800      Sales Returns and Allowances

4900      Sales Discounts

   

 

Cost of Goods Sold

 

5000      COGS Service

5010      COGS Retail  

5100      Direct Labor Costs

5150      Indirect Labor Costs

5200      Heat and Power

5250      Commissions

5300      Miscellaneous Factory Costs

5700      Cost of Goods Sold, Salaries and Wages

5730      Cost of Goods Sold, Contract Labor

5750      Cost of Goods Sold, Freight

5800      Costs of Goods Sold, Other

5850      Inventory Adjustments

5900      Purchase Returns and Allowances

5950      Purchase Discounts

 

Expenses

 

6000      Default Purchase Expense

6010      Advertising Expense

6050      Amortization Expense

6100      Auto Expenses

6150      Bad Debt Expense

6200      Bank Fees

6250      Cash Over and Short

6300      Charitable Contributions Expense

6350      Commissions and Fees Expense

6400      Depreciation Expense

6450      Dues and Subscriptions Expense

6500      Employee Benefit Expense, Health Insurance

6510      Employee Benefit Expense, Pension Plans

6520      Employee Benefit Expense, Profit Sharing Plan

6530      Employee Benefit Expense, Other

6550      Freight Expense

6600      Gifts Expense

6650      Income Tax Expense, Federal

6660      Income Tax Expense, State

6670      Income Tax Expense, Local

6700      Insurance Expense, Product Liability

6710      Insurance Expense, Vehicle

6750      Interest Expense

6800      Laundry and Dry Cleaning Expense

6850      Legal and Professional Expense

6900      Licenses Expense

6950      Loss on NSF Checks

7000      Maintenance Expense

7050      Meals and Entertainment Expense

7100      Office Expense

7200      Payroll Tax Expense   

7250      Penalties and Fines Expense

7300      Other Taxes

7350      Postage Expense

7400      Rent or Lease Expense

7450      Repair and Maintenance Expense, Office

7460      Repair and Maintenance Expense, Vehicle

7550      Supplies Expense, Office

7600      Telephone Expenses

7620      Training Expense

7650      Travel Expense

7700      Salaries Expense, Officers

7750      Wages Expense

7800      Utilities Expense

8900      Other Expense

9000      Gain/Loss on Sale of Assets

 

 

 

 

Retail ADVANTAGE Point of Sale Software Online Manual Section 7.3

Click Here to Go Back to Index of Retail ADVANTAGE Point of Sale Software Manual

 

Support on Retail ADVANTAGE Point of Sale Software available 9 am - 5 pm CST Monday thru Friday Call us at 281-398-3770 Sales toll free at 888-785-0882 or e-mail us at support@aknaf.com

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