SELECT GENERAL LEDGER THEN
MAINTAIN CHART OF
ACCOUNTS
ADVANTAGE Salon Software
and Spa Software
divides the Chart of Accounts into the five main account
categories. These 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.
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