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Lesson 31-- Asset Accounts |
There are four basic types of accounts used in Goldenseal small business accounting software--Jobs, Assets (described here), Liabilities and Costs. Asset Accounts Asset accounts are for items that you own, that have value. There are seven classes of asset accounts:
Cash Accounts Use Cash accounts for currency, traveler's checks and other cash items that you keep in cash registers, cash drawers, or petty cash accounts. You can create a separate account for each location where cash is kept. To create a new Cash account, follow these steps:
Using Cash Accounts When you use cash to make a purchase, enter a Material Purchase, enter Cash as a payment method and enter the cash account for an 'instant purchase' transaction. To transfer money in or out of a cash account, use Cash Transactions. To deposit money from a cash register or cash box, use the Deposit Funds command. Checking Accounts Use Checking accounts for bank accounts that include sequential checks that draw on your funds. Checking accounts are often the accounts that you'll use most frequently. To create a new checking account, follow these steps:
Using Checking Accounts When you use cash to make a purchase, enter a Material Purchase, enter Checking as a payment method and enter the checking account for an 'instant purchase' transaction. To pay multiple bills by check, use the Pay Bills command. To write paychecks, use the Write Payroll command. To transfer money in or out of a checking account, use Checking Transactions. To deposit money into your checking account, use the Deposit Funds command. Multiple Checkbooks Each checking account can include one or more checkbooks. Each time you write a check, you can choose which checkbook to use for the payment. To add a new checkbook to a checking account, follow these steps:
HINT: You may need to change the check number if you void a check, lose a checkbook, or otherwise get a mismatch between the next check number in Goldenseal and your actual checkbook. Using Checkbooks When you use the Write Payroll or Pay Bills commands, Goldenseal will ask you which checkbook to use for the payment . To use a checkbook when you enter a check transaction directly, choose a checkbook from the Checkbook popup menu. Inventory Accounts Use Inventory accounts to keep track of goods that you store for a while before you sell them or use them in projects (see Lesson 47 for more about Goldenseal's inventory tracking software features). To create a new Inventory account, follow these steps:
Using Inventory Accounts When you buy materials for inventory, create a Material Purchase transaction, and enter an inventory account as the Job account. When you sell items from inventory, enter the inventory account into the Sales transaction. When you use inventory items in a project, create an Inventory Used transaction for the account. To adjust inventory quantities or value, create an Inventory Transfer for the items. Use Investment accounts for any assets that don't fit into one of the other categories. To create a new Investment account, follow these steps:
Using Investment Accounts To transfer money in or out of an investment account, choose Investment Transactions from the Bank menu. Use Real Estate accounts for property that you own or manage (see Lesson 41 for more about rental management). To create a Real Estate account, follow these steps:
Rental Units Each rental property can contain one or more rental units. Enter them into the rental unit table. For each unit, type in a short name, choose rental payment terms, and enter the rent that you charge. For more about rental units in the Reference manual, click here. NOTE: To enter rental payment terms, choose Payment Terms from the Options menu, then choose Rentals from the submenu. Using Real Estate Accounts When you enter expenses for a property, enter a Real Estate account into the Job field. Enter Leases for tenants who rent, and enter Rental Transactions for the rent that they owe. To create rental bills, choose Billing from the Bank menu, and choose Rentals from the submenu. To create a new Savings account, follow these steps:
Using Savings Accounts To transfer money in or out of an savings account, choose Savings Transactions from the Bank menu. Next-- Liability Accounts Start | Previous | Next | Directory | Index | Ref Manual | Website |