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Viewing and Editing Product Accounts Setup

Paige Freeman
  • Updated

From the Accounts Setup screen, you can edit the current general ledger accounts, define new GL accounts, and/or define new revenue accounts.

To view and edit product accounts setup:

  1. To view the Product Setup screen for a product, select Accounts Setup from the Financials tab within the product summary or meeting profile.
    The accounts setup screen displays, as shown below.
  2. To edit the current general ledge accounts, click the pencil icon in the upper right corner of the screen.
    The fields become available to edit, as shown below.
  3. Make the desired changes and click Save.

Once an order line exists for this product with the same effective date as the one setup here, with Line Status not equal to 'C', then the GL accounts for that effective date cannot be changed for this product.

Defining New GL Accounts

To define new GL accounts:

  1. From the accounts setup screen, from the General Ledger Accounts section, click Define GL Account.
    The General Ledger Accounts screen displays, as shown below.
  2. By default, the Begin Date is set to today's date. Change this if needed.
  3. Enter the Pay Priority for the accounts.
    This establishes the order by which line items on a multi-product order are paid. The lowest priority number is paid first, with zero being paid before any other.
  4. The following accounts defined for the org unit will default, but can be changed if needed:
    1. Receivable Account
    2. Prepayment Liability Account
    3. Writeoff Account
    4. Cancellation Account
    5. Discount Account
    6. Deferred Account
    7. Agency Discount
    8. Deferred Agency
  5. For Advertising products, two additional accounts will default:
    1. Trade for Services
    2. Space Credit
  6. To change the account, click the X next to the existing account to remove it. To find a new account, enter at least three characters and click the magnifying glass search icon to display available options. Alternatively, click Advanced to display a search screen will open for you to search for and select the account. Search for the account using the search fields. Once you have located the correct account in the results grid, select the row and click Select to populate that account into the field on the General Ledger Accounts screen.
  7. From the Tax/VAT Control section:
    1. Select whether or not this product is Taxable. If you select "Yes", the Tax Category drop-down displays.
      This defines how taxes will be calculated. This option is only enabled if the Tax/VAT Control drop-down on the Organization Unit Maintenance screen in ThreeSixty Operations is set to "B" (Charge both sales and VAT tax) or "N" (Charge sales tax exclusively). If HST or GST tax is collected for this product, setup the country and state code in a tax category that is also used for US state tax on the Sales Tax Maintenance screen in ThreeSixty Operations.
    2. If you selected "Yes" for the Taxable option, select whether or not you want to Charge VAT tax on this product. If you select "Yes", the Tax Category drop-down will be displayed and the VAT Category and VAT Country fields display and are required.
      The VAT category indicates which type of value-added tax is charged for this product and the VAT country is the country in which the value-added tax will be used for this product. This option is only enabled if the Tax/VAT Control drop-down on the Organization Unit Maintenance screen in ThreeSixty Operations is set to "B" (Charge both sales and VAT tax) or "Y" (Charge VAT tax exclusively).
  8. From the Revenue Recognition section:
    1. Select the appropriate Recognition Method from the drop-down.
    2. If you select "On Specific Date", select or enter the appropriate Recognition Date.
  9. Click Save.

Defining New Revenue Accounts

To define new revenue accounts:

  1. From the accounts setup screen, from the Revenue Accounts section, click Define Revenue Account.
    The Add Revenue Accounts screen displays, as shown below.
  2. By default, the Begin Date is set to today's date. Change this if needed.
  3. Select the appropriate Distribution Method from the drop-down.
    1. If you select "By Percentage", enter the Percent.
    2. If you select "By Priority", enter the Priority and Amt within Priority.
  4. Select a Revenue Account by entering at least three characters and clicking the magnifying glass search icon to display available options.
    Alternatively, click Advanced to display a search screen will open for you to search for and select the account. Search for the account using the search fields. Once you have located the correct account in the results grid, select the row and click Select to populate that account into the field on the Add Revenue Accounts screen. The Deferred Revenue Account pair will automatically populate based on the selected revenue account.
  5. Click Add.
    The revenue accounts are added to the Current Revenue Accounts grid at the bottom of the page.
  6. If necessary, repeat the steps above to add additional revenue accounts.