Managing System Accounts

System accounts are used for balance and receipt transfer along with the payable transfer account and unapplied receipt account.  From this screen, you can view, add, edit, or delete system accounts.

To manage system-level accounts for an organization unit:

1. From the Accounting Setup section on the Organization Unit Settings page, click System Accounts.
   The System Accounts page will display, as shown below.
   
2. Select the appropriate Financial Company from the drop-down menu to display a grid of System Accounts associated with the chosen Financial Company.
3. Click the pencil icon to edit a System Account.
4. Click the contextual menu to delete a System Account.
5. To add a new system account, click +New System Account.
   The Add New System Account page displays, as shown below.
   
6. Select a Financial Company from the drop-down menu.
7. Enter at least three characters of the Payable Transfer Account and click the Search icon.
   Alternatively, click Advanced to select a Payable Transfer Account.
8. Enter the External Payable Account in the text box.
9. Enter at least three characters of the Receipt Transfer Account and click the Search icon.
   Alternatively, click Advanced to select a Receipt Transfer Account.
10. Enter at least three characters of the Unapplied Receipt  Account and click the Search icon.
    Alternatively, click Advanced to select an Unapplied Receipt Account.
11. Enter at least three characters of the Currency Correction Account and click the Search icon.
    Alternatively, click Advanced to select a Currency Correction Account.
12. Enter at least three characters of the Credit Balance Writeoff Account and click the Search icon.
    Alternatively, click Advanced to select an Credit Balance Writeoff  Account.
13. Click Save.

Screen Element	Description
Financial Company	Drop-down. The financial company associated with the default system account.
Payable Transfer Account	When a refund is created, Personify cannot access the external payable account directly, so this account is used. This is a clearing account to pass refund voucher data to your AP  system . This account will clear out in your AP  system , not in Personify. When a voucher is created in Personify, this account will be credited. When vouchers are entered into your AP  system , this account should be debited and the external payable account (see below) should be credited in your AP  system . This will need to be done as a journal entry by your AP (i.e., Personify will not create this entry) when the output file from the voucher transfer process is imported into your AP  system . This account should not be the same as the actual payable account in your AP  system  or any AR, PPL or other account in Personify.
External Payable Account	Text box. This is the payable account in the external GL  system . When the GL transfer is completed, this account is used to create the transaction in the external GL  system . It is not validated against the Personify GL  accounts  and it is only used in the GL transfer. This account appears on vouchers and references the payables account. This account is external and is not a Personify account.
Receipt Transfer Account	When transferring a receipt from one order to another, this account is used as a transfer account. The net result is always a wash (i.e., $0).
Unapplied Receipt Account	If receipts are recorded but cannot be applied to a specific order/invoice, this account is used to maintain those amounts. It is not recommended that the unapplied account be used for overpayments.  In the case of an overpayment, the entire receipt can be applied to the order line resulting in a credit balance, which can then be refunded, transferred or held for another order.
Currency Correction Account	Used for multi-currency transactions where there has been a change in the exchange rate between the time the order was placed and the time a foreign currency payment was received. It holds the difference in the exchange rate between the billed and the paid amount (i.e. the exchange rate may change because there is a difference in timing between these two events).
Credit Balance Write-off Account	This is the default write-off account for credit balances for the company. When a small balance is due, the customer may write it off rather than refund it. This is not the same as the default write-off account that is set up for each module. The write-off account set up by module on the product  accounts  tab will be used as the default when setting up a product. The write-off account can be changed when actually performing the write-off. This is also called an Unearned Income Account.