21st Century Accounting Help - Payables/Configure

Control Accounts

A control account contains balances for all transactions of an associated type. In Payables, for example, the Payables control account contains the sum of the balances in all the vendor accounts that have been assigned that control account. You indicate one set of control accounts for use with cash (walk-in) vendors. The system posts the cash purchase and the discount, if any, to the cash and discount accounts in this set.

Use Payables/Configure/Control Accounts to set up multiple sets of Payables control accounts. Each set includes accounts for payables, discounts, and cash purchases.

Use Payables/Configure/Vendors to optionally assign the sets to appropriate vendors. Use the Vendor Invoices window to select a control account set for posting of that invoice.