Customize Your Control Accounts.

Overview

Control accounts are used by Zumzum Financials to prove the accuracy of the general ledger. They are mainly used with regard to receivables (Debtors Control) and payables (Creditors Control) account balances.  When a Sales or Purchase invoice is posted to the general ledger, the control accounts are used to record the value outstanding from customers or owed to suppliers. The balances of these control accounts is used to reconcile the Aged Receivables and Aged Payables reports. 

When transactions are posted to the system, the VAT amount is posted to the control accounts for VAT on Purchases or VAT on Sales.  You would be able to manually transfer your VAT liability to your VAT Liability account using a Journal entry.

Zumzum Financials makes automatic double-entry postings using these control accounts, for example currency gains and losses will be posted to the Exchange Rate Variance control account.

Control accounts are also used by Zumzum Financials to set default nominal accounts for entering transactions in the system to make data entry easier and faster. Examples include the default nominal code for sales invoice line items or the bank account which loads on the bank screens.  You may change the nominal code by editing and saving the transaction on the screen. 

A number of control accounts are created automatically.  The control accounts are as follows:

Accruals
Bad Debts
Credit Charges
Creditors Control
Debtors Control
Default Bank
Default Sales
Deferred Income
Exchange Rate Variance
Expenses
Mispostings
Prepayments
Purchase Discount
Retained Earnings
Suspense
VAT Liability
VAT Manual Adjustment
VAT on Purchases
VAT on Sales

Customize Your Control Accounts.

1. Go to the Setup(Zumzum) tab
2. Click the Control Account button.
3. Select Edit
4. You can now edit your control account Nominal Code for each category.
5. Click Save.