11.9. Compulsory Account Codes
Compulsory accounts are the accounts needed by Equity for all the automatic transactions that take place `behind the scenes'.
If you have changed your Chart of Accounts you must ensure that all compulsory accounts are included in it. If you have no need of a particular compulsory account, edit the reports so it will not be printed. It is most important that all the compulsory accounts be active within your Chart of Accounts.
When this option is selected the compulsory accounts will be displayed.
The account names and codes may be changed to suit your own numbering system. By moving the highlight bar to the relevant account, the account's description and code may be changed.
11.9.1. G/L Links for Credit Sales & Returns
At the bottom of this screen there is a very important question - whether sales are governed by debtors or stock.
If you choose debtors then you have the option to link every debtor to any revenue account. You could, for example, have three groups of debtors - retail, government and wholesale. Each group would be allocated a revenue account and each debtor could be linked to one of these revenue accounts. Your Profit/Loss Report would then list these revenue accounts separately and you would know how much revenue was generated from each group.
If you choose stock then you have the option to link every stock item to any revenue account. You can set up areas of revenue, such as hardware, software, programming, consulting, etc. and link each stock item to one of these revenue account. Your Profit/Loss Report would then list these revenue accounts separately and you would know how much revenue was generated from each stock area.
Note : At time of invoice you can change the set revenue account for debtors or stock if necessary.
Select which option best suits your business. Whichever you choose, this feature allows great flexibility in reporting on your areas of revenue.