Control Accounts
Manager Settings > Accounts and General Ledger > Control Accounts
What Are Control and Sub-Accounts ?
Sub-accounts are used to divide or break a detail account into further "mini" accounts to identify, report on, and manage specific divisions of an account. The main account is also referred to as the control, parent, or summary account and the subdivided accounts are subsidiary ledgers called the children. The balance of the main account (control/parent / summary) is derived from the sum of the balances of all the sub-accounts (children).
Sub-accounts are used to divide or break a detail account into further "mini" accounts to identify, report on, and manage specific divisions of an account. The main account is also referred to as the control, parent, or summary account and the subdivided accounts are subsidiary ledgers called the children. The balance of the main account (control/parent / summary) is derived from the sum of the balances of all the sub-accounts (children).
Manager Control Accounts
- Built-In Control Accounts (Automatic Control Accounts)
Manager includes several built-in control accounts that are activated as various functional tabs (modules) are enabled. Examples include Accounts Receivable, Accounts Payable, Inventory on hand, and Cash & cash equivalents.
- Custom Control Accounts
Custom control accounts can be useful additions to your chart of accounts. A control account in Manager is a top-level, balance sheet account containing subsidiary ledgers or subaccounts. (The terms are interchangeable). In Manager, a custom control account is one you create yourself to segregate and give visibility to selected subsidiary ledgers that would normally be assigned to a built-in control account.
Custom Contol Accounts displayed depend on the tabs that the user has enabled. The control accounts are organized by groups:
- Amortization Entries
- Bank and Cash Accounts
- Capital Accounts
- Customers
- Depreciation Entries
- Employees
- Fixed Assets
- Intangible Assets
- Inventory Items
- Investments
- Suppliers
Notice the item called - Special Accounts
This is where you setup other control accounts such as Notes Payable or Trust Fund Liabilities.
- Special Control Accounts
Special Control Accounts are custom subsidiary ledgers. As mentioned earlier, in Manager, subsidiary ledgers are used to record related transactions, such as those pertaining to a single customer, supplier, or type of asset or liability. They are summarized in a general ledger control account. Only the control account is reported on the Balance Sheet to reduce complexity. The balance of a control account equals the sum of balances of its constituent subsidiary ledger accounts.