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How To: Using Account Sets to redirect your accounting


The creation of Account Sets (MISys | Accounting | Account Sets) can be used to override the Default Account Set so that you can have Job, Item or Location specific accounting transactions.

Overlay Method:
MISys uses an "overlay" method to determine which Accounting Controls are used in any given transaction. The overlay allows you to create Account Sets and associate them with any Job, Item or Location in MISys.
The system determines which Account Set to use in the order of Job, Item, Location and then the Default (defined in Company Options | Accounting Controls Tab). This is not an all or nothing determination, as MISys will look at each Accounting Control within the Account Set to see if there is an Account Number defined for it.

If there is, MISys will use it.

If the Accounting Control is blank it will move on to the other potential Account Sets (from Job to Item to Location and finally the Default, which must have all controls assigned to an Account Number).

For example:

If you wanted to ONLY direct some Items to affect a special Inventory Asset Account perhaps just for your Raw Materials.

  1. Create an Account Set, in this case make the RM Account Set and map the Inventory Asset Control to point to your special Raw Material Asset Account Number.

  2. Go into Master Files | Items | select the desired Item and go to the Master Tab | Account Set field.

  3. Use the Finder to select your Account Set and Save.

Now, when a transaction is processed for this Item MISys will check for a Job. If there's no Job ID in the transaction (or if the Job doesn't have an Account Set assigned to it, or if the Account Set doesn't override the Inventory Asset) it will check the Item and see that it is tied to an Account Set (in this case RM) and use the Account Numbers defined for that Account Set (moving to the Location and then the Default for any controls that don't have an Account Number specified). 

If you have any questions or would like to discuss how this functionality works, please contact MISys Technical Support.

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Article details
Article ID: 41
Category: Accounting
Date added: Oct-11-2013: 2:41pm
Views: 840
Rating (Votes): Article rated 3.0/5.0 (32)

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