Setting up account preferences

Asset accounts:

Debited when a receipt is entered without being included on a deposit.

Credited when the receipt is included on a deposit.

Debited when client invoices are final printed.

Credited when receipts and credit memos are applied.

Debited when employee paid an advance toward reimbursable expenses.

Credited when the employee submits an expense report with an advance.

Debited when current revenue is greater than current billed and cap WIP at contract has not been set.

Credited when current revenue is less than current billed.

Work-in-progress:

Debited for the billable amount when employee time is entered.

Credited when final client invoices are printed or hours are written off.

Debited for the billable amount when vendor invoices or in-house expenses are entered.

Credited when final client invoices are printed or expenses are written off.

Debited for the billable amount when invoices are entered when using a consultant type activity.

Credited when final client invoices are printed or expenses are written off.

Liability and Equity accounts:

Credited when vendor invoices are entered.

Debited when vendor invoices are paid or credit memos are issued.

Credited when employee time is entered.

Debited when time is sent to your payroll service.

Credited when prepaid client receipts are entered.

Debited when the receipts are applied to pay invoices.

If you plan to bill your clients for sales tax, enter the sales tax payable account.

Credited when final client invoices are printed. Debit this account when entering the vendor invoice to pay the tax.

Credited when current revenue is greater than current billed and cap WIP at contract has not been set.

Debited when current revenue is less than current billed.

It is used when you perform the Close Fiscal Year task. If you have a net gain, the account is credited. If you have a net loss, the account is debited.

Intercompany accounts (multi-company only):

For more information, see Setting up company preferences for multi-company.

Debited when invoice, expense, or time entries cross companies in your organization.

Relieved through an intercompany bank transfer, intercompany receipt, or a journal entry to an intercompany account.

Credited when invoice, expense, or time entries cross companies in your organization.

Relieved through an intercompany bank transfer, intercompany vendor invoice, or a journal entry to an intercompany account.

Cash basis other income (multi-company only):

For more information, see Setting up company preferences for multi-company.

Revenue accounts:

Credited with the labor billed amount when final client invoices are printed.

Debited if invoices are written off.

Credited with the expense billed amount when final client invoices are printed.

Debited if invoices are written off.

Credited with the consultant billed amount when final client invoices are printed.

Debited if invoices are written off.

Credited with the labor billable amount when time is entered.

Debited when the final client invoices are printed.

Credited with the expense billable amount when expenses are entered.

Debited when the final client invoices are printed.

Credited with the consultant billable amount when consultant invoices are entered.

Debited when the final client invoices are printed.

Debited when you issue a credit memo for an uncollectible client invoice.

Ajera automatically selects the Miscellaneous Revenue account for this field. Change the account, as needed.

Credited when adjustment amounts are entered in > Manage > Client Invoices > Text & Amounts tab.

Debited if invoices are written off.

Credited with the deferred amount when time, expense, or consultant invoices are entered.

Debited when the final client invoices are printed.

Debited when labor amounts or hours are written off or decreased during the client invoicing task, or when billed labor is not decreased when writing off final invoices.

Credited when labor amounts or hours are increased during the client invoicing task.

Debited when expense amounts are written off or decreased during the client invoicing task, or if billed labor is not decreased during final invoicing.

Credited when expense amounts are increased during the client invoicing task. 

Debited when consultant amounts are written off or decreased during the client invoicing task.

Credited when consultant amounts are increased during the client invoicing task.

Other Income accounts:

Credited when a vendor invoice is written off.

The Accounts Payable account is debited.

If you plan to assess finance charges for overdue client invoices, enter the finance charges income account.

Credited when finance charges are assessed.

Debited if finance charges are written off.

Payroll expense accounts - Employee Time:

Debited with the employee's cost amount (hours x standard hourly rateThe hourly rate for salaried employees calculated as (salary/number of hours in the pay period).) when time is entered to a billable phase.

Debited with the employee's cost amount (hours x standard hourly rate) when time is entered to a phase with a billing type of nonbillable.

Debited with the employee's cost amount (hours x standard hourly rate) when time is entered to a phase with a billing type of marketing.

Debited with the employee's cost amount (hours x standard hourly rate) when time is not entered to a phase or entered to a phase with a billing type of overhead.

Payroll expense accounts - Principal Time:

For employees who have the Principal check box selected on their employee record, debited with the employee's cost amount (hours x standard hourly rate) when time is entered to a billable phase.

For employees who have the Principal check box selected on their employee record, debited with the employee's cost amount (hours x standard hourly rate) when time is entered to a phase with a billing type of nonbillable.

For employees who have the Principal check box selected on their employee record, debited with the employee's cost amount (hours x standard hourly rate) when time is entered to a phase with a billing type of marketing.

For employees who have the Principal check box selected on their employee record, debited with the employee's cost amount (hours x standard hourly rate) when time is not entered to a phase with a billing type of overhead.