Set Up Posting Information

Vantagepoint automatically posts at least one side of a debit and credit general ledger entry for you. Use the Posting Account Settings to determine the credit side of the entry for labor, miscellaneous expenses, reproductions, consultant accruals, employee expenses, and employee advances, and to enter settings for control totals and posting logs.

Some of the fields may not be available, based on the use of automatic postings set up for individual organizations.

To set up posting information:

  1. In the Navigation pane, select Settings > Accounting > Posting Accounts.
  2. If you use multiple companies and want to generate accounts receivable and accounts payable transactions in Intercompany Billing, set the Enable Detailed Subledgers for Intercompany Billing option to Yes to enable the detailed subledgers feature.

    This enables the following items:

    • The Labor Revenue and Expense Revenue fields on the Accounts tab in the Intercompany Accounts section of the form.
    • The Subledger Vendors and Subledger Terms tabs in Settings > Accounting > Intercompany Billing, in the desktop application.
    • The Accounts Receivable reporting features.
    • The ability to create actual invoices and vouchers between companies and have these transactions display on accounts receivable and accounts payable reports.
  3. In the Accounts Receivable field, enter or select the account to which accounts receivable amounts are posted.
    This account is used when invoices are posted and an accounts receivable account is not mapped to an invoice account in the Invoice Mapping Accounts grid of the Accounts Receivable settings form in Settings > Billing > Accounts Receivable.

    The default for this field is account 111.00 - AR Clients in the Standard Chart of Accounts. If you modify it, make sure that the new account has been set up in Settings > General Ledger > Chart of Accounts.

  4. In the Current Year P&L field, enter or select the account to which to post this year’s profit and loss amount.
  5. In the Prior Year Retained Earnings field, enter or select the account to which to post the prior year's retained earnings.
  6. Click Save.