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Account Set – Every customer has an Account Set (CustAcctSet). An Account Set is a customer group. Account Sets control all Sales and Cost of Sales GL Transactions.
This comes from ACCPAC Customers or for non ACCPAC users it is created in OrderStream. You must have one account set per currency. There can be multiple Account Sets assigned to one currency. For most customers two Account Sets – CDN and US would generally suffice. They can also be used to segregate customers for price list discount calculations.
As an example:
CDN – Retail
CDN – Wholesale
CDN – Wal-Mart.
Could all have different discount polices.
You have the ability to change the Account Set on the sales order.
For each Account Set the following GL defaults must be selected:
COGS Account – The Cost of Goods sold account holds the VALUE of items sold on invoices. This entry offsets the inventory account
Sales Account – The Sales account holds the Selling Value of items sold on invoices. This entry offsets the AR Clearing account (ACCPAC handles the clearing account itself)
SRA Account – Sales Returns and Allowances
Cost Variance Account – This records the difference between The STANDARD cost of the item sold and the Actual cost. When there is a difference between the Standard and Actual cost, this account is used to balance between the COGS and inventory – Inventory accounts are always in standard.
A sample GL Transaction
A/R $YY.YY From the Cust Acct Set Table
Cost of Goods Sold $XX.XX From the Account Set of the Finished Good Item
Sales $YY.YY From the Account Set of the Finished Good Item
Inv PO GL Account $XX.XX From the category of the finished good item
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