Chapter 1. Introduction
Accounts Receivable (A/R) & Accounts Payable (A/P) Control Accounts
Before you create a receivable or payable voucher, you must first define the receivable control account and the payable control account.
The A/R control account is an interface account between the General Ledger and the Accounts Receivable vouchers. The base amounts of a receivable voucher will be debited /credited to this account.
The A/P control account is an interface account between the General Ledger and the Accounts Payable vouchers. The base amounts (or the payable voucher amount) will be debited /credited to this account.
To set an A/R control account, select [Application Setting], the Receivable Control Account.
Please ensure that the A/R control account has been created in the Chart of Accounts and that the account type is “A” (asset / liability account)
In this system, the account balance will be updated immediately when a voucher is saved. Thus, posting is not necessary.
The Pericles Financial Accounting System software can hold an almost infinite number (2^31) of accounting transactions.
Hence conceivably the memory of the system is limited only by the disk capacity in the hardware.
Another feature is that it requires no closing procedures.
It is recommended that as the user moves onto setting up in Chapter Two, the procedures should be followed systematically as written out since some items need to be defined before others.
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