On the Accounts tab, you’ll see four sub tabs – Enterprises, Chart of Accounts, Designated Accounts, and Bank Accounts.
Enterprises Sub Tab
The enterprises sub tab contains all of the enterprises that are assigned to the selected farm. You can add additional enterprises to the farm by using the green add button at the top of the screen. When you click on the add button, it will bring up another window displaying all available enterprises that are not yet assigned to the current farm. Simply check the desired additional enterprises and click OK. You will then see those enterprises in the main list on the enterprises sub tab. If you need to add a completely new enterprise to the database, that can be done in the setup section of the program. The remove tab will only remove the enterprise from this farm, it will not delete an enterprise.
Chart of Accounts Sub Tab
The chart of accounts sub tab contains the list of all accounts and subaccounts associated with the farm as well as their chart description, normal balance, statement type, and management fees. When you added the enterprise to the farm, the system automatically added the associated default accounts and subaccounts to the farm. You can remove any unnecessary accounts and subaccounts from the selected farm by highlighting the row and clicking the red remove button at the top of the window. You’ll also notice on this sub tab that the balance accounts are bolded, while the income accounts are not; similarly, the debit normal accounts are highlighted in green, and the credit normal accounts are highlighted in red.
The fees button on the chart of accounts tab lets you apply a management fee percentage to multiple accounts at a time. When you click on this button, a new window will appear allowing you to enter a global fee percentage and check the accounts you would like to apply that percentage to. Once you click the update button, the management fee percentage will be applied to the accounts on the current farm. The field is ignored for non-income GL Accounts. Disbursements and Receipts transactions will generate fee transactions when Auto fee is checked. The amount of the fee is determined by multiplying the amount of the income credit by the Auto Fee Percent. The fee amount is stored as a debit on a transaction for the management fee expense GL Account.
Designated Accounts Sub Tab
The designated accounts sub tab is very similar to the setup section’s designated account with the only difference being these designated accounts are farm specific.
Each account has a drop down option to select the account. The first field is the enterprise – you can either use the drop down to select the desired account or it is typing intuitive meaning that as you type an enterprise the drop down list will show only those results containing the typed character. Each field has the drop down and type ahead feature.
- Cash Offset Account: The GL Account for offset transactions created in transactions.
- Interested Allocation Account: The GL Account used to determine average daily balance when calculating interest allocation.
- Interest Earned Account: The GL Account received the calculated interest allocated.
- Trust Account: The GL Account of the pooled interest-bearing checking account used in interest allocation.
- Advanced Funds Account: The GL Account identified for firm advances (loans) to a farm. Loan payments will be applied to this GL Account. The balance is displayed on the Daily Net Cash Change report.
- Auxiliary Funds Account: The GL Account used in security deposits.
- Interfarm A/R: The GL Account used in primary/secondary transactions to affect balances on a different farm.
- Interfarm A/P: The GL Account used in primary/secondary transactions to affect balances on a different farm.
Bank Accounts Sub Tab
The bank accounts sub tab is used to link the currently selected farm with a bank account. Adding a bank account to a farm is required to print checks for the farm. A bank and a bank account have to be setup before a bank account can be added to a farm. The setup process is accessed in the banking section of the Setup navigation menu. A bank account can be associated with one or more farms. To add a bank account, click on the add button. This will add a record, allowing you to use the drop down to select the bank account.
The balances section displays current farm balances from the farm GL Account associated with the bank account.
- Last Posting is the current net debit balance of the GL Account; reflects posted transactions.
- Working Transactions is the net debit balance of all transactions for the GL Account currently in working transaction batches.
- Net Balance is the sum of the last posting and working transactions. It represents the available funds for a farm.
Note: The balances are related to the current farm’s GL Account shown in the middle section. They do not represent actual bank account balances. However, if a bank account is associated with a single farm, farm balances should coincide with the bank account balances. If a single bank account is associated with multiple farms, the amounts for the other farms are not reflected.
Note: Only one Account Type can be attached to a farm. Meaning each farm can only have one checking account or money market account associated to it.
Once all relevant information is entered on the Accounts tab, click the save button and move to the next tab: Management.