General Ledger Setup

Location

SETTINGS > System Configuration

Purpose

The General Ledger account setup screen is used to setup the interface between RentWorks and your accounting software. You must give each entry a GL code from your Chart of Accounts. The types (Payments, RA/Res, Misc Charge, Inv Bank) are automatically created by the system as you enter records in those tables.

Most accounting interfaces will require that all entries have a GL Account Number in order to post. Therefore, if you add a new Miscellaneous Charge, you will need to access this screen and assign a GL Account Number. We recommend that you use general accounting principles to set up your system (e.g., Assets = Liabilities + Owner’s Equity) and assign your General Ledger Chart of Account numbers according to the following:

Account -> Account Sign-> GL Account Number

Assets -> Debit -> 1000

Liabilities -> Credit -> 2000

Income -> Credit -> 4000

Expenses-> Debit -> 5000

Fields

Product/Category/Class - You can generate financials by Product, Category, or Class. Use the pull-down menu for each, then fill in the account numbers.

Source – The type of account is automatically generated by the system and may be one of the following:

• RA/Res – These are revenue accounts used to post rental revenue and source of business commissions. Posting entries are created by the Daily Business Report and the Source of Business Report. The offset would be a debit to a payment account or a source of business commission expense account. NOTE: when a DBR is posted, it debits the Interbranch Revenue Receivable account and credits the Interbranch Revenue Payable account.

• Maint - These are the maintenance procedures which can have associated labor and/or parts costs.

• Payment – These are asset accounts representing the payment method used on a transaction. The DBR creates posting entries.

• Misc Chg – These are revenue accounts used to post miscellaneous coverages, fee, and taxes collected on contracts, reservations, and miscellaneous sales. The DBR creates posting entries.

• Inv Bank – These are accounts used to create entries by the Fleet Reports for depreciation, fleet additions, fleet sales, and monthly payments.

Description – This information, generated by the system, is a description of each account.

Acct Type - This information, generated by the system, indicates if the account is an Income/Expense (P&L) or Asset/Liability (Balance Sheet) account.

Acct Sign – This information, generated by the system, displays whether this is a credit signed or debit signed account.

Control By - If you are interfaced to a Dealership Management System (DMS), you can use the pull-down menu to select a value by which to post revenue. This value ties the transaction to another record in the DMS. On the DMS side, the user has the option, when setting up their chart of accounts, to “control” the account by a particular data element. This means when a journal entry (JE) is made to that account, the control number has to be entered as part of the JE. For example, if the service department is paying for the loaner vehicle because they are servicing the customer's new car, the VIN number of the car or the Customer ID might be the control number. Choices are:

• RA Number
• Customer ID: This is the DMS ID. If the accounting interface is set to a supported DMS, the DMS ID is viewable on the Renter/Customer Maintenance screen and on the Contract->Drivers tab
• Control Number
• Unit Number
• VIN Number

Account # – This is the only changeable information in this screen. You must enter the account number used in your accounting software for the financial conversion to work properly.

D/S - If you use the JDE Accounting interface or the Jamaica dual currency posting routine, you can select to post in Detail or Summary mode. If you select Detail, all postings to the same account create an individual line in the posting file. If you select Summary, or if all the postings to the same account generate just ONE line.

Buttons

By selecting the Export icon from the GL account setup screen, you will be prompted for an output destination. If you select File, the contents will be sent to export\gl_account_list.txt in your RentWorks Directory.