Summary
References must be set to certain Accounts such as debtors and creditors.
Details
There are a number of GL control accounts (dependent on your system setup, GST situation and country setup) which must be created and nominated in the Control Accounts area of the system . The Creditors; Debtors; Profit; and Unappropriated Profit accounts must have valid GL Account and Account Names. The other Control Accounts are not mandatory as they are typically defined in other areas of the system, however it is good practice to record as many as possible.
The GL control accounts are automatically updated by the posted transactions according to the transaction type.
Rules according to type of transaction:
INV Debit: Cost Credit: Creditors Control
PAY Debit: Creditors Control Credit: Bank
CLM Debit: Debtors Control Credit: Income
RCT Debit: Bank Credit: Debtors Control
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