ITrack/Enterprise/Accounting

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ITrack Enterprise uses a very flexible accounting system. It is designed to allow for both complex and simple general ledger practices and to easily integrate with any sort of external general ledger based accounting package.

For details about an individual screen's accounting process, refer to that screen's page.

For information about configuring the accounting system (and for configuration examples), please refer to the accounting configuration section.

Accounts

The Accounting Screen in ITrack Enterprise allows a user (probably an administrator) to set up a chart of accounts. This is done in the Accounting screen on the Accounts tab. Accounts in ITrack have a number, a name, a description, and a type. For example:

Name: Accounts Receivable
Number: 1000
Description: An account that shows how much money the company is owed from customers.
Type: Asset

Departments

This is an optional accounting subsystem in which departments are created to categorize gl activity. Transactions inherit a department from the user that created them (though this department can often be overridden per document or per item). For this reason, departments can be assigned to users through the configure users dialog. Often, gl departments correspond to sub-accounts utilized in a company's accounting system.

For example, an accountant might have the account "Sales" with the sub-account "Sales-Gear Shop". Activity would be logged to the gear shop sales when a transaction hits the sales account and the gear shop department.

This system is optional and not required for proper operation of ITrack or its accounting modules.

Categories

Every item in inventory and every kind of labor used is assigned a "GL Category". A "GL Category" defines the kinds of accounts that item needs to affect in different situations. These situations are called "GL Contexts" and are described below.

Some examples of GL Categories that a company might use:

  • New Parts
  • Used Parts
  • Labor

Contexts

The software defines certain contexts, or situations where accounting applies. A complete list of the contexts follows. The screen column refers the user to a page with more detailed information on each gl context and the activity it generates.

Context Description Screen (More Info)
Sale Occurs when an item is sold on a sales order Sales Orders
Return Occurs when an item is returned on a sales order Sales Orders
Core Sale Occurs for every inherent core on a sales order that affects inventory when it is finalized Sales Orders
Core Return Occurs for every dirty core returned on a sales order that affects inventory when it is finalized Sales Orders
Transfer Occurs when an item is transferred on a transfer order Transfer Orders
Core Transfer Occurs for every core as it is transferred on a transfer order Transfer Orders
Purchase Occurs when an item is received from a purchase order Purchase Orders
Core Purchase Occurs for a vendor core charge on an item received on a purchase order Purchase Orders
Purchase Return Occurs when an item is returned on a purchase order Purchase Orders
Core Purchase Return Occurs when cores are returned to vendors Purchase Orders
Work Order Consumption Occurs for each line and labor item on an internal work order when it is finalized Work Orders
Work Order Consumption Inherent Core Occurs for inherent core charge item on an internal work order when it is finalized Work Orders
Work Order Consumption Dirty Core Occurs for dirty core credit on an internal work order when it is finalized Work Orders
Work Order Production Occurs for each master part on an internal work order when it is finalized Work Orders
Work Order Sold Occurs for each line and labor item on an external work order when it is finalized Work Orders
Work Order Sold Inherent Core Occurs for each inherent core charge on an external work order when it is finalized Work Orders
Work Order Sold Dirty Core Occurs for each dirty core credit on an external work order when it is finalized Work Orders
Work In Progress (optional) Occurs for each inventory line and labor item on a work order whenever it is saved. Accounting can be configured not to utilize WIP accounts. Work Orders
Work In Progress Inherent Core (optional) Occurs for each inherent core charge line on a work order whenever it is saved. Accounting can be configured not to utilize WIP accounts. Work Orders
Work In Progress Dirty Core (optional) Occurs for each dirty core credit line on a work order whenever it is saved. Accounting can be configured not to utilize WIP accounts. Work Orders

Each combination of category and context allows the definition of four accounts. The user can set these up in the accounting screen on the Categories tab:

Account When it is used
Transaction Debit Debits this account (usually by price)
Transaction Credit Credits this account (usually by price)
Inventory Debit Debits this account (usually by cost)
Inventory Credit Credits this account (usually by cost)

For certain categories in certain contexts, it might not make sense to fill in an account. For instance taxes are ordinarily applied on the transaction side rather than the inventory side.

For advice and examples for configuring accounting in ITrack, please refer to the accounting configuration help section.

Transactions

Whenever the General Ledger is affected, all of the entries are grouped into a transaction. The transaction verifies that all of the debits and all of the credits are equal, that balance being the fundamental rule of GL based accounting. The transaction also applies a timestamp recording the exact second that the accounting occurred and exactly how much money was involved. It also allows for user comments.

Entries

Each accounting entry is stored as a single record and therefore can be copied into whatever accounting system the user chooses (assuming their accounting package has some mechanism to either import or directly input data).

Accounting Packages

ITrack Enterprise was designed specifically with Sage's Mas90 accounting system in mind.