When a general account is assigned a control category, it becomes a controlled account. Controlled accounts are recognised by certain parts of ContactsLaw to enable automatic suggestion of accounts and to post certain types of system transactions to their relevant place on the chart of accounts. Control categories
- Accounts payable (creditors)
The system posts all creditor transactions here. The account itself is divided up logically by creditor contact. Being subject to allocation allows the outstanding balances to be aged. This account should always be BAS-reportable.
- Accounts receivable (debtors)
The system posts bills, debtor receipts, trust transfers and other debtor transactions here. The account is divided up logically by file. Being subject to allocation allows the outstanding balances to be aged. This account should always be BAS-reportable.
- ATO running balance account
PAYG withholding journals are posted here, along with journals arising as the result of a BAS.
- Bad debts
The system posts bad debt write off and bad debt recovery transactions here. Being subject to allocation allows bad debts to be apportioned to members.
- Bank account
Required for payment, receipt and trust transfer transactions. Multiple bank accounts may be defined but only one is marked as primary. Has additional details associated with it, such as the account holder, BSB, number, etc.
- Credit card
Required for payment transactions where the payment method is credit card. Multiple credit cards may be defined but only one is marked as primary. Has additional details associated with it, such as the cardholder, number, CCV, etc.
- Disbursements
Represents the future value of disbursements. Disbursement transactions and bills are posted here by the system, ultimately balancing eachother out. This account should always be BAS-reportable.
- Discounts on professional fees
The system posts bill transactions here whenever professional fees are discounted during billing. Funds can be apportioned to members.
- Fixed charges
By default, the system bills fixed charge postings to this account (although a more specific account can be configured for each charge type if desired).
- GST (liability)
Depending on whether the practice is operating on cash or accrual accounting, some or all GST components of transactions will be posted here. The liability can be cleared (using a journal) when a BAS has been paid.
- Historical balancing
Used by the opening balance journal in order to post the many-to-many transaction. The balance on this account should always be zero in the majority of cases.
- Interest on overdue bills
The system posts interest charged on overdue bills to this account.
- Professional fees
Every fee-earning member has a sub-account of the professional fees account, into which their billed time is posted.
- Provision for GST
This account is used when the practice is operating on cash accounting for GST purposes. Certain types of transactions post their GST components here and then journal them into the GST liability account when the liability is actually incurred. This account is also briefly used when cancelling a cheque payment containing a GST component.
- Provision for superannuation
At the end of each pay cycle, the system posts a superannuation provision journal to this account for the amount of superannuation that is to be paid to each member's superannuation fund. The balance is cleared by the superannuation payment activity.
- Petty cash
The system uses this account (by default) when posting payments using the 'cash not to be banked' payment method.
- Salaries
The system posts payroll transactions to this account, tagging each transaction with the pertainent member.
- Superannuation (expense)
The system posts superannuation payments to this account.
- Suspense
The system uses this account to perform the many-to-many transaction posted as part of an adjustment journal.
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