"Control the Present, Predict the Future..."

Hello Everyone…

Accounting Interface (Part 1 of 2 - GL Posting Report)

     With a staff of 15+ full-time programmers adding features daily to the CPS product line, I often neglect to communicate some of the older features. I found this out the hard way last week while talking with two of our long-time customers. I learned both were doing a lot of extra work that they could have avoided had they known about the Accounting Reports (Part 1 of 2 here) and Accounting Interface (Part 2 of 2 - next newsletter) capabilities within CPS.

     Understanding a couple simple concepts could save you and your staff countless hours.

     I know that many accounting packages have invoicing features and you invoice out of your accounting system because you "have always done it that way". However, you have a state-of-the-art POS system where all of the transactions take place. Use your CPS product to do your invoicing, not your accounting system. You will have a much more accurate and real-time picture of your business this way.

     All accounting systems revolve around a Chart of Accounts which is simply a grouping of Assets, Accounts Receivables, Liabilities, Income, etc. You don't need to bog down your accounting system with sales and customer details - that is the job of your CPS SQL database. I can assure you; most accounting packages under $20,000 do not use a SQL database and are significantly less efficient at handling the volume of data for which CPS is designed.

     Your accounting system only needs grouping totals. These groupings are your GL (General Ledger) codes. You can get a copy of your accounting GL codes from the Chart of Accounts in your accounting system or ask your accountant. You need to enter these into the Chart of Accounts table in CPS.

In CPS, Tools – Option (or just press the F2 key). - Accounting - Chart of Accounts.

      You need to ‘Add’ each account in your Chart of Accounts that will be used in the CPS POS.  Enter your Chart of Accounts to match your accounting system setup. NOTE: You only need to enter the GL codes for the Asset, Liability, Income and Cost of Goods Sold (COGS) accounts that pertain to the sales you process through CPS. For example, Cash, Accounts Receivable (Member Charge), Gift Certificate/Cards, Green Fee, Golf Merchandise Sales, COGS-Golf Merchandise, etc.

  
   The Account # must match your Account Number in your Accounting package.  Enter the Description, Type, Major Category, and Section.  Rollup is for report grouping.  For initial setup you can leave this blank.  Click Save and repeat for each GL Account.

     Once that is complete, then we need to set up your Sale Categories to define the GL codes to which they belong. Go To Options - Reference Tables - Sale Category. Select a Sale Category from the list and click the Edit link. (NOTE: You can also double-click a line item to edit it).

     
    
     This will open the Sale Category edit screen where you will assign the GL code. Select the GL Account Description from the drop-down box. If this Sale Category is for inventoried items, then you should also assign the Cost of Goods Sold (COGS) and Inventory GL codes. Click Save. Repeat this process for each Sale Category.

     Repeat the process to assign GL Codes to your Payment Methods (Payment Codes). Go-To Options - Accounting - Payment Codes and assign a GL account for each Payment Code.

 

     Edit and set the GL Code for each payment method.

     Now that all the setup is complete, you can take advantage of the Transaction by GL Posting Report. This report will consolidate all of your sales transactions into one consolidated entry for each GL code. This makes it easy for your accounting folks to do one General Journal entry for each GL code.

 

     The following is an example of the report. The last page of the report (not shown below) displays the payment methods and their totals.

 

     Extra Bonus - Set up this report to automatically email to your accountant and you don't even have to run the report for them!

Next Lesson - How to export these GL Code entries from PSK and Import them into the accounting system.

Until Next Time…

Enjoy J

If you need anything, let us know.

Also, if you would like something specific covered in one of these Lessons, send the request my way.

See all the great tips in our prior newsletters posted on our website under the Lessons from the Pro link. 

Thanks

Tom and Rick Robshaw

Email

Tom@clubprophetsystems.com

Rick@clubprophetsystems.com