What are Account Sets in Sage 300?
Account Sets are group of General Ledger accounts that you would like to post to when transactions are entered into subsidiary ledgers.
The subsidiary ledgers where you would set up Account Sets include:
- Accounts Payable
- Accounts Receivable
- Inventory Control
- Project and Job Costing
To set up Account Sets, you would go to the respective module’s Setup section.
Accounts Payable and Accounts Receivable Account Sets
In Accounts Payable as well as Accounts Receivable, Account Sets allow you to define multiple control accounts for transactions. For example, in Accounts Payable, you can define Trade and Other (or Sundry) Creditors as shown in the screenshot below:
Notice that the General Ledger Payables Control account for each is different. Trade Creditor transactions will be posted to “2015 – Accounts payable, trade”, while Sundry Creditor transactions would be posted to “2020 – Accounts payable, other”.
These account sets would then be linked to Vendor records in Accounts Payable in the Processing tab.
Inventory Control Account Sets
Inventory Control Account Sets have the added feature of specifying Costing Methods. As mentioned in our post on Inventory Costing Methods, you can select and use 8 costing methods. For each of these, you can create a separate General Ledger Inventory Control Accounts Set for ease of tracking and reconciliation.
Note the Costing Method for this Account Set is Moving Average, and the Inventory Control Account is “1300 – Inventory” in the General Ledger.
How is this helpful?
Creating and setting Account Sets ensures that entries flowing from subsidiary ledgers to General Ledger are posted to the correct accounts.
This removes the need for clerical staff to understand or grapple with accounting knowledge and concepts. They just need to enter transactions as it occurs and Finance can be assured that the entries flow in to the correct General Ledger accounts.