About setting up accounts for posting receivable invoices
Enter the following information and options when setting up accounts for posting receivable invoices:
Sales Tax Payable. Enter the ledger account to which you are posting sales tax.
Finance Charges. Enter the ledger account to which you are posting the finance charges.
When printing client statements, you can create the finance charges for overdue invoices. Select the Calculate Finance Charges checkbox, and then generate the statements. Sage 100 Contractor uses the finance rate set up in the job record to compute the finance charge and create a separate invoice for the amount.
Discounts Given. Enter the ledger account to which you are posting discounts given to cash receipts.
WIP Payroll. Enter the ledger account to which you are posting WIP payroll.
When posting the invoiced costs against a job, Sage 100 Contractor looks at the WIP Posting checkbox in the job file. If you selected the WIP Posting checkbox, Sage 100 Contractor posts payroll costs to the account in the WIP Payroll box.
Retained Earnings. Enter the ledger account to which you are posting the net profit when closing the books at the fiscal year-end.
You can change the account numbers on the Receivables tab regardless of whether you have posted transactions. If you change the account number, you have to move the balances to the new account through a journal transaction.