ADVANTAGE POS Software divides the chart of accounts into five main account categories. The categories are Assets, Liabilities, Equity, Income and Expense accounts. You can also review all accounts by selecting the all tab.

                                        1.  Asset Accounts - things of value owned by the business.

                                        2.  Liability Accounts - amounts owed to outsiders.

3.  Owner's Equity Accounts - amounts owed by the business

to its owners (profit).  If the business loses money the owners may

owe additional money to the business.

                                        4.  Revenue Accounts - Sources of income.

                                        5.  Expense Accounts - Payments necessary to run the business.

To add an account, select the plus icon on the tool bar found on the top of the screen. A General Ledger account is a combination of the account number and the department. You can use the same account number for a different account if you have a different department for each account. The power is in essence the ability to have accounts departmentalized. For instance you can have an account called Sales numbered 5000 with department 10 for Retail and another sales account number 5000 but with department called 20. Review the following examples to explain best.

Account Name Department

5000 Sales Retail 10 (Retail)

5000 Sales Services 20 (Services)

6010 Cost of Goods Sold –Retail 10 (Retail)

6010 Cost of Goods Sold – Service 20 (Service)

This ability is great because it allows you the capability to perform department and consolidated reporting for financial reports.

SAMPLE CHART OF ACCOUNTS

Asset Accounts

Current Assets

1000 Petty Cash

1010 Regular Checking Account

1020 Payroll Checking Account

1030 Savings Account

1040 Special Account

1050 Investments-Money Market

1060 Investments-Certificates of Deposit

1100 Accounts Receivable

1140 Other Receivables

1150 Allowance for Doubtful Accounts

1200 Supplies Inventory

1210 Inventory

1400 Pre-paid Expenses

1410 Employee Advances

1420 Prepaid Interest

1430 Other Current Assets

Fixed Assets

1500 Furniture and Fixtures

1510 Equipment

1520 Vehicles

1530 Other Depreciable Property

1540 Leasehold Improvements

1550 Buildings

1560 Building Improvements

1690 Land

1700 Accumulated Depreciation, Furniture and Fixtures

1710 Accumulated Depreciation, Equipment

1720 Accumulated Depreciation, Vehicles

1730 Accumulated Depreciation, Other

1740 Accumulated Depreciation, Leasehold

1750 Accumulated Depreciation, Buildings

1760 Accumulated Depreciation, Building Improvements

Other Assets

1900 Deposits

1910 Organization Costs

1915 Accumulated Amortization, Organization Costs

1920 Notes Receivable, Non-Current

1990 Other Non-Current Assets

Liability Accounts

Current Liabilities

2000 Accounts Payable

2300 Accrued Expenses

2310 Sales Tax Payable

2320 Wages Payable

2430 401-K Deductions Payable

2335 Health Insurance Payable

2340 Federal Payroll Taxes Payable

2350 FUTA Tax Payable

2360 State Payroll Taxes Payable

2370 SUTA Payable

2380 Local Payroll Taxes Payable

2390 Income Taxes Payable

2400 Other Taxes Payable

2410 Employee Benefits Payable

2420 Current Portion of Long-term Debt

2440 Deposits from Customers

2480 Other Current Liabilities

Long-Term Liabilities

2700 Notes Payable

2702 Land Payable

2704 Equipment Payable

2706 Vehicles Payable

2708 Bank Loans Payable

2710 Deferred Revenue

2740 Other Long-term Liabilities

Equity Accounts

3010 Stated Capital

3020 Capital Surplus

3030 Retained Earnings

Revenue Accounts

4000 Sales of Service

4040 Sales - Retail

4080 Other Income

4540 Finance Charges Income

4550 Shipping Charges Reimbursed

4800 Sales Returns and Allowances

4900 Sales Discounts

Cost of Goods Sold

5000 COGS Service

5010 COGS Retail

5100 Direct Labor Costs

5150 Indirect Labor Costs

5200 Heat and Power

5250 Commissions

5300 Miscellaneous Factory Costs

5700 Cost of Goods Sold, Salaries and Wages

5730 Cost of Goods Sold, Contract Labor

5750 Cost of Goods Sold, Freight

5800 Costs of Goods Sold, Other

5850 Inventory Adjustments

5900 Purchase Returns and Allowances

5950 Purchase Discounts

Expenses

6000 Default Purchase Expense

6010 Advertising Expense

6050 Amortization Expense

6100 Auto Expenses

6150 Bad Debt Expense

6200 Bank Fees

6250 Cash Over and Short

6300 Charitable Contributions Expense

6350 Commissions and Fees Expense

6400 Depreciation Expense

6450 Dues and Subscriptions Expense

6500 Employee Benefit Expense, Health Insurance

6510 Employee Benefit Expense, Pension Plans

6520 Employee Benefit Expense, Profit Sharing Plan

6530 Employee Benefit Expense, Other

6550 Freight Expense

6600 Gifts Expense

6650 Income Tax Expense, Federal

6660 Income Tax Expense, State

6670 Income Tax Expense, Local

6700 Insurance Expense, Product Liability

6710 Insurance Expense, Vehicle

6750 Interest Expense

6800 Laundry and Dry Cleaning Expense

6850 Legal and Professional Expense

6900 Licenses Expense

6950 Loss on NSF Checks

7000 Maintenance Expense

7050 Meals and Entertainment Expense

7100 Office Expense

7200 Payroll Tax Expense

7250 Penalties and Fines Expense

7300 Other Taxes

7350 Postage Expense

7400 Rent or Lease Expense

7450 Repair and Maintenance Expense, Office

7460 Repair and Maintenance Expense, Vehicle

7550 Supplies Expense, Office

7600 Telephone Expenses

7620 Training Expense

7650 Travel Expense

7700 Salaries Expense, Officers

7750 Wages Expense

7800 Utilities Expense

8900 Other Expense

9000 Gain/Loss on Sale of Assets

Retail ADVANTAGE Point of Sale Software Online Manual Section 7.3

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