GL Codes
This help topic is applicable to the following TireMaster applications:
TireMaster Point of Sale |
TireMaster Plus |
TireMaster Corporate |
---|---|---|
GL codes connect your inventory items to TireMaster’s accounting system. GL codes specify which departments and GL accounts to post to when items are bought, sold, and included in other transactions.
The manner in which you design your GL codes depends on a variety factors. If you’re required to follow corporate accounting standards, refer to those guidelines to determine how many and what types of GL codes you need.
You also need to decide whether you want nonstock parts to post to the same sales and cost accounts as other similar items.
GL Code: TLTI (Tires Light Truck Inv.) |
GL Code TLTN (Tires Light Truck Non-Inv.) |
||
Inventory Account |
1200–200 |
Inventory Account |
1300–100 |
Sales Account |
4200–200 |
Sales Account |
4200–200 |
Expense Account |
5200–200 |
Expense Account |
5200–200 |
If you want noninventoriable items to post to different general ledger accounts than inventoriable items, create a GL code that uses different general ledger accounts for inventory, sales, and costs as shown in
GL Code: TLTI (Tires Light Truck Inv.) |
GL Code TLTN (Tires Light Truck Non-Inv.) |
||
Inventory Account |
1200–200 |
Inventory Account |
1300–100 |
Sales Account |
4200–200 |
Sales Account |
4300–100 |
Expense Account |
5200–200 |
Expense Account |
5300–100 |
When designing GL codes, keep in mind you need to specify which account federal excise tax posts to for some items. If your state collects a tire fee, you might need to post it to a liability account instead of a sales account. For inventory and cost accounts, the fee posts as usual.
GL codes are typically created during the going online process. However, if you start selling different types of items and services, you might need to create additional GL codes. You can also change most settings for GL codes and delete them if they’ve never been used. Before you can create new GL codes, make sure the chart of accounts is set up.
To add a GL code
1. | Select Inventory > Inventory GL Codes. The Inventory GL Code List opens. |
2. | Click Add. The Inventory GL Code Maintenance screen opens. |
3. | Type a unique code in the GL code field. |
4. | Type a description for the GL code. |
5. | If you have only one department, leave the department number alone. Otherwise, click the Department field and press . Then select a department from the list that appears. |
6. | If the GL code is for inventoriable items, leave the Inventory check box selected. If it’s for noninventoriable items, clear the check box. For more information, see Inventoriable Items and Noninventoriable Items |
7. | To post items assigned the GL code to the general ledger at a standard cost, select the Std Cost check box. Otherwise, leave it alone. |
8. | Assign general ledger accounts to the GL code. For each account, click the account field and press . Then select an account from the chart of accounts. |
9. | To save the GL code, click OK. |
The default GL code is automatically assigned to new items as they’re added to TireMaster. Depending on the item, you can use the default GL code or assign a different one.
To set the default GL code
1. | Select Setup > System Controls. The System Controls screen opens. |
2. | Click the General Ledger tab. |
3. | Select Default Inventory GL Code and press Enter. The Inventory GL Code List appears. |
4. | Select the code that you want to use as the default GL code and click OK. |
5. | Close the System Controls screen. |
If you change your chart of accounts, you might need to update the settings for some GL codes. You can change all of the settings for a GL code except the four-character code itself.
To edit a GL Code
1. | Select Inventory> Inventory GL Codes. The Inventory GL Code List opens. |
2. | Select the GL code you want to update and click Edit. The Inventory GL Code Maintenance screen opens. |
3. | Change the description, general ledger accounts, department, and inventory and standard cost check boxes as needed. |
4. | To save your changes, click OK. |
GL codes that have never been assigned to items can be deleted.
To delete a GL code
1. | Select Inventory > Inventory GL Codes. The Inventory GL Code List opens. |
2. | Select the code you want to delete, and click Delete. A confirmation message appears. |
3. | Click Yes. The GL code is removed from the database. |