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Contents
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Summary Accounts establish the default offset accounts used throughout the WESPaC Financial system. Use this process to set up district summary accounts. Multiple accounts may be created for each summary account type.
There are many different types of summary accounts. Accounts Payable Comp Tax and Accounts Receivable Sales Tax are two types that may be especially useful for Washington. While some districts use the same liability account for comp tax as for invoices, these two types allow you to create separate accounts for comp tax and sales tax. Doing this allows identification of the specific amounts and types of taxes owed at any given time. (See AR Deferred Revenue for details on Deferred Revenue invoices.)
Sample Report
Page Updated 4/07
