Maintain Control Accounts

Maintain Control Accounts

The Maintain Control Accounts routine houses all the General Ledger control numbers for the Firm. These numbers are registered when eQuinox is originally installed. A Control Account is a General Ledger Account that is supported by detailed information in a subsidiary ledger. For example, when numerous individual accounts receivables from Clients are placed in a subsidiary ledger, an account entitled Accounts Receivables will continue to be maintained in the General Ledger. This account shows the total amount due from all Clients; this single Control Account in the General Ledger represents the numerous Clients' accounts that make up the subsidiary ledger. The General Ledger is still in balance because the Control Account, Accounts Receivable, has a balance equal to the total of the individual Clients' accounts.

In eQuinox, Control Accounts are those that are impacted by all of the automatic posting routines. For example, when the user posts disbursements (an automatic posting routine), the system looks for the WIP Disbursements Control Account as the Debit Account. Since changing Control Account information will affect the entire accounting aspect of the system, the user must exercise extreme caution when modifying information on this screen.

The Maintain Control Accounts routine allows the user to enter new or edit existing Control Account information. Once any changes are made, the user must click the Save button on the menu bar to commit the changes and update the system with the new information. To exit the screen without saving the changes, simply click the Exit button on the menu bar. Again, the user must exercise extreme caution when modifying information on this screen.

When the Maintain Control Accounts routine is accessed from the eQuinox main menu, the screen shown below will be displayed.

Field Definition

Maintaining Control Accounts

Control Group
The name of the Control Group to which the account belongs. The Control Group name may be selected from the List of Values provided. To view information for a specific control group, the user may execute a query based on that control group name; to view information for all control groups, the user may execute a query without restrictions (i.e. simply hit the F7 & F8 keys).

Account Name
The name of the General Ledger Account. When entering new accounts into the system, this value may be manually entered. For existing accounts, the name cannot be edited or updated as this will affect GL postings.

General Ledger Account
The assigned Account Number for the General Ledger account. The Account Number may be selected from the List of Values provided. Once a selection has been made, both the Account Number and the Account Name/Description will be displayed. The accounts that are available for selection are those maintained in the Maintain GL Master routine.

Once the user has finished entering or updating information, they must click the Save button or press F10 to commit the changes to the database.