The Accounts Payable tab stores default accounts that apply by Fiscal Year to Accounts Payable functionality. Sub account fields are always optional, even if the primary account is required by other system configuration.
The following table displays default accounts in alphabetical order.
Default Account |
Description |
Accounts Payable Accounts Payable Sub Account Accounts Payable Override |
An open-use payable liability for use when Disbursements Payable is not the correct account. One example would be in recording accruals in the prior period or year. |
Backup Withholding On |
The inferred setting from the System Options reference page to assist in the completion of default account values that contain edits for being required based on this option. |
Backup Withholding Payable Backup Withholding Payable Sub Account Backup Withholding Payable Override |
The liability account used to maintain the balance of withholding offset amounts payable to the IRS. |
Cancelled Disbursements Payable Cancelled Disbursements Payable Sub Account Cancelled Disbursements Payable Override |
The liability account is used to record the liability when a disbursement is cancelled. |
Contract Withholding Enabled |
The inferred setting from the 1099 Processing Options and Controls (1099P) page to assist in the completion of default account values that contain edits for being required based on this option. |
Contract Withholding Payable Contract Withholding Payable Sub Account Contract Withholding Payable Override |
The liability account used for Contract Withholding. |
Disbursement Option |
The inferred setting from System Options (SOPT) to assist in the completion of default account values that contain edits for being required based on this option. |
Disbursements Payable Disbursements Payable Sub Account Disbursements Payable Override |
The liability account used to record the liability between the point of payment request and disbursement. |
Escheat Payable Escheat Payable Sub Account Escheat Payable Override |
The liability account recording the total of disbursements deemed escheated. |
Expenditure Offset Expenditure Offset Sub Account Expenditure Offset Override |
The equity account used to offset expenditures used to purchase an asset. |
Intercept Application On |
The inferred setting from System Options (SOPT) to assist in the completion of default account values that contain edits for being required based on this option. |
Intercept Cash Account Intercept Cash Sub Account Intercept Cash Override |
This cash account used to accumulate the cash set aside in a payment intercept before transferring it to the claim recipient. |
Intercept Payable Intercept Payable Sub Account Intercept Payable Override |
The liability account used to accumulate payment-offset amounts before transfer to the claim recipient. |
Payroll Clearing Fund Payroll Clearing Sub Fund Payroll Clearing Fund Override |
This default fund is not used by the application. Payroll Clearing Funds are specified directly in the Payroll transactions when using Advantage payroll and to the Payroll Journal Voucher when using another application. |
Retainage Payable Retainage Payable Sub Account Retainage Payable Override |
The liability account used to hold funds retained in the execution of a contract until terms of the contract are fulfilled so the funds are released. If not fulfilled, the funds are forfeited. |
Stale Dated Payable Stale Dated Payable Sub Account Stale Dated Payable Override |
The liability account recording the total of disbursements deemed stale dated. |
Undistributed Receipts Undistributed Receipts Sub Account Undistributed Receipts Override |
The liability account updated when retainage is forfeited when revenue is not the correct account because of reasons such as being withheld in the prior budget fiscal year. |
Use Tax Payable Use Tax Payable Sub Account Use Tax Payable Override |
The liability account used to temporarily hold use taxes applied before being remitted. |
Warrant Clearing Fund Warrant Clearing Sub Fund Warrant Clearing Fund Override |
The default fund used when the Disbursement option is Clearing Fund to hold the cash and warrants payable instead of an operating fund until the warrant is redeemed or other post issue action is taken. |
Warrants Payable Warrants Payable Sub Account Warrants Payable Override |
The liability account used to hold the payable amount for a warrant until cleared or other post issue action. The account is used when the Disbursement Option is Standard Warrant or Clearing Fund Warrant |