Here is a list of the linked accounts that are used for purchase transactions, along with information about where the linked accounts will be used:
The amounts your company owes its suppliers for purchases you've made on account are considered liabilities. This account summarises all the money owed to your suppliers; it appears on your balance sheet and other financial reports. This account will be credited (increased) whenever you enter purchases on account using the Purchases window. This account will be debited (decreased) whenever you enter a payment for a supplier using the Pay Bills window.
This account is used to track the amounts you pay to your suppliers. This account appears as a default entry for the transactions you enter in the Pay Bills window, but you can choose another chebank account. When you enter a bill payment, this account (or the chebank account you select instead of it) will be credited by the amount of the transaction, and your linked Liability Account for Tracking Payables will be debited. In effect, both the chebank account and the accounts payable account will be decreased.
The account you select here must have been assigned chebank or credit card privileges in the Edit Accounts window.
This account is used to track the freight amounts you enter for the purchases you make using the Purchases window. This account enables you to see how much of your gross purchases amount is actually goods or services, and how much is payment for delivery. This account appears on the Trial Balance, the Profit and Loss Statement and other reports.
This account is used only if you marked the "I pay freight on purchases" option in the Easy Setup Assistant or the Accounts Payable Linked Accounts window. If your suppliers don't deliver goods to your company, you can skip this account.
This account is used to track the amounts you pay in advance for orders entered in the Purchases window. The amount is considered an asset for your company until the purchase actually is made, because all or a portion of the deposit will have to be returned to you if the purchase isn't made. This account appears on the Trial Balance, the Profit and Loss Statement and other reports.
This account is used only if you marked the "I track deposits paid to suppliers" option in the Easy Setup Assistant or the Accounts Payable Linked Accounts window. If you never make deposits on purchase orders, you can skip this account.
This account is used to track the discounts you take for early payment, based on the credit terms your suppliers have extended to you. When you enter payments using the Pay Bills window, the discount amount you're eligible for appears as a default entry, but you can enter a larger or smaller amount, if necessary. The actual discount amount you enter will be tracked using the linked Expense (or Contra) Account for Discounts.
This account is used only if you marked the "I take discounts for early payments" option in the Easy Setup Assistant or the Accounts Payable Linked Accounts window. If you don't take early-payment discounts to your customers, you can skip this account.
This account is used to track the fees you pay when a bill payment is past due, or if you are charged a finance fee on unpaid balances. This account is updated when you enter an amount in the Finance Charge field in the Pay Bills window.
This account is used only if you marked the "I pay charges for late payment" option in the Easy Setup Assistant or the Accounts Payable Linked Accounts window. If you aren't required to pay late charges, you can skip this account.
Click below for the step-by-step procedure:Click below for the step-by-step procedure:
To change Purchases linked accounts
To change the Payable linked account for individual payroll taxes