This screen enables you to configure liability accounts in your new database. The fields are as follows:
- Liabilities code and Liabilities name: This is a header account that all other liability accounts are grouped under. The name of this account will appear on reports that group liabilities together.
- Payables code and Payables name: This account is used for short term payables that are not account or trade payables.
- Tax received code and Tax received name: This account is used to track your sales/GST/VAT tax received from customers. If you are using a single tax account, it is also used for these taxes that you have paid to suppliers. Depending on your tax environment, you may receive credits for these tax payments.
- Tax paid code and Tax paid name: This account is used to track tax payments that you have made to suppliers. Depending on your tax environment, you may be eligible for tax credits for these tax payments. If you have chosen to use a single tax account, these amounts are tracked by your tax received account.
- Accounts payables code and Account payables name: This account tracks the amounts payable to your suppliers on trade credit. The Uwazi supplier module tracks individual amounts payable per supplier.
- Payroll payable code and Payroll payable name: This account tracks the amounts that are payable to your employees, such as ordinary wages, their income tax withheld payable to tax authorities and retirement/pension/superannuation benefits.
- Unearned income code and unearned income name: This account tracks amounts that you have received for produces or services that you provide (in part or whole) in the future. Under most accounting standards, you are unable to immediately recognize these amounts as income, but need to treat them as a liability in an unearned income account until contractual obligations have been fulfilled to your customer.
Account codes and names can be changed later through Uwazi’s Chart of Accounts screens.