Truebooks ERP

Control Account Configuration

Configure which Chart of Accounts are designated as control accounts for financial period management and reconciliation.

Accounts Receivable

AR Control Account

Select the asset account that tracks total customer receivables

Accounts Payable

AP Control Account

Select the liability account that tracks total supplier payables

Inventory

Inventory Control Account

Select the asset account that tracks total inventory value

Cost of Goods Sold

COGS Account

Select the expense account for cost of goods sold

Retained Earnings

Retained Earnings Account

Select the equity account for retained earnings (year-end closing)

Opening Balance Equity

Opening Balance Equity Account

Select the equity account for opening balance adjustments

About Control Accounts

Control accounts are summary accounts in the general ledger that aggregate detailed subledger balances:

AR Control: Should equal the total of all individual customer balances

AP Control: Should equal the total of all individual supplier balances

Inventory Control: Should equal the total value of all inventory items

COGS: Records the cost of inventory sold during the period

Retained Earnings: Receives net income/loss during year-end closing

Opening Balance Equity: Used for opening balance entries when starting a new period

Important: Control accounts must be properly configured before performing year-end closing. The system will validate that control account balances reconcile with their respective subledgers.