To begin adding a new account set, do one of the following:

• Enter a code for the account set.
• Click the New button to the right of the field.

To edit an existing account set, enter its code.

If you use multicurrency accounting, you assign a currency code to each account set to identify the currency used by the vendors you will assign to the set.

You must assign a currency code that is included in the Currency screens in Common Services.

Note: Once you add an account set, you cannot change its currency.

Enter a description of the account set, using up to 60 characters.

An income statement account to which you post differences arising from fluctuating exchange rates when you revalue a transaction at a new exchange rate or when you apply a payment to it.

A gain occurs when changes in the exchange rate cause an decrease in the functional-equivalent amount you owe to a vendor.

An income statement account to which you post differences arising from fluctuating exchange rates when you revalue a transaction at a new exchange rate or when you apply a payment to it.

A loss occurs when changes in the exchange rate cause an increase in the functional-equivalent amount you owe to a vendor.

Specify an income statement account that is updated with differences that arise when converting amounts from source currencies to the functional currency.

Select this option if you do not want to assign the account set to any vendors. For example, if you decide to delete an account set, and want to ensure no further vendor accounts are assigned to it. You can change this option any time.

Note: If you make an account set inactive, you can no longer assign it to vendor records. You also cannot save changes to vendor records that use the inactive account set, unless you first assign the records to an active account set.

This field displays the date of the last change made to the account set.

A liability account that contains the total amount payable to all vendors assigned to the control account set. The account is credited when invoices or debit notes are posted, and debited when payments or credit notes are posted.

Note: The word "control" in the account name means that the account contains only totals, whereas the information stored by the Accounts Payable program contains details at the transaction-distribution level.

If all transactions are processed correctly, the total of all Payables balances in the Accounts Payable system balances with the totals in the Payables control accounts in your general ledger.

An asset account to which prepayments are debited. The account is credited when prepayments are applied to invoices or refunded.

An income statement account that is credited with discounts taken for early invoice payment.

A liability account to which you post amounts you withhold (holdbacks) on vendor invoices.

These accounts are available only if you selected the Realized and Unrealized Gain/Loss accounting method in the Company Profile, in Common Services.

They are income statement accounts to which you post changes in the functional-equivalent values of multicurrency transactions when you revalue them at new exchange rates.

A gain occurs when a payable transaction decreases in value. A loss occurs when a payable transaction increases in value.

The gain or loss is "unrealized" because the transaction is not completed (that is, you have not paid it) and the exchange rate for the transaction can continue to change until it is fully paid.