Def - Control Account

A Control Account is a general ledger account containing only summary amounts. The details for control accounts are stored in a separate but related subsidiary ledger. The subsidiary ledger allows for tracking transactions within the control account in more detail. Individual transactions are posted both to the control account and the corresponding subsidiary ledger, and the totals for both are compared when preparing a trial balance to ensure accuracy. Control Accounts keep the general ledger free of details, while still maintaining correct balance for preparing the company's financial statements. The most common examples of Control Accounts include Accounts Receivable and Accounts Payable. The List of Control Account Types include:

• Brokerage: The accrued brokerage payable. The details are stored in Program Balances.  
• Checkbooks: The balance of a bank account. The details are stored in the Checkbook Transactions inquiry.
• Customers: Current Accounts Receivable. The details are stored in the custom aging.
• Fishermen: Current fishermen payable/receivable. The details are stored in the Fisherman Balances inquiry. 
• Fishermen Loans: Current Fishermen Loans Receivable. The details are stored in the Fisherman Balances inquiry.
• Freight: Current Accrued Freight (from Freight POs). The details are stored in the Purchase Order Lines List View.
• Growers: Current Grower Payable. The details are stored in the vendor aging. 
• Inventory: Current inventory valuation. The details are stored in the Inventory valuation.
• Rebates: The accrued rebates payable. The details are stored in Program Balances.
• Retained Earnings: This is posted to during a year-end close.
• Vendors: Current Accounts Payable. The details are stored in the vendor aging.