Accounting Setup
Click here to see this page in full context

 

 

Accounting Setup

Accounting Setup

  1. From the ribbon, left-click Financials, left-click Administration and left-click Accounting Setup…

  2. The Accounting Setup window will appear.

    1.   Accounting Setup window toolbar
      1. Edit button – Left-click to enter “edit” mode.
      2. Set Periods button (active only in “edit” mode) – Left-click to set the periods for the current fiscal year based upon the number of periods selected in the Periods field on the Fiscal Year Periods tab.
      3. Opt (Options) button (active only when NOT in “edit” mode)
        1. 1. Previous Closed Years option – Left click to view and edit previously closed years and their periods.
      4. Cancel button (active only when in “edit” mode) – Left-click to cancel the changes in the Accounting Setup window.
      5. OK button (active only when in “edit” mode) – Left-click to accept and save the changes in the Accounting Setup window.
      6. Close button (active only when NOT in “edit” mode) – Left-click to close the Accounting Setup window.
    2. Fiscal Year Periods tab

      1. General group box
        1. Fiscal Year Begins field – Select the start date of the fiscal year.
        2. A/R GL Acct - Hdr field – Select the general ledger account that should be used on sales transactions by default when posted by document.
        3. A/R GL Acct - Line field – Select the general ledger account that should be used on sales transactions by default when posted by line.
        4. A/P GL Acct - Hdr field – Select the general ledger account that should be used on purchase transactions by default when posted by document.
        5. A/P GL Acct - Line field – Select the general ledger account that should be used on purchase transactions by default when posted by line.
        6. Retained Earnings field – Select the general ledger code to which retained earnings should be posted upon year end closing.
        7. Post to Closed Periods flag – Mark this flag as “checked” to allow posting transactions to closed periods in the current fiscal year.
        8. Post to Pre Closed Year flag – Mark this flag as “checked” to allow posting transactions to periods in previously closed fiscal years.
      2. Sales group box
        1. AutoPost to A/R flag – Mark this flag as “checked” to automatically post sales documents to accounts receivable when they are approved and/or printed.

          NOTE: If this flag is not marked as “checked”, documents will need to be manually posted to accounts receivable.
        2. Post Invoices By field – Select the date that the system should use to determine the period to which sales invoices will post. 
          1. Invoice Date – The date the sales invoice was created
          2. Approved/Printed Date – The date the sales invoice was approved and printed.
        3. Post R.M.A. By field - Select the date that the system should use to determine the period to which RMAs will post. 
          1. Received Date – The date parts are received back from the customer and the RMA is created.
          2. Approved Date – The date the RMA was approved as a credit.
      3. Purchasing group box
        1. AutoPost to A/P flag – Mark this flag as “checked” to automatically post purchase documents to accounts payable when they are approved and/or printed.

          NOTE: If this flag is not marked as “checked”, documents will need to be manually posted to accounts receivable.
        2. Post Receivers By field – Select the date that the system should use to determine the period to which purchase receivers that are not matched against vendor invoices will post.
          1. No Posting – Receivers will not be posted to the general ledger. 
          2. Receive Date – The date the purchase receiver is created.
          3. Post To Stock Date – The date inventory was updated from the purchase receiver.
          4. Approve Date – The date the purchase receiver was approved and closed.

        3. Post Vend. Invoices By field – Select the date that the system should use to determine the period to which vendor invoices will post.

          1. Our Invoice Date – The date the invoice was created.
          2. Vend. Invoice Date – The date of the vendor invoice.
        4. Post Claims By field – Select the date that the system should use to determine the period to which claims will post.
          1. Shipping Date – The date the claim was shipped to the vendor.
          2. Approve Date – The date the claim was approved as a debit.
      4. Post W/H Transfer By field – Select the date that the system should use to determine the period to which warehouse transfers will post.
        1. Creation Date – The date the warehouse transfer was created.
        2. Received Date – The date the warehouse transfer was received and closed.
      5. Fiscal Periods group box
        1. Current Open Fiscal Year field – Displays the current open fiscal year.
        2. Periods field – Select the number of periods that your organization recognizes during the fiscal year. 

          NOTE: The system currently only supports values of 1, 2, 4, 6, 12 and 13
        3. Current field – Displays the current open period.
        4. From column values – Select the start date for each period.
        5. To column values – Select the end date for each period.
        6. Closed column flags – This flag is marked as “checked” when the corresponding period is closed.
        7. AR column flags – Mark the flag that corresponds to the current open month as “checked” to close accounts receivable for that month.
        8. AP column flags – Mark the flag that corresponds to the current open month as “checked” to close accounts payable for that month.
        9. GL column flags – Mark the flag that corresponds to the current open month as “checked” to close the general ledger for that month.
    3. Late Charges tab

      1. Late Charges group box
        1. Late Payment Charge field (for 0-30 days) – Enter the late payment charge percentage when customer payments are 0-30 days overdue.
        2. Late Payment Charge field (for 30-60 days) – Enter the late payment charge percentage when customer payments are 30-60 days overdue.
        3. Late Payment Charge field (for 60+ days) – Enter the late payment charge percentage when customer payments are 60 days or more overdue.
        4. GL Acct fields – Select the general ledger account(s) that should be associated with assessed late payment fees.
    4. Defaults tab

      1. Journal Entry type for Void Payables group box
        1. Account Receivable Void field – Identify the default journal entry type assigned to accounts receivable void entries.

          NOTE: See the section titled “Journal Entry Type Codes Table Setup” in this procedure manual for instruction for managing journal entry types.
        2. Account Payable Void field – Identify the default journal entry type assigned to accounts payable void entries.

          NOTE: See the section titled “Journal Entry Type Codes Table Setup” in this procedure manual for instruction for managing journal entry types.
      2. Journal Entry type for salary import group box
        1. Journal Type field – Identify the default journal entry type assigned to accounts payable void entries.

          NOTE: See the section titled “Journal Entry Type Codes Table Setup” in this procedure manual for instruction for managing journal entry types.
      3. Journal Entry type for Credit/Debit group box
        1. Account Receivable Void (Credit) field – Identify the default journal entry type assigned to credit void entries.

          NOTE: See the section titled “Journal Entry Type Codes Table Setup” in this procedure manual for instruction for managing journal entry types.
        2. Account Payable Void (Debit) field – Identify the default journal entry type assigned to debit void entries.

          NOTE: See the section titled “Journal Entry Type Codes Table Setup” in this procedure manual for instruction for managing journal entry types.
      4. Void Credit Memo GL Defaults group box
        1. GL Code Debit field – Identify the GL code to be used by default for debit entries when credit memos are voided.
        2. GL Code Credit field – Identify the GL code to be used by default for credit entries when credit memos are voided.
      5. Void Debit Memo GL Defaults group box
        1. GL Code Debit field – Identify the GL code to be used by default for debit entries when debit memos are voided.
        2. GL Code Credit field – Identify the GL code to be used by default for credit entries when debit memos are voided.
      6. Journal Entry Currency Discrepancy GL Code group box
        1. GL Code field – Identify the GL code to be used by default when an entry is created due to a currency discrepancy.
      7. J/E Defaults button – Left-click to setup default journal entry type codes by document transaction category.  The Insert Journal Entry Type Defaults window will appear.

        1. Category field – Select the document for which a journal entry type should be associated.
        2. Entry Type field – Select the journal entry type that should be associated with the document.

AEROSPACE     •     DEFENSE     •     ELECTRONICS     •     POWER SYSTEMS     •     METALS•     DEFENSE     •     ELECTRONICS     •     POWER SYSTEMS     •     METALS

 

 

Accounting Setup