Company’s Financial Set Up

This section explains how to configure the financial settings which will be useful in producing your reports, invoices and bills.

 

 

Step 1

Go to: Main Menu  >  Accounting  >  Settings  >  Financial Settings

(Click on image for larger view)

 

Step 2

Once you’re here, fill in the relevant information.

(Click on image for larger view)

Kindly refer to your accountant for correct information of all the items below. In case you need it, here’s a brief explanation:

  1. Default Currency: Pick the existing currency or select “New Currency” to create one.
  2. Financial Year End(day): Set a default financial year-end for your organisation: 31st for a financial year that runs from 1 January to 31 December.
  3. Lock date: Click here to read more about lock date.
  4. Financial Year End(Month):  Set a default financial year-end for your organisation. December for a financial year that runs from 1 January to 31 December.
  5. Account Receivable: This is usually where your receivable invoice would be reflected. If you need to add a new account line, see previous lesson. The same applies for the rest.
  6. Account Payable: This is usually where your payable invoice would be reflected.
  7. Currency Gain Account: This is usually where any gains in exchange rates would be reflected.
  8. Unpaid Expenses Claims Account: This is usually a suspense account.
  9. Account Receivable Tax: This is usually a output tax account.
  10. Account Payable Tax: This is usually a input tax account.
  11. Currency Loss Account: This is usually where any losses in exchange rates would be reflected. 
  12. Retained Earning Account: This is usually your retained earning account.
  13. Rounding Account: This is usually an sundry expenses or gain account.

 

(Click on image for larger view)

For your reference, the items in the image above are.

  1. Sales Journal – this is used for records purposes.
  2. Receipts Journal – this is used for records purposes.
  3. General Journal – this is used for records purposes.
  4. Purchase Journal – this is used for records purposes.
  5. Disbursement Journal – this is used for records purposes.
  6. Tax ID number: Your registered GST number.
  7. Branch Number: For companies which are part of a franchise or a chain of companies.
  8. Bank Reconcile Max Day: This is the range (by days) where the auto-match feature would search for a suitable matching payment. Find out more later.

Note: Items 1-5 would have been cover in the previous lesson

Kindly refer to your accountants for correct information of all the items above.

 

After filling in the relevant information, select “Save”.

Back to Top

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.