This section outlines how to configure general accounting settings within the system.

Overview

To access these settings, go to Setup > Accounting > General.

Security Note: The Security option for General Accounting settings is available under the Report Section of the Role Setup.

Configuration Options

• Financial Year: Select Current to set the system to operate in the current financial year by default.
• Financial Period Number: Select the current financial period you wish to work in. This period must be advanced monthly. Remember to adjust it at the beginning of each new month. At the end of the financial year, a Financial Year End process will automatically run, resetting the periods to start from 1.
• Day of Month-End: Enter a day between 1 and 31. This date should align with your defined financial periods. The automatic month-end process will run monthly on this specific day, calculating interest and fees up to that date. The interest and fees will be recorded on this month-end date, unless you initiate an additional month-end run.
• Accumulated Profit or Loss Account: This is also known as the Retained Income Account. You must specify the relevant ledger for this account.
• VAT Percentage: If VAT is not applicable to your operations, set the VAT percentage to zero. If VAT is applicable, enter the correct percentage and then save your changes. Ensure that VAT is also activated on the relevant ledgers and events for it to be applied correctly.

Available Buttons

• Save: Click this button to save any changes you've made to the settings.
• Cancel: Click this button to cancel your current actions and return to the previous page without saving.