System and General GL: Difference between revisions
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The System and General GL User Setting Interface offers users a streamlined platform to establish default GL codes and parameters, enhancing operational efficiency across various functions. Within this interface, users can conveniently configure GL codes and parameters for key areas such as Sales, Purchase, Inventory, Finance, Dimensions, and Products. | |||
===General GL=== | ===General GL=== | ||
* '''Past Due Days Interval:''' The interval of time after which payments become past due. | |||
* '''Retained Earnings:''' The Retained Earnings Account, classified as an Equity Class account, represents accumulated earnings kept within the company rather than distributed as dividends. | |||
* '''Profit/Loss Year:''' The Profit and Loss Year Account, categorized as an Expense Account, tracks the net income or loss generated during a specific accounting period. It's recommended to create an account code (e.g., 9990 or 999990) within the Expense Class account for this purpose. | |||
* '''Exchange Variances Account:''' An account designated to record discrepancies arising from currency exchange rate fluctuations. | |||
* '''Foreign Exchange Gains/Losses (Realised):''' This account captures gains or losses resulting from realized foreign exchange transactions, reflecting the difference between the original exchange rate and the rate at the time of transaction settlement. | |||
* '''Bank Charges Account:''' An account utilized to track fees and charges incurred by the company for banking services or transactions. | |||
===Customers and Sales=== | ===Customers and Sales=== | ||
Latest revision as of 18:11, 5 March 2024
The System and General GL User Setting Interface offers users a streamlined platform to establish default GL codes and parameters, enhancing operational efficiency across various functions. Within this interface, users can conveniently configure GL codes and parameters for key areas such as Sales, Purchase, Inventory, Finance, Dimensions, and Products.
General GL
- Past Due Days Interval: The interval of time after which payments become past due.
- Retained Earnings: The Retained Earnings Account, classified as an Equity Class account, represents accumulated earnings kept within the company rather than distributed as dividends.
- Profit/Loss Year: The Profit and Loss Year Account, categorized as an Expense Account, tracks the net income or loss generated during a specific accounting period. It's recommended to create an account code (e.g., 9990 or 999990) within the Expense Class account for this purpose.
- Exchange Variances Account: An account designated to record discrepancies arising from currency exchange rate fluctuations.
- Foreign Exchange Gains/Losses (Realised): This account captures gains or losses resulting from realized foreign exchange transactions, reflecting the difference between the original exchange rate and the rate at the time of transaction settlement.
- Bank Charges Account: An account utilized to track fees and charges incurred by the company for banking services or transactions.