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The Accounting tab is used to define the basic accounting principals for the application. It is divided into two sections: Board Specific & Accounts Payable. Within the Board Specific sections there are drop-down menus, and most labels identify the general purpose of the prompt.
The Accounting tab has the following options:
•Edit
Use the following steps to define or update the basic accounting principals:
1. Click on the System tab, click Settings, and select Accounting. The Accounting tab will be selected by default.
2. Click on the Edit button to make fields available.
3.. If applicable, in the Board Specific section, click on the First Month of Accounting Year drop-down menu to select an option. The default selected is September.
4. If applicable, click on the Accounting Periods drop-down menu to select the number of periods. The default selected is 12.
There are 12-15 allowable accounting periods a year. The number of periods dictates the number of accounting periods which can be opened, closed, & reported on, within a fiscal year. Transactions are stored according to the Accounting periods, which are opened at the beginning of each month and closed at the end of each month, using the month end process. For step by step instructions, refer to How to Run Month End for more information on this process.
5. If applicable, click on the Fiscal Year/ Period drop-down menus to select a year and period. The default selected is the current year and period the user is signed into. The Calendar Year/Month will display on the right in green and is read-only. This field will correspond with the fiscal year and period selected.
The year list ranges from the first year to the last year on record in the G/L table. The periods list ranges from 01 to 15.
Rule for Calendar Year/Month: it is typical for the accounting year to be different than calendar year. Usually, September is the first month of the accounting year. Example: If accounting year/period is 2015-02, and first Month of Accounting Year is selected as September, Calendar Year/Month will show as 2014/October.
6. If applicable, select or deselect the Budget Check selection box. This will be selected by default.
When the budget check selection box is selected, certain sections of the application where a G/L account is used, the system will check to see if the budget is available within the chosen G/L. In those areas you will see messages display. For example, over budget or zero balance.
7. If applicable, click on the G/L Alias Element Containing Location Code drop-down menu to select an element containing a location code.
8. If applicable, in the Accounts Payable section, enter the A/P Cheque Minimum Amount. The default selected is 0.00.
The Accounts Payable Preliminary Register references this parameter. Any cheques due to be processed for less than the amount indicated, will be cancelled. The invoices will remain unpaid until additional vendor invoices increase the amount of the cheque to exceed the set minimum.
9. If applicable, enter the Number of days for A/P Invoice Payment.
10. If applicable, enter the Discount G/L Account, or click on the Search icon to search for a G/L Account.
Note: Refer to How to use G/L Search Wizard for more information on how to use this feature.
11. Enter a note in the New Note field.
Note: Notes entered in this field will be saved and may be viewed in the Notes History section and are read-only.
12. Click on the Save button to save changes or click on the Undo button to remove all input information and reset the fields to their default values.