On this page, we provide a detailed and comprehensive overview of the ‘General Ledger Setup’ page, how to access it, and how to control the general teacher settings.
To access the ‘General Ledger Setup’ page, please follow these instructions:
- Start by clicking on the ‘Settings’ menu in the main navigation.
- Then, click on ‘General Ledger Setup’ available in the top bar of the page.
- You will be taken to the ‘General GL Setup’ page, which displays all the settings saved in the system.
Explaining How to Control General Ledger Setup:
-
Section One: General Ledger Setup:
- Days for Grace Period: This represents the time interval between the document issue date and its due date. The system provides a default value for this grace period with documents, and you can modify it within the document.
- Account Type: Choose the account type you want to use when adding a new general teacher account in the account tree.
-
-
- “Numeric”: This term refers to a set of numbers (0-9), and the content consists only of numbers and does not contain any letters or other symbols. For example, 123456 is an example of numeric content.
- “Alpha Numeric”: This term includes alphabetical letters (a-z and A-Z) in addition to numbers (0-9). This term allows you to represent content that combines both letters and numbers. For example, “abc123” is an example of alpha-numeric content.
- “Alpha-Numeric (Upper Case)”: This means the same as “Alpha Numeric,” including alphabetical letters and numbers. It’s defined in uppercase letters to distinguish it from the term “alpha-numeric” in lowercase letters. For example, “ABC123” is an example of alpha-numeric (upper case) content.
-
-
- Retained Earnings: Select the account to be used for carrying forward retained earnings.
- Year-End Profits and Losses: Choose the account to be used for carrying forward profits and losses at the end of the fiscal year.
- Exchange Rate Difference Account: Select the account to be used when evaluating or changing currency exchange rates in the system.
- Bank Expenses Account: Choose the account to be used for carrying bank expenses, which comes by default when adding a new bank account.
- Tax Calculation Method: Define here how tax is calculated in documents, whether on a line-by-line basis or on the total amount.
-
Section Two: Default Settings for Analytical Sectors:
- Analytical Sector: Define the period that represents the time interval between the start date and end date of the analytical sector. This period comes with a default value when adding an analytical sector.
-
Section Three: Customers and Sales:
- Default Credit Limit: Here, you can specify the value to be automatically added when adding a new customer to the system. This limit helps determine the maximum credit that can be extended to customers.
- Invoice Identification: You can define the unique system used to identify and track invoices. Typically, this is done by using a reference number or a unique number for each invoice to distinguish it from other invoices.
- Collective Shipment: This option allows you to determine whether shipments can be aggregated into one collective shipment. This helps improve shipping efficiency and reduces costs.
- Price List Printing: These settings allow you to specify whether you want to print price lists available in the system or not.
- Legal Statements on Invoices: This setting allows you to specify any textual statements you want to include when printing invoices. It can be used to include legal information or important instructions on invoices.
- Shipping Cost Account: Here, you can specify the account to be used for transferring shipping costs or adding shipping charges to invoices.
- Deferred Revenue Account: You can specify the account to be used for transferring accounts related to deferred revenues.
-
Section Four: Default Settings for Customers and Sales:
- Customer Account: Here, you can specify the account used to transfer transactions related to customer receivables in all documents. This account is automatically assigned when adding a new customer.
- Sales Account: You can specify the account used to transfer transactions related to the company’s sales or direct revenues, whether in invoices or sales returns.
- Sales Discount Account: Here, you can specify the account used to transfer transactions related to any sales discounts offered by the company.
- Immediate Payment Discount Account: Here, you can specify the account used to transfer transactions related to discounts when receiving payments from customers.
- Pricing Validity Period: You can define the number of days or the validity period for price quotations issued by the company.
- Required Delivery Process By: This allows you to specify the number of days allowed between issuing a delivery note and the actual delivery to the customer.
-
Section Five: Suppliers and Purchases:
- Allowable Increases in Goods Receipt: Here, you can specify the allowable percentage increases when receiving purchase orders. This percentage is taken from the original order quantity.
- Allowable Increases on Invoice: You can specify the allowable percentage increases when issuing invoices for received goods. This percentage is taken from the actual received quantity.
-
Section Six: Default Settings for Suppliers and Purchases:
- Supplier Account: Here, you can specify the account used to transfer transactions related to supplier payables in all documents. This account is automatically assigned when adding a new supplier.
- Purchase Discount Account: You can specify the account used to transfer transactions related to any purchase discounts applied by the company.
- Received Goods Settlement Account: Here, you can specify the account used as an intermediary account between goods receipt transactions and purchase invoices.
- Delivery Required By: This allows you to specify the number of days allowed between issuing a goods receipt and the actual receipt of goods.
- Show Inventory Item Codes: These settings enable the display of inventory item codes on documents and invoices if required.
-
Section Seven: Warehouses:
- Allow Negative Balances: You can enable this option to allow negative inventory balances. In other words, this setting allows users to execute transactions in the system that make the inventory quantity go below zero.
- Disallow Zero Value (Service): This setting relates to preventing users from entering zero values as quantities in service-related inventory transactions. This helps avoid registering services with zero values.
- Allow Warehouse Notifications: Enabling this option allows users to access warehouse notifications. When activated, users can receive alerts about updates and events related to warehouses directly.
- Allow Negative Prices: This setting permits users to enter negative prices on sales invoices. With this allowance, users can record prices less than zero in sales transactions, which can be useful in special cases such as temporary discounts or price adjustments.
-
Section Eight: Default Settings for Inventory Items:
- Sales Account: Here, you can specify the account used to transfer transactions related to the company’s sales or direct revenues concerning the item, whether in invoices or sales returns.
- Inventory Account: In this section, you can specify the account used with all transactions related to inventory movements, whether for purchases, sales, adjustments, or transfers.
- Cost of Goods Sold Account: Here, you can specify the account used to record the cost of goods sold for the item.
- Inventory Settlement Account: In this section, you can specify the account used to transfer transactions related to inventory settlements, whether for increases or decreases.
- Work in Progress Account: In this section, you can specify the account used to transfer transactions related to work orders. The value of manufactured items is transferred to this account during manufacturing, and when manufacturing is complete, the value is closed to the inventory account.
-
Section Nine: Default Settings for Fixed Assets:
- Loss on Disposal Account: You can specify the account used to record losses or gains when disposing of fixed assets. This setting helps determine how improvements or losses resulting from the sale or disposal of fixed assets are recorded.
- Depreciation Period: This setting defines the basic time period for depreciation for fixed assets, which is typically one year.
-
Section Ten: Default Settings for Manufacturing Operations:
- Required Operation by Date: Manufacturing operations are actions that need to be performed on a specified date. You can set the expiration date of a manufacturing operation by defining the time period between issuing the operation and executing it. This is done by specifying the number of days allowed for executing the operation using this setting.
Finally, after making all the necessary modifications, don’t forget to click on the “Update” button to apply the data you’ve added to your system.