General Ledger Setup

You use the General Ledger Setup window to enter information about how you want to handle certain accounting issues in your company. For example, you use this window to specify invoice rounding details, the currency code for your local currency, address formats, and whether you want to use an additional reporting currency.

The window contains tabs with different kinds of information on each tab. Some of the features available in the window are optional.

1. General
2. Numbering
3. Dimension
4. Reporting
5. Application
6. Others

• 1)General Tab

In this tab you can fill all the General features of the General Ledger Setup. In this most import one is that Posting Date Allowed option, where you can fill out from which date to which date the posting date should allow. To setup posting date you have to fill out the fields,

Allow Posting From: Starting date that allow posting

Allow Posting To: Ending date that allow posting.

After seting up these option system allow to post all the transactions based on these dates only.

Register Time : Here you can specify whether the program will register the user’s time usage. Place a check mark in the field if you want the program to register time for each user.

Local Address Format: Here you can specify the format in which addresses must appear on printouts. ie, Post Code+City, City+Post Code, City+County+Post Code, Blank Line+Post Code+City,formats.

Local Cont. Addr. Format : Here you can specify where you want the contact name to appear in mailing addresses. The option you select here will apply to addresses within your company’s country. You can select the contact address format for other countries in the Country table.Determine the location of the contact’s name by clicking the AssistButton in the field and selecting one of the three options:
#First
#After Company Name
#Last
If you select First, the program will print the contact name as the first line in a mailing address, followed by the company name, then the street, and so on.
If you select After Company Name, the program will print the company name as the first line in the address, and the contact name as the second line, followed by the street, and so on.
If you select Last, the program will print the contact name as the last line of the mailing address, after the company name, street, country, and so on.

Inv. Rounding Precision (LCY) : Here you can specify the size of the interval to be used when rounding amounts in your local currency. You can also specify invoice rounding for each currency in the Currency table.

Inv. Rounding Type (LCY): Here you can specify whether an invoice amount will be rounded up or down. The program uses this information together with the interval for rounding that you have specified in the Inv. Rounding Precision (LCY) field.

To see the available options, click the AssistButton in the field.

• Nearest : The program will round up digits that are >=5. Otherwise, the program will round down.
• Up : The program will round the amount up.
• Down : The program will round the amount down.

Allow G/L Acc. Deletion Before: The date in this field determines if and when G/L accounts can be deleted. If you enter a date in this field, G/L accounts with entries on or after this date cannot be deleted.

Check G/L Account Usage Field: A check mark in this field indicates that you want the program to protect G/L accounts that are used in setup tables from being deleted. If there is a check mark in this field and you try to delete a G/L account, the program will check if the account is used in one of the following tables:

Currency
Customer Posting Group
Vendor Posting Group
Job Posting Group
General Posting Setup
Bank Account Posting Group
VAT Posting Setup
FA Posting Group
Inventory Posting Setup
Service Contract Account Group
Gen. Journal Template
Gen. Journal Batch
Gen. Jnl. Allocation
FA Allocation

If the G/L account is used in one of these tables and this field contains a check mark, the G/L account cannot be deleted.

EMU Currency Field: Place a check mark in this field if LCY is an EMU currency.

LCY Code Field: Here you enter the Local Currency Code(LCY)

Pmt. Disc. Excl. VAT Field: Here you can specify whether the payment discount should be based on amounts including or excluding VAT.

Adjust for Payment Disc. Field: Click to enter a check mark in this field if you want the program to recalculate tax amounts when you post payments that trigger payment discounts.

Unrealized VAT Field: Here you can specify whether you want the program to handle unrealized VAT.

Max. VAT Difference Allowed Field: In this field you can enter the maximum VAT correction amount allowed for the local currency. For example, if you enter 5 in this field for the currency British Pounds, you may correct VAT amounts by up to five pounds.

VAT Rounding Type Field: In this field, you can select how the program will round VAT when calculated for the local currency.

• 2) Numbering Tab

Bank Account Nos. Field: Here you can enter the code for the number series that will be used to assign numbers to bank accounts.

VAT Adjustment Nos. Field: Here you can enter the code for the number series that will be used to assign numbers to VAT Adjustment Nos.

• 3) Dimensions Tab

In this tab you can enter all the Dimensions used in the company. The first two fields are used to enter Global Dimension options and reset of them specifies normal dimensions. For more information about the dimensions pls visit out Dimensions topic.

• 4) Reporting Tab

Additional Reporting Currency Field:Here you can specify the currency that will be used as an additional reporting currency in the general ledger application area.
VAT Exchange Rate Adjustment Field: If you post in an additional reporting currency, you can specify in this field how the accounts set up for VAT posting in the VAT Posting Setup table will be adjusted for exchange rate fluctuations between LCY and the additional reporting currency.

• 5) Application Tab

Appln. Rounding Precision Field: In this field, you can specify the size of the interval that will be allowed as a rounding difference for LCY when you apply entries in LCY to entries in a different currency.

Reset of the fields specifies the payment Discount and Payment Discount toletance informations.

• 6) Others Tab

In this you can specify Exice, TDS, Service Tax, TCS, VAT, FBT deatails.

Exice :

PLA Account Field: Here you assign the Permanent Ledger Account (PLA) debit account.

Excise Expenses Account Field: Here you can enter the excise expense account field to be used in free sample.

Excise Rounding Precision Field: Here you can specify the size of the interval to be used when rounding excise amounts in your local currency. You can also specify Excise rounding for each currency in the Currency table.

Excise Rounding Type Field: Here you can specify whether an Excise amount will be rounded up or down. The program uses this information together with the interval for Excise rounding that you have specified in the Excise Rounding Precision (LCY) field.

TCS:

TDS Rounding Precision Field: Here you can specify the size of the interval to be used when rounding TDS amounts in your local currency. You can also specify TDS rounding for each currency in the Currency table.

TDS Rounding Type Field: TDS rouding option

Similarly Service Tax, TCS, VAT, FBT.