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It is used for setting specifying information related to the accounting setup for a specific organisation or parties that exist within an organisation such as business units, cost centres, departments ,subsidiaries etc.

To REVIEW:

Setup and configuration of:

• Time periods / Fiscal or Accounting periods
• Base Currency
• Foreign Currency Exchange Rates
• GL Accounting Defaults / GL Posting Rules  
• Error Journals
• Invoice Prefix and Sequencing
• Quote and Order Prefix and Sequencing ??

Information that can be setup include the following:

• The start date of the Time Periods and Fiscal or Accounting Year (eg 1st April, 1st January, 1st June etc)
• Tax Return Form (NOTE: Need to check how important this is and where it is used.......possibly some kind of reporting???)
• The method to be used for calculating Cost of Goods Sold (COGS)
• Base Currency - eg USD, GBP, EUR etc (NOTE: May have main company in USD but a subsidiary in EUR etc.....???)
• Invoice prefix, numbering and sequencing (eg you may want each business unit / subsidiary to have its own invoice numbering or sequence etc)
• Quote prefix, number and sequencing
• Method to be used for refunds (eg cheque, direct bank credit, voucher credit etc...)
• Specify which journal will be used to store error transactions

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