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Definition: What is it?

Accounting Preferences are a set of configuration details that are related to a party. To appear on this screen the party must be setup with the role of 'Internal Organisation'. This means that you can add the internal organisation role to a party and they will be added to this screen and then can be configured.

The master default party is 'Company' but preferences can also be setup for internal departments. The demo data shows some examples of this (eg Marketing, Accounting, Sales, Development etc). Unless overridden then then all other parties appearing on this screen will take their default setup from 'Company'

NOTE: The majority of the configuration information displayed in Accounting Preferences are taken from the Enumeration entity.

What is it used for?

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.

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

NOTE: Key things that are usually need to be amended include the base currency for the company, fiscal year information and invoice numbering prefix or sequencing

NOTE TO CHECK: Sales Order numbering is controlled in Store setup - is there any other cross over where configuration info exists in other modules.....????

What's on the screen?

TO DO

How do I create or setup a new Accounting Preference?

IMPORTANT NOTE: A party must be setup with the role of 'Internal Organisation' before it will appear on the Accounting Preference screen so that it can be setup. Once this has been done then

Example : To create a new Accounting Preference

  1. Select the 'Setup' button next to the party to be setup
  2. The Accounting Preferences screen is displayed. (IMPORTANT: The first time this screen is displayed all of the fields will be modifiable. Once this has been saved only certain fields will be modifiable!!)
  3. The default entries will be based on (or inherited from) 'Company'
  4. Enter any changes that are required (eg Invoice Prefix, Error Journal name - as you may want error transactions from separate departments to be handled differently...)
  5. Press the 'Add' button

NOTE TO CHECK: If invoices have already been generated then you may not be able to change the 'Last Invoice Number' field of any new Accounting Preference......????

How do I update an Accounting Preference?

Example: To update an Accounting Preference

  1. Select the 'Setup' button next to the party to be setup
  2. The Accounting Preferences screen is displayed but only certain fields will be modifiable
  3. Enter any changes required
  4. Press the 'Update' button

NOTE: If you need to change any of the fields that are not modifiable then it can be done via the Entity Data Maintenance on Webtools menu using the PartyAcctgPreference entity. You will need to be careful in editing an existing preference especially if the configuration already been used for transactions.

How to I delete an Accounting Preference?

There is currently no delete option via the user interface but an Accounting Preference can be removed by deleting the role of 'Internal Organisation' from the party record.

NOTE TO CHECK: Need to investigate the impact of using an accounting preference then removing it. What happens to the transactions in process etc......???

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