Accounting Settings is where default values for key fields and control accounts will be linked to a company's GL Accounts. Each field is described in more detail below:

General Ledger Settings 

  • Default Ledger - The transactional ledger for the organization.

  • Default Bank Account - This should be set to the main checking account. This is the account that the majority of payments are made from and that deposits are made to. When entering a cash receipt it will default to this bank account. When creating a cash disbursement batch it will default to the account.

  • Current Year Earnings GL Account - Used to track current year’s earnings in the Balance Sheet in the month end close process. This is a required account. 

  • Retained Earnings GL Account - Used in the month end close process at year end to roll the prior years income into the balance sheet. This is a required account.

Billing Settings 

  • Enable Billing Period Sensitive Aging - This allows for the creation of AR Aging reports as of the end of any given Accounting Period. The default setting when Accounting Seed is installed is set to Off. Most clients will want to enable this setting as part of the initial setup. If done later it requires extra steps to 're-open' any accounting periods that have been closed and 're-close' them. 

  • Default Revenue Account - Set this to the main revenue account associated with your billings.  

Accounts Receivable and Cash Receipts Settings 

  • AR Control GL Account - This should be set to the main Accounts Receivable GL Account.

  • Unapplied Cash GL Account - Used as a clearing account when cash is received but not yet applied to a billing. This is a required account. It should be a balance sheet account, with Sub Type 1 of Revenue. Non-profit organizations may want to set this GL account to a revenue account if they do not use a billing process.

  • Customer Payment Adjustment GL Account - Used when taking payment discounts.

Accounts Payable and Cash Disbursements Settings

  • Enable AP Period Sensitive Aging - This allows for the creation of AP Aging reports as of the end of any given Accounting Period. The default setting when Accounting Seed is installed is set to Off. Most clients will want to enable this setting as part of the initial setup. If done later it requires extra steps to 're-open' any accounting periods that have been closed and 're-close' them. 

  • AP Control GL Account - This should be set to the main Accounts Payable GL Account.

  • Vendor Payment Discounts GL Account - Used when taking payment discounts due to vendor terms in the cash disbursements process.

  • Prepaid Expense GL Account - Used as the default for the Debit GL Account on the Cash Disbursement in the case when the Cash Disbursement is not originated from one or many Payables and the Debit GL Account field is left blank upon entry.

Project Accounting Settings 

  • Labor Clearing GL Account - This will be the GL Account that is credited when a time card is posted. The design for Labor GL Account on Accounting Settings is to be a liability account like accrued payroll or payroll clearing. You would relieve this liability when you post your payroll entry from your payroll provider. When a time card is posted, a debit to the Labor GL Account on the project task and a credit to the Labor GL account on the accounting settings tab is created for each time card day.

  • Default Project Task GL Account - Used to set the labor GL account automatically on the project task

Product Costing Settings 

  • Enable Product Costing - This setting books the cost of goods sold at standard cost in billing transactions. It also books purchase price variances in the accounts payable posting process.

  • Vouchers Payable GL Account - This is a clearing account used for received inventory that does not have a related account payable transaction.

  • Inventory Variance GL Account - This is used as the purchase price variance account between standard cost and actual price paid for inventory.

  • Work in Process  GL Account - This is used as the clearing account for manufacturing work orders.

PDF Format Settings 

  • Default Billing Format - Defines the default PDF format used to create the Billing PDF unless changed on the individual Billing record

  • Billing Outstanding Statement Format - Defines the PDF format to be used for the Billing Outstanding Statement

  • Billing Activity Statement Format - Defines the PDF format to be used for the Billing Activity Statement

  • Default Purchase Order Format - Defines the default PDF format used to create the Purchase Order PDF unless changed on the individual Purchase Order record

  • Default Packing Slip Format - Defines the default PDF format used to create the Packing Slip PDF unless changed on the individual Shipping record

Time Card Settings 

  • Display Billable Flag in Time Card Entry - This checkbox will display the billable checkbox on time cards. If enabled, users can select it on individual time card lines to show the line is billable.

  • Label for Time Card Variable 1 - This is simply how the Time Card Variable 1 will appear on the Time Card Entry Screen. Instead of saying Time Card Variable 1, it could say for example "Location."  

  • Label for Time Card Variable 2 - This is simply how the Time Card Variable 2 will appear on the Time Card Entry Screen. Instead of saying Time Card Variable 2 it could say "Work Type."

Cash Disbursement PDF Offset Settings

The following fields can all be used to alter the positioning of the check when printed, to allow for slight differences in printer and browser alignment.

  • Date Top Offset
  • Date Right Offset
  • Amount Top Offset
  • Amount Right Offset
  • Amount Words Top Offset
  • Amount Words Left Offset
  • Payee Top Offset
  • Payee Left Offset
  • Payee Address Top Offset
  • Payee Address Left Offset

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