General ledger:
General ledger are used to manage legal entities financial records.Its an register which contains all debit and credit entries through which we can identify financial growth of the company.You can define your Accounts,financial dimensions,Account structures,Financial calender's,Currencies on generel ledger.
Ledger Form on General ledger : Common configuration mistake
A common configuration mistake is not using the "Organisation hierarchy" effectively while creating account structures. Account structures can be radically simplified by creating a relationship between the account structure and organisation hierarchy. Look for my future blog on how to build relationship between account structures and financial dimensions.
Specify the Chart of Accounts .
Tax Setup:
I feel the tax setups should be standardised and these should be available using data import just like postal codes setups. Do leave a comment on the blog with your email address if you want to receive recomended "Australia GST setup" as a DAT/DEF file" including BAS statement setups.
General ledger are used to manage legal entities financial records.Its an register which contains all debit and credit entries through which we can identify financial growth of the company.You can define your Accounts,financial dimensions,Account structures,Financial calender's,Currencies on generel ledger.
Ledger Form on General ledger : Common configuration mistake
A common configuration mistake is not using the "Organisation hierarchy" effectively while creating account structures. Account structures can be radically simplified by creating a relationship between the account structure and organisation hierarchy. Look for my future blog on how to build relationship between account structures and financial dimensions.
Specify the Chart of Accounts .
- The Account Structures (Defined under GL->Setup->Chart of Accounts->Configure Account structure->It should be Activated)
- Specify the Fiscal Calendar(Defined under GL->Setup->Fiscal Calenders)
- Accounting Currency,Reporting Currency.(Any ISO standard defined currency code that suits your business needs)
- Specify the Main Accounts that would be used during processes which include currency revaluation.
Tax Setup:
I feel the tax setups should be standardised and these should be available using data import just like postal codes setups. Do leave a comment on the blog with your email address if you want to receive recomended "Australia GST setup" as a DAT/DEF file" including BAS statement setups.
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