In Accounting Settings you are able to manage the department allocation, reconciliation, journal, accounts payable and receivable, checks, document templates, terms and late fee, and fiscal year settings. Many of these items will be setup initially for the organization but can be reviewed and updated as needed.

The system is designed to help make transactions easier by having transaction configs setup to make the necessary entries for you with predefined accounts. These include transfers between departments, and a number of settings related to bank reconciliations such as automated entries for when interest is earned, when there are bank service charges, and when bank adjustments are needed. These automated transactions rely on the transactions configurations setup in the table for transaction config.

Insert a description for Reconciliation.

There are some general settings that can be configured in this screen; including, if there should be a requirement for Journal Verification which is used to help include separation of duties where one person may make entries and someone else may review and verify them before they are posted. The other setting is a control for which Journal Type is used for the General Entries in the Accounting section. 

In the Accounting Setting there is a section for Accounts Payable and Receivable. Organizations can determine the type of Payable and Receivable document that is used with Invoice being the recommended and default option setup. 

Insert a description for Checks.

Insert a description for Document Templates.

The Terms and Late Fee settings are used to configure which Default Terms will be used by the organization. In this screen you are selecting which Terms you will use if there are more than one setup. There is also a configuration to enable late fees if necessary and to setup how they will be calculated; including if it will be a flat amount, or a percent of the remaining balance as well as how much, how often, and if there is any grace period for payments.

When configuring fiscal year in the accounting setting, it is the using description template to format the name over in Period Maintenance screen. The income summary account is used for the Yearend Closing process to move balances from income and expense accounts into net assets accounts for each department.