In Accounting Settings you are able to manage the automated transaction, accounts payable and receivable, general, and terms and late fee settings. Many of these items will be setup initially for the organization but can be reviewed and updated as needed.
There are several types of transactions that the system is designed to help make 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.
In the Accounting Menu there is a section for Accounts Payable and Receivable that can be enabled for organizations who wish to use these features and this is controlled here in this screen. In addition, organizations can determine the type of Payable and Receivable document that is used with Invoice being the recommended and default option setup.
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. There is also a setting to indicate if the organization is issuing manual checks by handwriting checks or if they will be using the system to issue and print checks. The other setting is a control for which Journal Type is used for the General Entries in the Accounting section.
The Terms and Late Fee settings are used to configure which Default Terms will be used by the organization and these are setup in Tables – Terms. 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.