Accounting Preferences

Created by Allison Cloyd, Modified on Wed, 11 Jan 2023 at 04:59 PM by Kylie Mitchell

In this article, you will learn how to configure your accounting preferences.


Overview

To access the accounting preferences, navigate to:

Admin -> Accounting -> Accounting Preferences

 

/helpdesk/attachments/150002488874

 

The preferences are divided into the following sections:


Preferences Description
Financial Settings

The dropdown box which allows you to choose whether transaction dates will be recorded on an accrual or cash basis.

 

WARNING: If you are unsure which accounting basis to choose please speak to your accountant. Note: Any transactions published using this basis will not be able to be changed by switching accounting basis. Switching will only affect future transactions.

 

CurrencyAllows you to set the base currency and enable multi-currency functionality. Click on the following link for more information about multi-currency:Multi-Currency Article
System Restrictions

Allows you to specify whether transactions can be deleted and a lockout date. Imposing a lockout date will prevent users from entering transaction dates that predate the lockout date.

 

WARNING: The lockout date does not prevent time entries and disbursement from being created before the set date. To prevent items created before a date from being billed, use the Historic data option in Admin - billing settings.

 

Financial Dates

Financial year start date: Set this to your first financial year start date since using Actionstep. Transactions before this date are ignored.

Opening balances date: Sets the date that is applied to your chart of accounts opening balances. Transactions prior to this date are ignored.

Client Receipt
Allows you to specify the default settings for any newly created client receipts.
Firm Withdrawal
Allows you to specify the default settings for any newly created firm withdrawals.
Alias/Terminology
Allows you to change how Actionstep refers to various aspects of the accounting module.
Payment Terms
Allows you to set the default payment terms for both sales and purchases. You can also edit the terms themselves and create new terms within this section. 
Credit Cards
This field is in relation to classic billing which is no longer available and will be deprecated at some point in the future. So this field is no longer available and will be removed.
Sales tax calculator
Click on the box Manage tax calculator settings to set up your tax return settings. 

 

When you are happy with your settings, click 'Save' to save any changes.



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