Accounts Settings

Introduction

There are various account settings in iVendNext to restrict and configure actions in the Accounting module.

Access Accounts Settings

To open System Settings, go to: Home > iVendNext Settings. Then click on the Accounts Settings shortcut.

Account Settings Screen Explained

The Account Settings Screen is split into the following sections. Each section contains information specific to the section it corresponds to.

Invoice and Billing
Credit Limits
POS
Assets
Accounts Closing
Chart of Accounts
Banking
Reports

Invoice and Billing Tab

The Invoice and Billing Tab is further divided into the following subsections:

Invoice Cancellation
Invoice Features
Journals
Deferred Account Settings
Tax Settings
Print Settings
Currency Exchange Settings
Payment Reconciliations

Invoice Cancellation

A screenshot of the Invoice Cancellation Section is pasted below:

The various settings under Invoice Cancellation are explained below:

Unlink Payment on Cancellation of Invoice

If checked, the system will unlink the payment against the respective invoice. By default, if a Payment Entry is submitted, the linked invoice cannot be canceled until the Payment Entry is also canceled. On unlinking, you can now cancel and amend the invoices. But the payments are not linked and considered as advance payments.

Unlink Advance Payment on Cancellation of Order

If checked, the system will unlink any advance payments made against Purchase/Sales Orders.

Delete Accounting and Stock Ledger Entries on deletion of Transaction

Enabling this will allow the deletion of linked General Ledger and Stock Ledger Entries on deleting invoices and receipts. This can be checked if you don't want to lose the document ID after canceling the document. You can now cancel and delete the document to get the same document ID again.

Enable Immutable Ledger

On enabling this cancellation entries will be posted on the actual cancellation date and reports will consider canceled entries as well

Invoice Features

A screenshot of the Invoice Features Section is pasted below:

The various settings under Invoice Features are explained below:

Check Supplier Invoice Number Uniqueness

Enabling this ensures each Purchase Invoice has a unique value in Supplier Invoice No. field within a particular fiscal year

Automatically Fetch Payment Terms from Order

Enabling this will allow the Payment Terms from orders to be fetched into the invoices as is.

Enable Common Party Accounting

Enabling this will allow the accounting of unusual transactions like creating a Sales Invoice against a primary Supplier.

Allow multi-currency invoices against single party account

Enabling this will allow creation of multi-currency invoices against single party account in company currency

Journals

A screenshot of the Journals Section is pasted below:

The various settings under Journals are explained below:

Merge Similar Account Heads

Enabling this will allow Row merging. Rows with Same Account heads will be merged on Ledger.

Deferred Account Settings

A screenshot of the Deferred Account Section is pasted below:

The various settings under Deferred Account Settings are explained below:

Book Deferred Entries Based On

Deferred revenue amount can be booked based on two criteria. The default option here is "Days". If "Days" is selected, the deferred revenue amount will be booked based on the number of days in each month and if "Months" is selected, then a fixed amount will be booked as deferred revenue or expense for each month irrespective of the number of days in a month. It will be prorated if deferred revenue or expense is not booked for an entire month. For Eg: If "Days" is selected and $12000 revenue has to be deferred over a period of 12 months, then $986.30 will be for the month having 30 days and $1019.17 will be booked for the month having 31 days. If "Months" is selected, $1000 deferred revenue will be booked each month irrespective of the number of days in a month.

Automatically Process Deferred Accounting Entry

This setting is enabled by default. In case you don't want the deferred accounting entries to be posted automatically you can disable this setting. If this setting is disabled deferred accounting will have to be processed manually using Process Deferred Accounting. Process Deferred Accounting is a log which is created on every processing of deferred revenue or expense. Process Deferred Accounting records are automatically created on booking Deferred Revenue or Expense. It is done via a background job but the user can also create a record for manual Deferred Revenue or Expense booking.

Book Deferred Entries Via Journal Entry

If this is unchecked, direct GL entries will be created to book deferred revenue or expense

Submit Journal Entries

If this is unchecked Journal Entries will be saved in a Draft state and will have to be submitted manually

Tax Settings

A screenshot of the Tax Settings is pasted below:

The various settings under Tax Settings are explained below:

Determine Address Tax Category From

Tax category can be set on Addresses. An address can be a Shipping address or a Billing address. Set which address to select when applying Tax Category.

Automatically Add Taxes and Charges from Item Tax Template

Enabling this will populate the Taxes table in transactions if an Item Tax Template is set for an Item and that Item is selected in the transaction.

Book Tax Loss on Early Payment Discount

Enabling this will split the Payment Entry discount deductions into Income Loss and Tax Loss if the document against the Payment Entry has an Early Payment Discount set.

Round Tax Amount Row-wise

Tax Amount will be rounded on a row(items) level

Print Settings

A screenshot of the Print Settings is pasted below:

The various settings under Print Settings are explained below:

Show Inclusive Tax in Print

The applied taxes will be shown in the print view.

Show Taxes as Table in Print

The applied taxes will be shown as a table in the print view.

Show Payment Schedule in Print

The Payment Schedule table is visible on using Payment Terms. Enabling this will show this table in print view.

Currency Exchange Settings

A screenshot of the Currency Exchange Settings is pasted below:

The various settings under Currency Exchange Settings are explained below:

Allow Stale Exchange Rates

This should be unchecked if you want iVendNext to check the age of records fetched from Currency Exchange in foreign currency transactions. If it is unchecked, the exchange rate field will be read-only in documents.

Stale Days is the number of days to use when deciding if a Currency Exchange record is stale. This is valid when 'Allow Stale Rates' is disabled. So, if the Stale Days is set as 10, stale rates that are 10 days will be allowed. If Allow Stale Rates is enabled, there is no time limit on the age of stale rates.

If stale rates are enabled, the order of fetching is:

Latest rate from Currency Exchange form
If no Currency Exchange is found latest rate as per market is fetched automatically

If stale rates are disabled, the order of fetching is:

Latest rate from Currency Exchange form up to number of days set in 'Stale Days'
If no Currency Exchange is found Latest rate as per market is fetched automatically

Payment Reconciliations

A screenshot of the Payment Reconciliations is pasted below:

The various settings under Payment Reconciliations Settings are explained below:

Auto Reconcile Payments

Enabling this will allow payments to automatically reconcile.

Credit Limits Settings Tab

A screenshot of the Credit Limits Settings Tab is pasted below:

The various settings under Credit Limit Settings Tab are explained below:

Over Billing Allowance (%)

The percentage by which you can overbill transactions. For example, if the order value is $100 for an Item and the percentage here is set as 10% then you are allowed to bill for $110.

Role Allowed to Over Bill

Users with this role are allowed to over bill above the allowance percentage.

Role allowed to bypass Credit Limit

Select the role that is allowed to submit transactions that exceed credit limits set. The credit limit can be set in the Customer form.

POS Tab

A screenshot of the POS Tab is pasted below:

The various settings under POS Tab are explained below:

Create Ledger Entries for Change Amount

If enabled, ledger entries will be posted for change amount in POS transactions

Assets Tab

A screenshot of the Assets Tab is pasted below:

The various settings under Assets Tab are explained below:

Calculate daily depreciation using total days in depreciation period

Enable this option to calculate daily depreciation by considering the total number of days in the entire depreciation period, (including leap years) while using daily pro-rata based depreciation

Book Asset Depreciation Entry Automatically

When checked, an automatic entry for an asset depreciation will be created based on the first date set. For example, yearly depreciation for an item will be scheduled for the next 3/4 years based on the Number of Depreciations Booked set in the Asset master.

Accounts Closing Tab

A screenshot of the Accounts Closing Tab is pasted below:

The various settings under Accounts Closing Tab are explained below:

Accounts Frozen Till Date

Freeze accounting transactions up to specified date, nobody can make/modify entry except the specified Role.

Ignore Account Closing Balance

Financial reports will be generated using GL Entry doctypes (should be enabled if Period Closing Voucher is not posted for all years sequentially or missing)

Role Allowed to Set Frozen Accounts and Edit Frozen Entries

Users with this role are allowed to set frozen accounts and create / modify accounting entries against frozen accounts

Chart of Accounts Tab

A screenshot of the Chart of Accounts Tab is pasted below:

The various settings under Chart of Accounts Tab are explained below:

Show Balances in Chart Of Accounts

When checked, the balance will be shown in the Chart of Accounts.

Banking Tab

A screenshot of the BankingTab is pasted below:

The various settings under Banking Tab are explained below:

Enable Automatic Party Matching

When checked, the bank parties will be matched automatically.

Reports Tab

A screenshot of the Reports Tab is pasted below:

The various settings under Reports Tab are explained below:

Remarks Column Length - General Ledger

Truncates 'Remarks' column to set character length

Remarks Column Length - Accounts Receivable/Payable