Enter Accounting Rules Information

Explanation

This activity is used to add or modify the company information to be used with accounting.

Prerequisites

The company ID must have been entered so as to be able to enter accounting rules information.

System Effects

The information will be used when accounting transactions are processed in the company, as appropriate. 

Window

Company

Related Window Descriptions

Company

Procedure

  1. Open the Company window.
  2. Open the record for the company either by populating the window and selecting it from the Identity list, or by querying for the company.
  3. Click the Accounting Rules tab and then the General Data sub tab.
  4. The currency code used as the accounting currency by the company will be shown in the Accounting Currency field. The date from which the currency code is valid will also be shown. This information is entered when creating the company, and it cannot be modified.
  5. Modify the rate type displayed in the Parallel Currency Rate Type field if required. The List of Values can be used to select a rate type. (Note: This field is editable only if the company uses Parallel Currency functionality.)
  6. In the Cancel/Rollback Posting Method list, select the method to handle postings when a transaction is rolled back or cancelled.
  7. In the Reversal Voucher Posting Method list, select the method to handle postings when an automatic reversal voucher is created.
  8. In the Period Closing Method field select a value from the list to determine whether accounting periods can be closed or finally closed. Not Reversible allows periods to be finally closed, i.e., a period which is finally closed cannot be reopened.
  9. Specify the amount method to be used for the company in the Default Amount Method field.
  10. Select the master company for group consolidation in the Master Company field where the balances needs to be transferred to. This enables definition of account mapping in the reporting company instead of the master company.
  11. Save the information.