Accounting Setup – An overview

Introduction

This component enables creation of chart of accounts and calendar. This involves definition of Account codes for operational and reporting purposes and also definition of the financial and tax calendar for an organization.

The component also provides support for centralized or decentralized maintenance of chart of accounts and Calendar by way of Attach/Copy facility.

Feature Highlights

• Defining operative chart of accounts.

• Support for selectively or fully attaching an operative chart of accounts to a child company with the same ID. (The account properties cannot be modified at the child company level)

• Support for selectively or fully copying an operative chart of accounts to a child company or to an associate company in a different ID. (If it is copied then the account properties can be modified as well as new account codes can be created)

• Support for defining multiple Operative Chart of Accounts/Reporting Chart of Accounts in a Group company having different Ids

• Provision to define Account codes in base or foreign currencies

• Facility for mapping specific account numbers to control account through which entries will be incorporated into Finance Books

• Support to designate specific account numbers as ‘Automatic Posting Accounts’ which can be used for the purpose of automatic entry generation

• Supports definition of financial year and periods of varying duration.

• Facility to attach financial calendar from a group company to a child company

• Support for restricting account codes which can be affected using Journal Voucher in all three types of finance books.

List of Activities