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Entity-Level Multi-Currency Accounting

Select this option if you need to use different accounting and national currencies for different entities. This option is available only if the Multi-Company Accounting option is selected on the Administration > Settings > General Settings form.

Edit the Currencies List

Click the Edit the Currencies List link to open the Currencies list and to add a currency that you need to use. By default, the list includes the following three predefined currencies: AED, USD, and Euro.

It is recommended that you comply to ISO 4217 when adding a currency.

National Currency

In this field, select the currency that If the Entity-Level Multi-Currency Accounting option is not selected, this is the national currency of the country where the entities of your entities company are registered and must file local tax reports. All tax reports will be prepared in the  
If the Entity-Level Multi-Currency Accounting option is  selected, this is the default national currency for its entities; however, for each entity you can choose another national currency.

Accounting Currency

In this field, specify If the Entity-Level Multi-Currency Accounting option is not selected, this is the currency in which the company keeps its accounting records. 
If the Entity-Level Multi-Currency Accounting option is  selected, this is the default accounting currency for its entities; however, for each entity you can choose another accounting currency.

Cheque Accounting

Select this option to turn on the functionality related to cheque processing. With this option selected, you will be able to register the received cheques with the Cheques Received documents and the issued by the company cheques with the Cheques Issued documents.

Off-Balance-Sheet Accounting of Cheques

(This option is available only if the Cheque Accounting option is selected.) If this option is selected, uncleared cheques will be registered to the selected off-balance-sheet accounts so that the cheque amounts would not affect the financial statements until cheques are cleared.

Enable Bank Charges

Select this option if your bank applies bank charges when you receive payments from customers or send payments to suppliers or perform other transactions via your bank accounts. You can specify any bank charges on the fly - you do not have to predefine them before applying to bank documents.

Bank Statement Reconciliations

Select this option to enable the process of reconciliation of bank statements with internal bank documents for bank accounts of the entities. This option if selected makes the following documents available: Bank Statements, Bank Reconciliations.

Bank Reconciliation Start Date

This field becomes available and required once the Bank Statement Reconciliations option is selected. By default, it is populated with the current date. In this field, specify the date from which the internal bank documents will be available for reconciliation; the earlier documents will not be involved in reconciliation.

Note. If you select earlier reconciliation start date than the current date, you will need to re-post all the Bank Payments, Bank Receipts, and Money Transfers  that incurred in the period (time interval) between the selected date and the current date, so that correct reconciliation statuses could be assigned to these documents.

Cash Flow Forecasting

Select this option to be able to plan cash flows in your entity. With this option selected, the documents and reports for cash flow planning will be available in Cash Management module.

Offset Advances and Debts Automatically

This setting defines how the advances should be offset against any debts during document posting:

•   Yes: Automatically by the application on the document saving.
•   No: Manually by users.
•   Ask: The application will prompt you to choose between the manual and automatic offsetting of advances.