Configuration Buttons for User-Administrators
Define Your Organization
User or Administrator configuration of Financials begins with defining your company as follows. You can create your company as a Party Group in the Party Manager and then associate a Role of "Internal Organization" (INTERNAL_ORGANIZATIO) with it.
* Click: Parties & Users > Party > [Create New] > Create New Party Group * Fill in the form with your company name and other optional information and Click: [Save] * Click: [Roles], and select "Internal Organization" in the drop down box. * Click: [Add]
The Accounting Preferences page opens.
Next, you will configure the following accounting preferences for your company: (Make sure you choose the correct option. This cannot be changed by the Users.)
* Tax form of choice, for example U.S. IRS form 1120S. * Cost of Goods Sold (COGS) method: LIFO, FIFO, or average cost. COGS method should be consistent with the inventory reservation method of the product stores associated with this party. * Base currency for your business accounting system.
Once configured, the User screens do not allow you to change these accounting practices. If you’ve made a mistake your ADMIN can use [Web Tools] > [Entity Data Maintenance] to correct it. Users should not attempt to use [Web Tools] which are an advanced tool set.
User or Administrator configuration for Financials is located as follows, Click: Financials > Configure and the page opens to display shortcut buttons and the Chart of Accounts listing for your company.
* Chart Of Accounts * Configure Ledger * Payment Methods * Time Periods * View Configuration