Click to view/hide picture.Use the General Ledger tab of the Other Definitions screen to set up the behavior of the general ledger.
Click to view/hide picture.
The following options are available:
General Journal Grace Period The number of days beyond the last day of the period that you can still make general journal entries for that period.
Inventory JE Grace Period The number of days beyond the last day of the period that you can still make inventory journal entries for that period.
Note: For information on how grace periods affect entering transactions, see Transaction Dates.
Inventory Counts Grace Period The number of days beyond the last day of the period that you can still post inventory counts.
Automatically create Inventory JE records Check to always create an Inventory Journal entry when appropriate transactions are performed. If you use a third-party accounting system to make the journal entries for your inventory valuations, you should uncheck this option.
Automatically post Inventory JE records Check to automatically post Inventory Journal entry records during an inventory valuation posting. To use this feature, "Automatically create Inventory JE records" must be checked.
If both options are checked, the journal entry that is created by posting a valuation count, will post to the General Ledger. If you are only creating the JE, then the journal entry will be available to post under Transactions > Journal Entries > Inventory JE.
Note: We highly recommend that you review your Inventory JE before posting to the General Ledger.
G.J. Auto-Reversing Method The method you will use for auto-reversing entries. Typically, you would use the time frame that corresponds with your accounting periods.
Weeks start on this day If you have specified your GJ Auto-Reversing Method to be weekly, you must also specify what day of the week your business week begins on. This is the day the entries will be reversed on. If you are using the monthly method, leave this field blank.
Note: This date is just a default, you can override it by specifying your own date before posting the auto-reversing entry.
