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There are various account settings in BizCentric to restrict and configure actions in the accounting module.

Transactions Settings

1. Over Billing Allowance (%)

You can specify the percentage by which transactions can be overbilled. For instance, if the order value is $100 for an item and the set percentage is 10%, you are permitted to bill up to $110.

2. Role Allowed to Over Bill

Users with this role are allowed to over bill above the allowance percentage.

3. Role allowed to bypass Credit Limit

Choose the role permitted to submit transactions that surpass the established credit limits. These credit limits can be configured within the Customer form.

4. Check Supplier Invoice Number Uniqueness

When enabled, Purchase Invoices sharing the same ‘Supplier Invoice No’ will be restricted, serving to prevent duplicate entries.

5. Unlink Payment on Cancellation of Invoice

If selected, the system will unlink the payment associated with the respective invoice. By default, once a Payment Entry is submitted, the linked invoice cannot be canceled until the Payment Entry is also canceled. However, upon unlinking, you can proceed to cancel and modify the invoices. It’s important to note that the payments will not be linked and will be considered as advance payments.

6. Automatically Fetch Payment Terms from Order

Activating this option will automatically retrieve the Payment Terms from a Purchase/Sales Order and apply them to its linked Purchase/Sales Invoice.

7. Delete Accounting and Stock Ledger Entries on deletion of Transaction

Enabling this option permits the deletion of linked General Ledger and Stock Ledger Entries upon deleting invoices and receipts. This can be useful if you wish to retain the document ID after canceling the document. Consequently, you can cancel and delete the document to obtain the same document ID again.

8. Book Asset Depreciation Entry Automatically

When enabled, an automatic entry for asset depreciation will be generated according to the first specified date. For instance, yearly depreciation for an item will be scheduled for the next 3/4 years based on the Number of Depreciations Booked configured in the Asset master.

For more details, visit the Asset Depreciation page.

9. Unlink Advance Payment on Cancellation of Order

Similar to the previous option, this unlinks any advance payments made against Purchase/Sales Orders.

10. Enable Common Party Accounting

When enabled, an adjustment Journal Entry will automatically be posted upon the creation of Sales/Purchase Invoices against common Customers & Suppliers.

For more details, visit Common Party Accounting

11. Create Ledger Entries for Change Amount

When selected, the system will generate ledger entries for a Point-of-Sale invoice, taking into account the change amount provided.

12. Enable Discount Accounting

When activated, the inclusion of Discount Accounts within the Items table of Sales Invoices is facilitated, streamlining the process of accounting for discounts applied to items. Additionally, this functionality allows for the incorporation of Default Discount Accounts for Items, which are automatically fetched upon adding the Item to a Sales Invoice.

Tax Settings

1. Determine Address Tax Category From

Tax category can be set on Addresses. An address can be Shipping or Billing address. Set which address to select when applying Tax Category.

2. Automatically Add Taxes and Charges from Item Tax Template

Enabling this will populate the Taxes table in transactions if an Item Tax Template is set for an Item and that Item is selected in the transaction.

3. Book Tax Loss on Early Payment Discount

Activating this feature will divide the discount deductions in Payment Entries into Income Loss and Tax Loss if the associated document contains an Early Payment Discount.

Period Closing Settings

1. Accounts Frozen Till Date

Freeze accounting transactions up to a specified date, preventing any entry modification or creation except for the designated Role.

2. Role Allowed to Set Frozen Accounts and Edit Frozen Entries

Users assigned this Role have permission to establish frozen accounts and to create or modify accounting entries associated with frozen accounts.

Deferred Accounting Settings

1. Book Deferred Entries Based On

Deferred revenue can be allocated based on two criteria. The default option is “Days”. When “Days” is chosen, the deferred revenue amount is distributed according to the number of days in each month. Alternatively, selecting “Months” distributes the revenue based on the number of months.

For example, if “Days” is chosen and $12,000 revenue needs to be deferred over 12 months, approximately $986.30 will be deferred for a month with 30 days, and $1,019.17 for a month with 31 days. In contrast, if “Months” is selected, $1,000 of deferred revenue will be allocated each month, regardless of the number of days.

2. Automatically Process Deferred Accounting Entry

By default, this setting is enabled. However, if you prefer not to automatically post deferred accounting entries, you can disable this setting. When disabled, deferred accounting entries will need to be manually processed using the “Process Deferred Accounting” option.

3. Book Deferred Entries Via Journal Entry

By default, Ledger Entries are directly posted to record deferred revenue against an invoice. To instead use Journal Entries for booking this deferred amount posting, you can enable this option.

4. Submit Journal Entries

This option applies exclusively when deferred accounting entries are made through Journal Entry. By default, these Journal Entries for deferred posting remain in Draft state, requiring manual verification and submission by a user. Enabling this option automates the submission of Journal Entries without any user intervention. However, it will only be visible if the “Book Deferred Entries Via Journal Entry” option is checked.

Print Settings

1. Show Inclusive Tax in Print

The applied taxes will be shown in the print view.

2. Show Payment Schedule in Print

The Payment Schedule table is visible on using Payment Terms. Enabling this will show this table in print view.

Currency Exchange Settings

1. Allow Stale Exchange Rates

This option should remain unchecked if you want BizCentric to assess the age of records retrieved from Currency Exchange in foreign currency transactions. If left unchecked, the exchange rate field will be read-only in documents.

The “Stale Days” parameter determines the number of days used to determine if a Currency Exchange record is considered stale. This parameter is relevant when “Allow Stale Rates” is disabled. For instance, if “Stale Days” is set to 10, rates that are 10 days old will be permitted. However, if “Allow Stale Rates” is enabled, there is no time limit on the age of stale rates.

When stale rates are enabled, the fetching order is as follows:

Latest rate from Currency Exchange form.
If no Currency Exchange record is found, the latest rate as per the market is automatically fetched.

On the other hand, when stale rates are disabled, the fetching order is as follows:

Latest rate from Currency Exchange form up to the number of days set in ‘Stale Days’.
If no Currency Exchange record is found, the latest rate as per the market is fetched automatically.

Report Settings

1. Use Custom Cash Flow Format

You may choose to use Custom Cash Flow Formats to customize what the Cash Flow report looks like.

Accounts Settings