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Configure accounts, taxes, and currencies

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7 min readUpdated

Overview

Accounting reference data supplies the structures used when accounting records are created and processed. Use this page to choose the configuration list that matches the work you need to do.

If you need to…Go to
Maintain account codes, account types, taxes, or account tagsChart of Accounts, Taxes, or Account Tags
Maintain journals or group journalsJournals or Journal Groups
Maintain currencies and their ratesCurrencies
Map taxes or accounts for a fiscal situationFiscal Positions
Maintain payment or delivery termsPayment Terms or Incoterms
Maintain accounting periodsFiscal Year
Change accounting configurationSettings

These surfaces sit under Accounting and Configuration. Journal activity, payment providers, and other downstream work continue on their dedicated pages.

Before you start

You need a signed-in application session before opening an accounting configuration destination. Access also controls which lists, fields, and pages you can use. The configuration includes branches for accounting access, multiple companies, multiple currencies, analytic accounting, and system administration.

Prerequisites

Have readyWhy it matters
The company that owns the reference recordCompany-specific fields and lists can depend on the selected company.
Currency and rate informationCurrency records include display, accuracy, and rate areas.
Tax type, scope, and distribution informationTax fields and account areas change with tax type and tax-exigibility choices.
Journal type and account informationJournal account requirements change for bank, cash, sales, purchase, and general journals.
Fiscal-position country and VAT informationCountry, state, and mapping areas depend on the fiscal-position choices.

Find accounting reference data

Use the Accounting configuration menu when you need either an existing record or the list from which you create or select one.

If you need to open…Select…
Account definitionsChart of Accounts
Tax definitionsTaxes
Journal definitionsJournals
Currency definitionsCurrencies
Tax and account mappingsFiscal Positions
Payment or delivery termsPayment Terms or Incoterms
Period definitionsFiscal Year
Journal or tax groupsJournal Groups or Tax Groups
Account classification helpersAccount Groups or Account Tags
Accounting configurationSettings

Steps

  1. Open Accounting.
  2. Open Configuration.
  3. Select the destination that matches the record you need.
  4. Select an existing row when you need to review or change a saved record.

The requested Chart of Accounts list can also be addressed through its list route. If that route lands on the application launcher instead, do not treat the launcher as the account list.

Result: The selected accounting reference list or record form is on screen.

Understand the reference-data screens

Each reference type has its own record shape. Use this map before editing so you know which kind of information belongs to the selected destination.

SurfaceWhat it contains
Chart of AccountsAccount identity, account type, tax and tag assignments, allowed journals, currency, depreciation state, grouping, reconciliation, and trade classification. The list also provides account columns and search filters.
TaxesTax identity, description, amount type, use and scope, amount, invoice and refund distributions, child taxes, invoice label, tax group, analytic option, company and country settings, pricing options, and tax-exigibility settings.
JournalsJournal identity and type, company, default and suspense accounts, profit and loss accounts, sequences, code, currency, bank-account details, incoming and outgoing payment-method rows, access controls, aliases, payment communications, and payment follow-up settings.
Payment TermsTerm identity and company, early-discount choices, discount values, term lines, preview values, notes, and whether the terms appear on the invoice.
CurrenciesCurrency identity, full name, active state, symbol, unit and subunit labels, price accuracy, display position, and rate rows.
Fiscal PositionsPosition identity, automatic application, VAT and foreign-VAT choices, country and state selection, tax mappings, account mappings, and notes.
Journal GroupsGroup identity, excluded journals, sequence, and company.
Tax GroupsGroup identity, country, sequence, company, payable account, receivable account, advance-payment account, and preceding subtotal.
Fiscal YearPeriod identity, company, start date, and end date.
SettingsOpen the settings destination to work with the accounting options available to your installation.
Account Groups and Account TagsOpen these destinations from their accounting configuration entries when you need their classification actions.

Tax distributions, child taxes, journal payment methods, payment-term lines, currency rates, fiscal-position tax mappings, and fiscal-position account mappings are maintained from their related parent record rather than as separate top-level tasks.

Maintain accounting reference records

Use the record type that matches the accounting rule you are maintaining. A tax definition is not a journal definition, and a currency rate is not a payment term; choosing the wrong list takes you to a different record shape.

Maintain a reference record

Prerequisites

  • You are on the list or form for the intended reference type.
  • You have the company and accounting information required by that record type.
  • You know whether the record is new or already saved.

Steps

  1. Select the record type from the Accounting configuration menu.
  2. Open the existing record you need to change, or use the list's create route for a new record.
  3. Complete the identity and classification information shown for that record type.
  4. Complete any embedded rows, such as tax distributions, payment-term lines, payment methods, currency rates, or mappings.
  5. Check the conditional areas described in Handle conditional reference-data branches.
  6. Review the entered values before leaving the form.

The account form includes statistics actions, the fiscal-position form includes a guidance link, and the journal and partner forms include related actions. The partner warning link is labelled Partners; it belongs to the partner form rather than to the accounting reference-data lists.

Result: The selected accounting reference form contains the values and detail rows for the record you are maintaining.

Handle conditional reference-data branches

Conditional areas keep a record aligned with the way it is used. Work from the choice you made in the record instead of expecting every field to appear at once.

When you choose…Check for…
A tax amount type other than a group taxThe amount area and the tax group requirement.
Cash-basis tax exigibilityThe cash-basis transition account requirement.
A bank or cash journalThe suspense account and payment-method areas.
A sales or purchase journalThe default account requirement and related payment settings.
Early discount on a payment termThe discount values, computation, and preview areas.
Invoice display for a payment termThe invoice preview area.
Automatic application or foreign VAT on a fiscal positionThe country, VAT, state, and mapping areas.
A cash or bank journalThe Incoming Payments and Outgoing Payments pages.
A restricted accounting or company featureThe fields and pages allowed by your access level.

Prerequisites

  • You know the record type and the business choice that controls the branch.
  • You have the account, company, country, or rate information needed by the branch.

Steps

  1. In the record's type or configuration field, choose the applicable value.
  2. Review the fields that appear or become required.
  3. Enter the related account, country, company, or rate information.

Result: The reference form shows the fields and detail rows for the selected branch.

When the reference-data screen does not open

If the address for the Chart of Accounts list opens the application launcher and theme customizer, you are not on the account list. The launcher displayed Menu Style, Font Type, Preloader Option, Theme Colors, Brand Color, Background Color, Sidebar Color, and Chatter Position, with no required marker on those controls. It also displayed Save and Reset To Default for launcher customization.

What you seeWhat to do
The application launcher and theme customizerReturn to Accounting, open Configuration, and select the intended reference list again.
A field appears only after a type or configuration choiceReturn to the controlling choice and use the matching branch in Handle conditional reference-data branches.
A required account area appears for a bank, cash, sales, purchase, or cash-basis choiceComplete the account required by that choice.
The requested reference list is still not on screenContinue with Common issues and solutions for shared routing and unavailable-surface problems.

Do not use a launcher control as a substitute for an accounting record action.

Know what is next

After the selected reference record is available, continue with the accounting work that uses it.

Continue with…Page
Journal, bank, reconciliation, or lock-date administrationConfigure accounting dashboard, journals, and bank activity
Payment providers or reconciliation modelsConfigure payments, providers, and reconciliation
Electronic invoicing and local reportingConfigure electronic invoicing and local reporting
Shared routing or unavailable-surface troubleshootingGeneral error messages or Common issues and solutions

The selected reference record remains the hand-off point for the next accounting task.

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Configure accounts, taxes, and currencies — SherketyERP