Financial Settings

Financial settings contains information used in production of reports and invoices

To view financial settings go to the Accounting module, then Settings > Financial settings.

Default currency is the base currency of the company which will be used in account transactions and reports. If another currency was chosen for invoicing and payment the amount will be converted to the default currency (based on currency rates).

Financial Year End date is set by default to 31th of December. The year end date is used to calculate and generate financial reports.
Lock Date is a date to lock account transactions. Users unable to create, delete or modify the account transactions before the lock date.
You can also define your default Payable and Receivable accounts as well as corresponding tax accounts. This will affect how accounting transactions will be recorded and how they will be shown in reports.

If you decide to make an invoice in different than default currency, it's possible that currency rate will change before invoice is paid. This will generate currency loss or gain when the payment is done. You can define accounts for Currency gain and Currency loss where differences in amount will be recorded.

After authorizing expense claim the transaction will be recorded in Unpaid Expense Claims Account
Retained Earnings Account is an accumulated profit and loss from closing current earnings of the fiscal year. The retained earnings are present in the balance sheet report of the next fiscal year.
Rounding Account is an account to record variance decimal amounts.
Bank Charge is bank charge account code
Advance is advance payment account code for employee
Journals has 5 account journals by standard are Receivable, Payable, Receipt , Payment and Journal Entries
Tax ID Number is Tax number of the company

Auto-reconcile suspend vat: System automatically reverse suspend actual tax to tax when making payment from invoice with suspended tax.