Business settings in Bookkeeping
This guide aims to assist users in effectively utilising the 'Settings' section within the bookkeeping module of Acting Office, ensuring a streamlined and integrated approach to managing client data and system configurations.
Business information
All the details that have been received by the system during the setting up procedure, automatically gets saved in the section under its relevant head.
'Edit' icon can be utilised to edit the business information after the successful onboarding of a client.
Our unique integration works in a way wherein all the modules are inter-connected. All the information saved in the business’ CRM such as the authentication code, UTR, contact details and VAT information automatically gets synced in this module as well. We can input additional items using the edit icon.
Additionally, the user has the option to set a default VAT rate for a client and our triggers will automatically fetch the default rates while creating invoices. Dropbox list can be utilised to select standard VAT rates. However, we have provided users with the flexibility to add on additional VAT rates. Click on the add button and input rate of VAT and as soon as a user clicks on the tick icon, a new VAT rate will get saved in the system. The settings icon allows the user to delete a specific VAT rate from the list of rates. However, system generated rates cannot be edited or deleted.
Customisation
The customisation section allows users to define the sequence for different records. Click the 'Edit' icon to make necessary adjustments. The predefined sequences will automatically reflect on the relevant records.
Prefix appends the letters before the numbering sequence as against suffix which puts it after the reference.
Series start would be the first numeric reference in the auto-numbering sequence.
Title is the header of the document that would be printed when it is downloaded.
Users can also enter notes to be displayed on each document. After making the required changes, select 'Save' to store the updates.
Payment terms
The payment terms for a business can be set up using this section. Use the 'edit' icon to input payment terms for the client. Our system automatically calculates due dates based on the input from the payment terms. These are the generic payment terms offered to the majority of the clients. Where these differ in case of a particular client, the same could be set at individual customer levels.
Additionally, you can also set up a credit limit as amount or days. Based on the user inputs, the system will provide a warning in case the threshold exceeds.
You can also use the checkbox to display bank details on sales invoices and select the specific bank whose details should appear.
Standard payment terms can be added, which can be opted to be displayed on all the invoices by selecting the corresponding checkbox.
Click 'Save' when the necessary information has been entered.
Reports
The reports tab provides options to customise report presentation. Click the 'Edit' icon to access this section.
Number format:
Enabling the 'Show decimal' checkbox will allow decimal values to be displayed within reports till two decimals. Additionally, the standard format for presenting the report for decimals, rounding units and negative values can also be adjusted from here.
Account view:
Use the 'Show accounts' dropdown to toggle between viewing accounts with balances only or accounts with transactions. What this basically does is, in cases where few accounts have nil balance on a particular date, accounts with balances feature would not show them on the list. Accounts with transactions would show all those accounts in the list where we have any movements during the selected period. To illustrate, for the selected period, if there had been a debit and a credit entry in a particular account which nullifies the balance to zero, the same account would be eliminated from the list when reports are viewed as accounts with balances.
Click 'Save' to apply changes.
Opening balance
Balances for a prior period can be entered in this section. The book start date i.e, the date from which Acting Office is being used would be the base date for uploading any balances. Click the 'Edit' icon to begin.
A dropdown menu allows users to select the relevant date for recording the opening balance, including options for the book start date or a prior date. Users can take advantage of selecting a date prior to book start date, just in case they are downloading the previous trial balance from another software and are not eliminating the profit and loss items. Software would automatically adjust these in relevant sections.
Observe
The ‘i’ icon provides guidance on date selection.
Input the appropriate account head using the dropdown and enter the debit or credit amounts accordingly. For accounts requiring multiple records e.g., trade debtors or creditors, use the associated icon to enter additional details such as customer or supplier names and outstanding balances. Customers and suppliers can also be created here by starting to type and clicking on create.
Individual entries can be removed using the 'Delete' icon, or all entries cleared via the 'Reset' button.
Users can also import balances by selecting the Import button and choosing a method:
Download a system-provided template and populate it.
Import files downloaded from FreeAgent for quicker upload.
The system will display total Dr. and Cr. balances, along with their status (balanced/unbalanced). It will also auto-calculate profit or loss based on the input data.
In cases of import where the system is not able to identify the particular account, a plus icon is available to add it on the chart of accounts or you can select from the dropdown itself another code from the existing codes. Until all plus icons are not removed, you cannot save the opening balances.
Click 'Save' after entering all details. If the user attempts to exit without saving, a warning message will be displayed.
A downloadable excel version of the opening balances is also available via the 'Download' icon.
Templates
Invoice templates can be selected & managed from the templates section. A default template is preassigned, but users may choose from other available options.
Templates can be previewed and edited to suit specific requirements before finalising the selection. This section helps to set margins, font styling and the items that need to be shown on documents.
Chart of accounts
Acting Office provides a comprehensive chart of accounts with predefined account codes. Users can add new account codes by selecting the 'Add' button and entering the necessary details. This action should be performed by a user with full accounting knowledge and should be carefully used.
All accounts are listed with their corresponding code, type, and group. Users may archive or edit codes that they have created. However, system-generated codes have editing restrictions. While user-created codes can be deleted, system codes may only be reset for their naming changes using the 'Reset' button.
The complete list can be downloaded using the 'Download' button. For adding fixed asset codes, an option is provided under the Fixed Asset Register, where users can mark relevant codes as active and rename them to reflect the name of the fixed asset.
Search and filter options are available to locate specific codes as needed.
Bank rules
The bank rules section supports the categorisation of bank statement transactions. A comprehensive list of pre-configured rules at practice level is provided. As users work within the banking section of bookkeeping, any custom rules created will also be reflected here.
Users can clone, edit, deactivate, bulk activate-deactivate, or search for specific bank rules. Filters help narrow down the list based on specific requirements.
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