In the General Ledger section, you define and manage the financial records for your company. These financial records include:
- Company currencies, operating currencies, original currencies.
- Ledger accounts within the chart of accounts.
- Fiscal periods and fiscal years.
- Sales taxes (for both sales and purchases).
- Journals for posting to ledger accounts and accounts in other sections.
- System accounts for automatic posting.
- Parameters, defaults, and number sequences that apply to ledger accounts and ledger transactions.
- Dimensions, dimension sets and hierarchies, and financial statements.
- Optional features related to journals and posting.
- Sales tax specific to countries/regions.
- Vendor withholding tax.
In the Accounts Receivable section, you track all sales and incoming payments from customers. You also set up customer groups, customers, posting profiles, various payment options, interest and collection notes, parameters concerning customers and sales orders, prices and discounts, charges, supplementary items, deliveries and destinations, and bills of exchange. Depending on your setup, you can then perform many tasks that are related to customers and sales. Some of the tasks you can perform include:
- Process recurring invoices.
- Create and manage sales orders, sales quotations, and free text invoices.
- Settle customer invoices.
In the Accounts Payable section, you track all purchases and outgoing expenditures to vendors. You also set up vendor groups, vendors, posting profiles, various payment options, parameters concerning vendors and purchase orders, prices and discounts, charges, supplementary items, deliveries and destinations, and promissory notes. You may perform many tasks that are related to vendors and purchases. Some of the tasks you can perform include:
- Process recurring payables.
- Create and manage purchase orders and planned purchase orders.
- Use various kinds of journals.
- Settle vendor invoices.
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