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The Financial functional area is used to store and report on all the General Ledger data for the company. The main tasks performed include configuring the chart of accounts, managing checkbook balances, maintaining the fiscal calendar, and entering journal entries. The Financial functional area integrates across all functional areas.

Table of Contents
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Master FileParent FolderOverviewRelated User Guide
Fiscal PeriodsConfiguration

Fiscal Periods: 

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Def - Fiscal Period
Def - Fiscal Period
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Fiscal Years:  

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Def - Fiscal Year
Def - Fiscal Year
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Areas to Review

  1. Describe what users do from here each month
  2. Describe what users do from here each year 
  3. Describe how these setting impact NorthScope 
Managing the Fiscal Calendar
GL Account FormatConfiguration

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Def - GL Account Segment
Def - GL Account Segment
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Areas to Review

  1. Adding Segments and when Segments are added
  2. Identifying the Natural Account and what it means
  3. Adding Segment Values and when Segment Values are added

GL Account ClassConfiguration

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Def - GL Account Class
Def - GL Account Class
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Areas to Review

  1. Describe what an Account Class 'Category' is used for
  2. Describe how the 'Sort' field is used
  3. Describe adding Account Classes

GL AccountsSetup

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Def - General Ledger Account
Def - General Ledger Account
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Areas to Review

  1. Posting Type - Balance Sheet vs Income Statement
  2. Category - Based on the Posting Type
  3. Account Class - Based on the Category
  4. Account - Must follow the Account Segment Setup
  5. Account Description
  6. Control Account Type
  7. Typical Balance
  8. Inactive
  9. Use In Options (GL and AP are used, the others are not)

CheckbooksSetup

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Def - Checkbook
Def - Checkbook
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Areas to Review

  1. Types of Checkbooks typically setup
  2. Checkbook Currency
  3. Cash Account - Lookup of Active Checkbook Control Accounts
  4. Checkbook Balance - Current Balance of all 'Posted' Checkbook Transactions
  5. Last Reconciled Balance - Balance of last reconciled bank statement
  6. Next Check #
  7. Enable ACH - If yes the ACH Fields must be properly configured including: Next ACH#, Bank, Name on Account, Routing #, and Account #

Project ClassConfiguration

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Def - Project Class
Def - Project Class
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Areas to Review

  1. Adding Project Classes

ProjectsSetup

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Def - Projects
Def - Projects
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Areas to Review

  1. What these are used for and where these are used in NorthScope
  2. Assigning Project ID's - From the Preference
  3. Project Class
  4. Project Start Date - Required
  5. Project End Date - Not required
  6. Project Budgets
  7. Open to Sales - Not plugged in
  8. Open to Purchasing
  9. Always open to the GL

PreferencesConfiguration

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Def - Preference
Def - Preference
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Key Preferences:

  1. Retained Earnings GL Account

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Seq.PageNavigation PathUser GuideBlocked ByRequiredComment
1.Fiscal PeriodsFinancial → Configuration → Fiscal PeriodsManaging Fiscal Periods
Yes
2.GL Account FormatFinancial → Configuration → GL Account FormatConfiguring your Chart of Accounts
Yes
3.GL Account ClassFinancial → Configuration → GL Account Class
Yes
4.GL AccountsFinancial → Setup → GL Accounts2, 3

GL Account Format

GL Account Class

Yes
5.CheckbooksFinancial → Setup → CheckbooksConfiguring Checkbooks4GL AccountsYes
6.Project ClassFinancial → Configuration → Project ClassConfiguring Projects


7.ProjectsFinancial → Setup → Projects6Projects

8.PreferencesFinancial → Configuration → Preferences
4GL AccountsYes