Preferences: Financial

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 doing journal entries. The Financial functional area integrates with all other NorthScope functional areas. The purpose of the Financial Preference Page is to configure how these features work. From here, users can set defaults, identify which features are used, and how the enabled features perform.

Software Version: 2024.05.20 and newer

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FieldsDescription
Preference NameIdentifies the Preference that is being setup.
Value A text box or lookup to set the value of the preference. Preference values are always editable and can be changed at any time, unless otherwise specified. 
PreferencesDescription
Default
Default Reconciliation Cutoff DaysA text box to assign the number of Cutoff Days that will be used to calculate the Transaction Cutoff field on the Checkbook Reconciliation Record View. This defaults to 5 days and is always required and editable.
Next Checkbook Adjustment Number - ADJA text box to assign the Next Checkbook Adjustment Number that will be used. When a new Checkbook Adjustment is created, the Adjustment Transaction ID is auto-assigned from this preference value and then the value is incremented by 1. This defaults to 1000 and is always required and editable.
Next Checkbook Deposit Number - DEPA text box to assign the Next Checkbook Deposit Number that will be used. When a new Checkbook Deposit is created, the Deposit Transaction ID is auto-assigned from this preference value and then the value is incremented by 1. This defaults to 1000 and is always required and editable.
Next Checkbook Reconciliation Number - RECA text box to assign the Next Checkbook Reconciliation Number that will be used. When a new Checkbook Reconciliation is created, the Reconciliation Transaction ID is auto-assigned from this preference value and then the value is incremented by 1. This defaults to 1000 and is always required and editable.
Next Checkbook Transfer Number - XFRA text box to assign the Next Checkbook Transfer Number that will be used. When a new Checkbook Transfer is created, the Transfer Transaction ID is auto-assigned from this preference value and then the value is incremented by 1. This defaults to 1000 and is always required and editable.
Next Project IDA text box to assign the next Project ID that will be used. When a new Project is added, the Project ID is auto-assigned from this preference value and then the value is incremented by 1. This defaults to 1000 and is always required and editable.
Retained Earnings GL Account

A single-select load on demand lookup to assign the Retained Earnings GL Account that will be used when running a Year-End Close or Year-End Reversal. This defaults to blank and is required before a Year-End Close can be run. This field is always enabled and editable.

This lookup contains a blank value, the current assigned value, and a list of all the 'Active' GL Accounts with a Control Account Type of "Retained Earnings" 

Account Segment for Quick Replacement

A single select lookup to assign which GL Account Segment will be used to allow users to be able to quickly update an account segment value on the 'Account' field of the line item on a Sales Transaction Record View, Journal Entry Record View, AP Invoice/Credit Memo and Purchase Order Record View.  This defaults to blank, is not required and is always enabled and editable. 

When a value is selected it will be used in addition to what the user enters in the 'Account' field of the line item on the Sales Transaction Record View to search that segment of an active GL Account open to Sales that matches the value and will replace it with the new account and description.

For example:

  • The Account Format in NorthScope is setup with three segments, broken down into Segment 1 = "Account" and is 4 digits long, Segment 2 = "Division" and is 3 digits long and Segment 3 = "Department" and is 2 digits long.
  • Account Segment for Quick Replacement Financial Preference is set to ‘3 - Department’
  • User opens Sales Transaction Record View with a line item Account of ‘1000-111-10 - Sales: Pacific Cod’
  • User deletes Sales GL Account content and types in ‘12’
  • NorthScope uses the entry of ‘12’ combined with the Account Segment for Quick Replacement preference of ‘3 - Department’ to determine the ‘12’ is referencing the department segment of the GL Account and does one of two things:
    • Defaults the Sales GL Account to the only account that matches, if there’s only one, reading “1000-111-12 – [Account Description]”
    • Displays the Account Lookup with all the Accounts available that match the value entered for the user to select the correct account

A GL Account Segment is a specific part of a GL Account. Every GL Account contains at least 1 segment referred to as the "Natural Account" but some companies require additional structure to segment Natural Accounts by things like Companies, Divisions, Departments, etc. GL Account Segments are typically separated by "-" (e.g. 2000-00).

This lookup contains a blank value, the current assigned value, and a list of the Account Format Segments setup in the system.  


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