The Accounts section allows you to set up various default settings for the client such as default payment and receipt types, bank accounts, whether or not to include VAT on transactions etc. You can also set up financial year reporting period, divisions and sub divisions and default nominal accounts for rounding and year ends.To know more about these actions, click on the links below.
Accounts Setup
The ‘Setup’ section relates to defaults which are applied when doing bookkeeping for a client. This section covers a multitude of different options. From within the Setup screen you can set numbering for invoices, apply default types for payments and receipts, whether cheque, cash etc, assign default bank accounts plus more. All of the options provided here are to enable you to post transactions in the most efficient manner possible. Simply set the defaults in the boxes provided.
- Log in to Surf Accounts Production. The Business page appears.
- On the Clients and Accounts page, click the name of a client.
- The Trial Balance page appears. On the left panel, click Settings.
- The Settings page appears. On the Settings page, under the ACCOUNTS heading, click Setup.
- The Accounts Setup page appears. On the Accounts Setup page, enter the following details.
- To save the account settings, click [Save].
| FIELD | STEP |
|---|---|
| CURRENCY | This refers to the currency of the business; it will be displayed on all printed Invoices, Statements, Credit Notes etc as well as reports. |
| VAT NUMBER | Enter the Business VAT Number if applicable, the VAT Return, printed Invoices and Credit Notes. |
| VAT Registered | Is the Business Registered for VAT, if so tick the box. |
| DEFAULT RECEIPT TYPE | Select the default receipt payment method. |
| DEFAULT PAYMENT TYPE | Select the default payment method. |
| QUICK PURCHASE INVOICE/CREDIT NOTE | Select the appropriate method. |
| QUICK SALES INVOICE/CREDIT NOTE | Select the appropriate method. |
| NON-SUPPLIER PAYMENT | Select the appropriate method. |
| NON-CUSTOMER RECEIPT | Select the appropriate method. |
| DISCOUNT METHOD | Select the appropriate method. |
| DEFAULT BANK ACCOUNT | Select the default bank account for transaction. |
| AUTO ALLOCATE RECEIPTS ON BANK FEED FOR CUSTOMERS | This allows you to automatically allocate receipts on imported bank feeds to customer invoices. You have to options: All and Individual. The All option completely allocates the receipts to selected customer invoices. The Individual option allows you to allocate to select customer invoices. |
| AUTO ALLOCATE PAYMENTS ON BANK FEED FOR SUPPLIERS | This allows you to automatically allocate receipts on imported bank feeds to supplier invoices. You have to options: All and Individual. The All option completely allocates the receipts to selected supplier invoices. The Individual option allows you to allocate to select supplier invoices. |
| Show Markup in Invoice edit | Select if appropriate. |
| Show Total for Quantity | Select if appropriate. |
| Sequential Ref. No. on Purchase Invoice | Select if the invoice number should be shown sequentially. |
| Show Ref. No. on Invoice Browse | Select to show reference number on the invoice browse page. |
| Don't allow VAT on non customer receipt | Select if appropriate. |
| SALES INVOICE NUMBER | Select AUTO if the numbering should be system-generated. To define custom number, deselect the AUTO option. |
| SALES CR.NOTE NUMBER | Select AUTO if the numbering should be system-generated. To define custom number, deselect the AUTO option. |
| SALES ORDER NUMBER | Select AUTO if the numbering should be system-generated. To define custom number, deselect the AUTO option. |
| SALES QUOTATION NUMBER | Select AUTO if the numbering should be system-generated. To define custom number, deselect the AUTO option. |
| PURCHASE ORDER NUMBER | Select the required value. |
| UPDATE PURCHASE PRICE FROM PURCHASE INVOICE | Select the required value. |
| RECEIPT NUMBER | Enter the required value. |
| PAYMENT NUMBER | Enter the required value. |
| INVOICE DEFAULT QUANTITY | Enter the value if a default invoice quantity must be shown. |
| DEFAULT TRANSACTION DATE | Select the appropriate value. The default value is Today. If you retain the default selection, all transaction dates, for example, the sales invoice dates will be the current date. |
| SALES INVOICE METHOD | Depending on your selection, you can set up a service or product invoice or both for your customers. Your options are: for service invoice: Service Only; for product invoice: Products Only and for both: Products & Services. |
| PURCHASE INVOICE METHOD | Depending on your selection, you can set up a service or product invoice or both for your suppliers. Your options are: for service invoice: Service Only; for product invoice: Products Only and for both: Products & Services. |
| PAYMENT TERMS | Enter the payment terms. |
| Allow Line by Line Save in Invoice | Select if appropriate. |
| Autofill Notes from Invoice | Select if appropriate. |
| Don't allow VAT on non supplier payment | Select if appropriate. |
| Enable RCT Transactions | Select if appropriate. Note that even if you add custom RCT VAT code after enabling this option, you are allowed to use only system-defined RCT VAT rates. |
Accounting Period Setup
The Accounting Period section allows you to amend the financial reporting period breakdown, or extend the financial reporting period. The defauly financial reporting period for the client is defined when creating or importing the client, a monthly periodic breakdown will be assigned by default during this process. If you want to amend a period or lock a period you can do so from within Accounting Periods.
- To amend an accounting period click on the period and select Edit, from here you will be able to extend the reporting period.
- To change the financial year select ‘Change Financial Year’. A popup will appear which will allow you to extend the financial reporting period. Simply enter the new Financial Year End date and select save.
- You cannot amend the start date of the financial reporting period, if you require assistance with the reporting period please contact our support team.
- To lock a period, i.e prevent any transactions being posted to that period, you can do so by ticking the box under the Locked column. If a user tries to post into a locked period they will receive a notification advising them that the period is locked. Periods are permanently locked when the year end routine is run, to ensure that the prior financial year cannot be edited.
Divisions
Divisions are normally used in cases where a client may have more than one trade, or wants to differentiate streams of revenue, for example if the client is a publican and restaurateur divisions would be used to track the income and expenditure from each stream of trade. Separate Profit and Loss accounts can then be produced for each division, along with separate supplementary pages. If using Relate Accounts Production you will be more familiar with the term ‘Cost Centres’, Divisions in Surf Accounts Production provides the same functionality.
 |
If, at the time of setting up the business, you select Primary School or Secondary School as the business type, then you will be using Departments instead of Divisions. |
- On the Settings page, click Divisions.
- The Divisions page appears. Under the Divisions tab, do the following:
| FIELD | STEP |
|---|---|
| Use Divisions | Select to make divisions and subdivisions available in transactions. |
| SHORT | Short name of the division. You can use a maximum of five characters. This information will be available as a heading in transactions such as invoice. |
| LONG | Description of the division. This is for your information and reference. |
| DIVISION 1 | Name of the division. This will be available in a list in transactions such as invoice. |
| DIVISION 2 | Name of the division. This will be available in a list in transactions such as invoice. |
| Other functionality |
To add a row for additional divisions, click Add. To remove a division row, click To make a division available by default, select the DEFAULT option. |
.The image below shows the divisions and subdivisions.
Note
After you have set one or more Divisions, you can associate the Divisions with Journals when you create one. See the image below.
Default Nominals
Using the Default Nominals section you can change the default rounding account and retained profit account of the dataset.
Rounding Account
The rounding account enables the application to post small rounding differences to one specific nominal account code, ensuring a balanced set of financial statements. In Surf Accounts Production each nominal account code is rounding up or down to the nearest integer, the difference between the rounded value and unrounded value is the amount posted to the default rounding account. The default rounding account on Surf Accounts Production is 381, General Expenses, you can choose any nominal code as the rounding account. If you do not have any postings to 381 you should change the rounding account to avoid the amount showing separately on the supplementary pages.
The retained profit accounts for partnership formats are assigned from within the Compliance Database, Partner setup. Each partner is assigned their own retained profit account and retained profit is split depending on the percentage share holding.