System and General GL Setup

iXERP makes it easy for to set the default values and configuration of the whole system from one screen.

Settings > System and General GL Setup

First, you must make sure that the GL accounts you need are already set up under GL Accounts (Chart of Accounts). Then, using the fields, assign every required field to the GL accounts you want to be used by the system as a default account:
*Note: iXERP allow you to change some default accounts in the modules screen.

Default Accounts Sections:

• General GL Accounts
• Dimension Defaults
• Customers and Sales
• Customers and Sales Defaults
• Suppliers and Purchasing
• Suppliers and Purchasing Defaults
• Inventory
• Items Defaults
• Fixed Assets Defaults
• Manufacturing Defaults

Other Defaults settings:

• Tax Algorithm to be used.
• Past Due interval – Number of days between each past-due periods. A value of 30 is typical for most companies. (ie, 1-30 (first period), 31-60 (second period), 61-90 (third period), etc)
• Default Customers Credit Limit – Default credit limit for new customers.
• Legal Text on Invoice – Any legal text, like terms and interest charges for overdue payments, which you want to be included on all invoices.
• Deliveries Required by – Number of days by which a sales order is considered overdue for shipping.
• Dimensions Required by – Number of days by which a dimension is considered overdue.
• Delivery/Invoice Allowance – Percentage by which you allow for deviation in pricing.
• Allow Negative Inventory – This feature will allow iXERP to process customer delivery without a physical stock and the inventory level will become negative.
• Work Order Required by – The default number of days to finish manufacturing an item.

Risk of Allow Negative Inventory:

• When you allow negative inventory feature in iXERP, then when you process a customer delivery transaction the items GL inventory account will become a negative value.
• If you have an item standard cost value calculated from purchase invoices, so these values will be used to deduct from the GL inventory account.
• Purchase receive or inventory adjustment is done the value of the GL inventory account is settled based on received quantities and items standard cost.
• Negative inventory can affect several GL accounts like inventory account and cost of goods sold COGS.
• You can always be able to adjust the items standard cost with an approximate value even if you don’t have any stock available, this value will be used during customer delivery, this value will be adjusted automatically when you receive the supplier’s invoice or even manually adjusted if you have the accurate price, although this method will give you a better estimate of the COGS until you have the accurate prices.