On the ribbon, go to Tools > Options > Accounts.
There are several important and specific accounting defaults which are set here. The Accounts Options are extremely important to the way Jim2 works . It is here you specify how general ledger accounts are used when Jim2 needs to create transactions into your general ledger. Some of these options are also related to your business structure and methodology. Each impacts globally on the function of Accounts, ie. every user accessing Accounts is affected by the options set here.
As you can see from the above image, here is where you close periods/months.
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These defaults should be considered carefully as they have a major impact on how Jim2 works, and how you run your business. |
Field |
Explanation |
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Current Financial Year |
The financial year information will be entered when you start using Jim2 for the first time (via the Jim2 Startup Wizard). These fields will show the information relating to the current financial year, first month of financial year, starting month using Jim2 – this is used for locking and reporting purposes. You cannot change these values. When you roll over a financial year, the current financial year will automatically update. |
Financial Periods |
As the financial year rolls along and you have finalised things for each month, you will need to close a period so that no transactions can be posted, and no existing transactions can be changed for those periods. To do this, simply tick the box next to the period you want to close. You can unlock a period at any time, as long as the following periods are not locked. For example, you cannot unlock the August period unless the September and October periods are also unlocked.
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GST Period |
This is where you specify how often you complete a GST/BAS return. This is used when printing the report at default dates, and when editing documents.
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GST Calc Method |
Select either Accrual (default) or Cash GST reporting methods, depending on your company's GST reporting requirements. This option is in the Jim2 Startup Wizard (used when setting up Jim2 for the first time). |
GST Country |
Choose from Australia, New Zealand, Canada or South Africa. |
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It's important that the GST Calc Method option be selected prior to finishing your first GST session. However, if you change your GST calculation method at a later time, you can easily identify the calculation method that was used for each session.
Jim2 does not support moving from Accrual to Cash GST reporting without some manual calculations – you may require advice from your accountant. For instance, how do you determine which invoices have already been reported to the Australian Taxation Office on an accrual basis, that will be paid in the future (and potentially reported again on a cash basis)? |
Field |
Explanation |
|---|---|
Allow to delete General Journal entries |
This and the following two options are more business methodology questions, ie. do you want users to be able to delete general journal entries? There is a further security setting on this option. |
Allow to delete Payments |
Do you want users to be able to delete debtor and creditor payments? There is a further security setting on this option. |
Force General Journal comments |
Do you want to ensure when users add and post general journal entries, they always enter a comment in the general journal? |
First financial year has been rolled |
This box is display only, and indicates whether or not you have closed (rolled over) your first financial year of trading in Jim2. |
Enable automatic daily credit hold check |
Tick this box to automatically put customers (debtors) on credit hold if they have invoices that are overdue by a predetermined number of days. Enter that number into the When outside terms by (days) field. The default is 0 (zero) days. |
If Financial Period is closed then post to |
You can choose to post to either Original Document Date (Period 13) or First Day of First Open Period* (see |
When Posting COGS to the GL after finishing an Expense Order |
You can choose to use either the document date of the expense order or the document date of the invoice the goods were sold on* (see |
Use rounding account for Invoice Journals |
If ticked, when you invoice a job and there is rounding, instead of putting the rounding into the first income account, Jim2 will use the rounding account instead. This is a 6-XXXX expense account. |
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Happen suggests using the settings indicated by * for companies with strict account reporting periods. Also, make sure you close financial periods and untick Allow post transaction into closed financial periods, under Security settings. |
Further information:
Accounts (including Banking)