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Accounting Settings

Overview​

Accounting Settings define the fundamental financial parameters for your entire organization. Configure base currency, date and decimal formats, manage your chart of accounts, and set up payment terms that apply across all financial transactions in Bizconnekt.

Prerequisites​

  • Tenant Administrator or System Admin role
  • Access to Configuration → Finance in the Admin console
  • Basic understanding of your organization's accounting standards

Accessing Accounting Settings​

  1. Navigate to BizAdmin from the main menu
  2. Click Configuration in the left sidebar
  3. Open Finance
  4. Three of its pages are covered here: Default Formats, Chart of Accounts and Payment Terms

Default Formats​

Overview​

Default Formats control how financial data is displayed and entered across the entire platform. Set once during initial setup.

Configuring Base Currency​

Field: Base Currency

Purpose: Primary currency for all financial transactions and reporting

How to Configure:

  1. Navigate to Accounting > Default Formats
  2. View current Base Currency (shown with currency symbol)
  3. Currency is typically set during account creation

Available Options:

  • ₹ (Indian Rupee - INR)
  • $ (US Dollar - USD)
  • € (Euro - EUR)
  • £ (British Pound - GBP)
  • Other major currencies

Important Notes:

  • Base currency cannot be changed after transactions are created
  • All financial reports use base currency for consolidated views
  • Multi-currency transactions convert to base currency for reporting

Date Format​

Purpose: Standardizes how dates appear on all documents, reports, and transaction screens

Available Formats:

FormatExampleCommon Usage
dd/mm/yyyy12/10/2025India, UK, most of Europe, Australia
mm/dd/yyyy10/12/2025United States
yyyy/mm/dd2025/10/12ISO standard, East Asia, technical systems

How to Change:

  1. Click on Date Format dropdown
  2. Select your preferred format from the list
  3. Change applies immediately platform-wide

Impact:

  • Affects all date fields in transactions (Invoices, POs, Bills, etc.)
  • Changes how dates display in reports
  • User input follows selected format

Decimal Format​

Purpose: Controls decimal precision for amounts, quantities, and rates across all transactions

Available Options:

FormatExample AmountBest For
Upto 1 decimal₹1,234.5Simple retail, rounded pricing
Upto 2 decimal₹1,234.56Standard accounting (most common)
Upto 3 decimal₹1,234.567Wholesale, bulk commodities, foreign exchange
Upto 4 decimal₹1,234.5678Precious metals, gems, high-precision industries

How to Change:

  1. Click on Decimal Format dropdown
  2. Select precision level (1-4 decimals)
  3. Setting applies to all new transactions

Impact:

  • Affects prices, quantities, and tax calculations
  • More decimals = more precision but more complex display
  • Standard recommendation: 2 decimals for most businesses

Important: Changing decimal format after transactions exist may cause rounding differences in historical reports.

Other Currencies​

Purpose: Enable additional currencies for multi-currency transactions

Currently Available:

  • USD ($) toggle

How to Enable:

  1. Locate Other Currencies section
  2. Toggle switch next to USD ($)
  3. Enable: Green toggle + unlocked icon
  4. Disable: Grey toggle + locked icon

When Enabled:

  • USD becomes available as transaction currency
  • Customers/Suppliers can be assigned USD currency
  • Exchange rate management becomes active
  • Transactions in USD convert to base currency for reporting

Status: Additional currencies will be available in future updates.

Chart of Accounts​

Overview​

View and manage your organization's complete chart of accounts - the foundation of your financial structure. All accounts are organized hierarchically with parent-child relationships.

Viewing Chart of Accounts​

Access:

  1. Navigate to Accounting > Chart of Accounts
  2. Click View Standard Chart of Accounts
  3. Full account list opens in modal view

Default View:

ColumnDescription
Account NameName of the account (e.g., "Cash & Cash Equivalents", "Bank Account")
Account CodeUnique identifier (e.g., AST-01, BNK-01, EXP-13)
Parent AccountParent account in hierarchy (e.g., "Cash & Cash Equivalents" for "Bank Account")
Parent Account CodeCode of parent account (e.g., AST-01, LBL-01)
DescriptionPurpose of account (e.g., "All cash, bank accounts and cash equivalents")
Account TypeClassification (Current Asset, Bank, Expense, Income, Liability, etc.)
Account NumberBank account number if applicable
ActionEdit icon to modify account details

Standard Account Structure​

Asset Accounts (AST):

  • Cash & Cash Equivalents (AST-01)
    • Bank Account (AST-01-01)
    • Cash on Hand (AST-01-02)
    • Undeposited Funds (AST-01-03)
  • Current Assets (AST-02)
    • Accounts Receivable (AST-02-01)
    • Inventory Asset (AST-02-02)
    • Prepaid Expenses (AST-02-03)
  • Tax Assets (AST-03)
    • GST Input Tax Credits (various GST rates)
    • TDS Receivable
    • TCS Receivable
  • Fixed Assets (AST-04)
    • Property, Plant & Equipment

Expense Accounts (EXP):

  • Cost of Goods Sold (EXP-01)
  • Operating Expenses (EXP-02)
  • Salaries & Benefits (EXP-04)
  • Marketing & Advertising (EXP-07)
  • Tax & Compliance Expenses (EXP-08)

Income Accounts (INC):

  • Sales Revenue (INC-01)
  • Service Revenue (INC-02)
  • Other Income (INC-03)

Liability Accounts (LBL):

  • Current Liabilities (LBL-01)
    • Accounts Payable (LBL-01-01)
    • Customer Advance (LBL-01-02)
  • Tax Liabilities (LBL-02)
    • GST Output Tax Payable (various rates)
    • TDS Payable
    • Income Tax Payable

Adding New Account​

  1. Click + icon at bottom of account list
  2. Complete account details:

Required Fields:

FieldDescriptionExample
Account CodeUnique identifier following your coding schemeEXP-20, AST-05-01
Account NameDescriptive name for the accountSoftware Subscriptions, Petty Cash
Parent AccountSelect from dropdown showing account hierarchyOperating Expenses, Cash & Cash Equivalents
DescriptionPurpose and usage of this accountSaaS tool subscriptions and licenses
Account NumberBank account number if applicable (optional)9876543210
  1. Click Save button
  2. New account appears in the chart

Editing Accounts​

  1. Locate account in the list
  2. Click pencil icon in Action column
  3. Modal opens with editable fields

What Can Be Edited:

  • Description
  • Account Number (for bank accounts)

What Cannot Be Edited:

  • Account Name (locked after creation)
  • Account Code (locked after creation)
  • Parent Account (locked after creation)

Warning Message: System shows "Account Name, Account Code, and Parent Name cannot be changed once saved. Do you want to continue?"

  1. Click Cancel to abort or Save to confirm
  2. Changes save immediately

Important: Account Name, Code, and Parent cannot be changed once saved to maintain financial integrity.

Payment Terms​

Overview​

Define standard payment terms used across customer and supplier transactions. Payment terms determine credit periods and due dates on invoices and bills.

Viewing Payment Terms​

Display Format:

Payment Terms NamePayment Terms DayAction
Advance0Edit | Delete icons
Net 1515Edit | Delete icons
Net 3030Edit | Delete icons
Net 4545Edit | Delete icons
Net 6060Edit | Delete icons
Net 9090Edit | Delete icons

Default Payment Terms​

Pre-configured Terms:

  • Advance: Payment due immediately (0 days)
  • Net 15: Payment due within 15 days
  • Net 30: Payment due within 30 days (most common)
  • Net 45: Payment due within 45 days
  • Net 60: Payment due within 60 days
  • Net 90: Payment due within 90 days

System Defaults:

  • PO Default Payment Terms: Net 30 (for Purchase Orders)
  • SO Default Payment Terms: Net 30 (for Sales Orders)

Adding New Payment Term​

  1. Click + icon below the payment terms table
  2. Enter payment term details:

Fields:

  • Payment Terms Name: Descriptive name (e.g., "Net 7", "2/10 Net 30", "End of Month")
  • Payment Terms Day: Number of days credit period (e.g., 7, 30, 45)
  1. Term appears in list immediately
  2. Available for selection in customer/supplier setup

Editing Payment Term​

  1. Click pencil icon next to the payment term
  2. Modify Payment Terms Name or Payment Terms Day
  3. Changes save automatically
  4. Affects future transactions using this term

Deleting Payment Term​

  1. Click trash icon next to the payment term
  2. Confirm deletion
  3. Term removed from list

Important: Cannot delete payment terms currently in use by active customers or suppliers.

Setting Default Terms​

PO Default Payment Terms:

  • Dropdown selection below payment terms table
  • Applies to all new Purchase Orders
  • Default: Net 30

SO Default Payment Terms:

  • Dropdown selection below payment terms table
  • Applies to all new Sales Orders and Invoices
  • Default: Net 30

How to Change:

  1. Click dropdown for PO or SO Default
  2. Select from available payment terms
  3. New default applies to all new transactions
  4. Existing transactions retain original terms

Common Configuration Scenarios​

Scenario 1: Initial Setup for New Organization​

Steps:

  1. Set Base Currency to ₹ (INR)
  2. Select Date Format: dd/mm/yyyy
  3. Choose Decimal Format: Upto 2 decimal
  4. Review standard Chart of Accounts
  5. Verify default Payment Terms (Net 30)
  6. Add custom accounts if needed

Time Required: 15 minutes

Scenario 2: Adding Industry-Specific Accounts​

Situation: Manufacturing company needs raw material accounts

Steps:

  1. Navigate to Chart of Accounts
  2. Click View Standard Chart of Accounts
  3. Add new accounts:
    • Code: EXP-14, Name: Raw Material Purchase, Parent: Cost of Goods Sold
    • Code: AST-02-07, Name: Raw Material Inventory, Parent: Current Assets
  4. Save new accounts

Scenario 3: Customizing Payment Terms​

Situation: Industry standard is 45-day credit

Steps:

  1. Navigate to Payment Terms
  2. Click PO Default Payment Terms dropdown
  3. Select Net 45
  4. Click SO Default Payment Terms dropdown
  5. Select Net 45
  6. All new transactions now default to 45-day terms

Field Reference​

Base Currency​

  • Type: Dropdown selection
  • Default: ₹ (INR)
  • Editable: During initial setup only
  • Impact: All financial transactions and reports

Date Format​

  • Type: Dropdown selection
  • Options: dd/mm/yyyy, mm/dd/yyyy, yyyy/mm/dd
  • Default: dd/mm/yyyy
  • Editable: Yes, anytime
  • Impact: All date fields platform-wide

Decimal Format​

  • Type: Dropdown selection
  • Options: 1-4 decimal places
  • Default: Upto 2 decimal (₹1,234.56)
  • Editable: Yes (use caution with existing data)
  • Impact: All amounts, quantities, rates

Payment Terms Day​

  • Type: Numeric input
  • Range: 0-365 days
  • Default: Varies by term (0, 15, 30, 45, 60, 90)
  • Editable: Yes
  • Impact: Invoice and bill due date calculations

Best Practices​

Configuration Tips

Accounting Formats: Set Base Currency, Date Format, and Decimal Format during initial setup before creating transactions

Chart of Accounts: Review standard chart before modifications - it's designed for comprehensive business needs

Payment Terms: Use standard terms (Net 30, Net 60) for consistency with industry practices

Default Terms: Set PO and SO defaults matching your typical business terms to reduce manual selection

Custom Accounts: Only add accounts when truly needed - too many accounts complicate reporting

Frequently Asked Questions​

Q: Can I change Base Currency after creating transactions?

A: No, base currency is locked once transactions exist. Plan carefully during setup.

Q: What happens if I change Decimal Format from 2 to 4 decimals?

A: Existing amounts remain unchanged. New transactions can use up to 4 decimals. Reports may show different precision.

Q: Can I delete accounts from Chart of Accounts?

A: Yes, but only if no transactions are posted to that account. System prevents deletion of accounts in use.

Q: How do payment terms affect due dates?

A: Payment Terms Day is added to invoice/bill date. Net 30 on invoice dated Oct 1 = due date Oct 31.

Q: Can different business units have different accounting formats?

A: No, accounting formats are platform-wide. All business units share same base currency, date format, and decimal format.

Q: What if I need payment terms like "2/10 Net 30" (discount terms)?

A: Create custom payment term with name "2/10 Net 30" and day value 30. Discount logic is manual currently.

Need help? Contact support at support@bizconnekt.com