Global GL settings

Global GL Settings is a collection of important system definitions and master templates, which include the Chart of Accounts for financial transactions and certain other system parameters that are applied by default to any new Organisation set up in your instance of CREST ERP. You can override or customize some of these settings in Organisation GL Settings.

We need settings at a global level because OFBiz is an integrated system so certain areas like accounting are linked to many other modules. It also makes sense to have a central place to setup things that will be used globally

Since the Global GL settings can control the overall system behavior across organisations in the instance, it is important that adequate analysis and planning goes into defining them, listed below:

1. Chart of Accounts
2. Invoice item type
3. Payment method type
4. Rates
5. Foreign exchange rates
6. Costs
7. GL account category
8. Cost centres
9. Billing accounts
10. Financial account
11. Tax authorities
12. Tax deduction at source
13. Tax configurator
14. Agreements
15. Payment gateway config
16. Navigate accounts

Let us look at how to set up the global Chart of Accounts