New Accounting Organisation

You can create a new Accounting Organisation in CREST ERP by clicking the Create New Accounting Company link on the Organization GL Settings home page.

*A NEW Party for the Organization must be created in the Party Master, of type Internal Organization, as the first step to create a new Accounting Organisation in CREST ERP

Choose the Organization Party ID for the new Organisation from the drop down and click Create New Accounting Company. This will open the Organisation Setup screen

These parameters are explained below:

• The start date of the Time Periods and Fiscal or Accounting Year (eg 1st April, 1st January, 1st June etc)
• Tax Return Form – can be left blank for non-US
• The method to be used for calculating Cost of Goods Sold (COGS) – Currently, only FIFO can be used
• Base Currency – e.g INR,USD, GBP, EUR etc (NOTE: May have main company in USD but a subsidiary in EUR etc)
• Prefix, numbering and sequencing for Sales Quote, Sales Order and Sales Invoice (you may want each business unit / subsidiary to have its own numbering sequence)
• Method to be used for refunds (eg cheque, direct bank credit, voucher credit etc…)
• Specify which journal will be used to store error transactions

Click Create after verifying the details carefully to save the settings.