Sage X3 Core Financials - Day 4 - Automatic Accounting

Question 1

AUTOMATED ACCOUNTING:

Answer 1

In this Lesson, we shall learn about Accounting Codes and how they are used in Automated Accounting.

TOPICS IN THIS LESSON ARE:
- Defining Accounting Codes.

Question 2

Defining Accounting Codes: (GESCAC)
Path: Setup > Financials > Accounting Interface > Accounting Codes.

Answer 2

We use Accounting Codes (GESCAC) to view and Create Accounting Codes.
You can define an unlimited number of Accounting Codes.

The Option at the Type Field identifies what you are creating the Accounting Code for, as well as the Accounting Code ID and Description.

• For each Accounting Code, you must define an ID at the Code Field as well as a Title and Short Title.
• Existing Accounting Codes are displayed in the Left List and are grouped based on the Accounting Code Type.

MANDATORY FIELD:
- If it is Set to No, you can leave an Account Blank.
- If you leave an Account Blank, the System will assume you are Setting up the Automatic Journal to either include an Account or to look to Another Source.

AN EXAMPLE OF HOW A SALES ACCOUNT IS CONSTRUCTED:

PRODUCT - Line 2 - 70XXX1XXX

CURRENCY- Line 2 - XXXXXXUSA

SALES REP - Line 1 - XX3XXXXXX

TAX - Line 19 - XXX20XXXX

The Full Code is thus: 703201USA

An position filled by an “X” can be replaced by another character defined in another Accounting Code.

Code Construction from the Above Example:

PRODUCT
Step 1: 70XXX1XXX

PRODUCT +CURRENCY =
Step 2: 70XXX1USA

PRODUCT + CURRENCY + SALES REP
Step 3: 703XX1USA

PRODUCT + CURRENCY + SALES REP + TAX
Step 4: 703201USA.

• You can optionally assign Accounting Codes at the Accounting Code Field to various Entities throughout the System, ie, Customers, Suppliers, Sales Reps, Products, etc.