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Field

Used for

Date for opening balances

Indicate a date to start entering transactions in Codejig ERP. Upon this date, the accounting policies as determined under this tab will take effect in the system, and you will be able to create and post documents in Codejig ERP. Also, you will be able to create an initial balance document that will represent balances of your accounts as on the day before you start using the system. The date of the initial balances document will be a day before the date of opening balances. 

For more information about the Initial balance document, see Initial Balance.

You will not be able to enter transactions dated before the selected date for opening balances. The only exceptions to this rule are initialization documents such as Currency exchange rate, VAT number, etc. 

You cannot change the date for opening balances after posting at least one document.

If a necessity to change the date arises after certain postings have taken place, you have to

1. Unpost all posted documents.

2. Delete documents with an earlier date than the desired date for opening balances or change date of such documents to later one.

3. Set a new date for opening balances, and then save the settings.

4. Post all previously unposted documents. 

 By default, the date for opening balances is the first day of the current year (is Jan 1 of the current year). 

Default currency

Select a system currency for your company from the list of active currencies. 

It is a currency in which all your accounting activities will be recorded in the system.  All transactions will be managed in the selected default currency. This currency will be automatically suggested for use in all documents and reports unless you manually select a different currency in a specific document/report. Journal entries will be also made in the default currency. 

If a currency you want to set as a default one is not available on the list, it is either inactive or does not exist.

To check the availability and status of this currency, go to the Currency directory, examine the complete list of available currencies, locate the desired currency, and then activate it. If the currency is not available, add it to the system. 

For more information how to work with currencies in Codejig ERP, see Currency.

You cannot change the default currency if at least one document has been created and posted in the system. In this case, to change the selected currency, you have to 

1. Unpost all posted documents.

2. Select a new default currency, and then save the settings.

3. Edit existing documents if necessary. 

4. Post all previously unposted documents. 

By default, the system currency in Codejig ERP is EUR. However, you can set a different currency as a default one if necessary.  

• It is a required field. If you delete the autocompleted currency and do not select an alternative one, you will not be able to save system settings. 

Inventory valuation method

Inventory valuation method is used to determine the cost of goods sold and the cost of ending inventory.

Select an inventory valuation method that best suits your business needs from the list of valuation methods supported by Codejig ERP.  

The following valuation methods are available in Codejig ERP:

•  First-In, First-Out (FIFO) Method

Under this method, items that were purchased or produced first are the first ones to be sold or written off (regardless of whether they are actually sold or written off first). So, the cost of goods sold is based upon the cost of the oldest inventory items, and the ending inventory is based on the cost of items purchased most recently. 

• Average Cost Method

According to the average cost method, the cost of goods sold and the ending inventory are both based on the average cost of all inventory items purchased during a certain accounting period.

The results of inventory valuation are reflected in the balance sheet and the income statement (profit & loss reports). COGS appears in the income statement (profit & loss reports) and the ending inventory appears on the balance sheet.

You cannot change the selected inventory valuation method if you have created and posted at last one document including inventory items. In this case, to change the selected inventory valuation method, you have to

1. Unpost all posted documents.

2. Select a new inventory valuation method, and then save system settings.

3. Post all previously unposted documents. 

From the outset, the FIFO method is selected as a default inventory valuation method. However, you can select a different method if necessary. 

• It is a required field. If you delete the autocompleted currency and do not select an alternative one, you will not be able to save system settings. 

Basis of accounting

Basis of accounting determines the time sales and purchases transactions are recorded. 

Choose one out of two primary methods of tracking income and expenses in accounting: Invoice basis or Accrual basis. 

These methods differ only in the timing of when transactions are recorded to your accounts.

Invoice basis records income when pay is actually received, and expenses are counted when actually paid.

Accrual basis records income when the sale occurs (but pay is not necessarily received yet), and expenses are counted when you receive goods or services (but not necessarily pay for them yet).