Codejig Reference

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Use this tab to overview or change default accounts for your organization to which its daily transactions will be assigned. Also, you can use this tab to set a number of critical accounting parameters that will be used for various business operations.

By default, all accounts and parameters under this tab are pre-selected for your company. However, you can change them if necessary.

Note: The pre-selected accounts, as well as other accounts available for selection, are defined in and retrieved from a default chart of accounts provided by Codejig ERP from the outset. Other parameters are specified in respective system directories or are set as numeric values.

In general, the process of setting default accounts and accounting parameters is a three-stage process. At each stage, you can change default accounts or parameters to other accounts/parameters that are more appropriate for specific entities or operations involving them. The following 3 stages are distinguished:

1) Initially, all default accounts and parameters are pre-selected for your organization in the My company settings section under the Accounts tab. These accounts and parameters have been pre-defined by application developers to ensure the flawless first experience with Codejig ERP. While creating new documents, you can be sure that they will be successfully saved and posted even if you have not specified accounts to which transactions triggered by those documents have to be recorded, as all required accounts will be retrieved from the My company settings section. Also, no errors will occur during the posting process because transactions induced will use the required pre-selected accounting parameters.

Under the Accounts tab, the most common or non-specific accounts are selected as default ones. Only one account is selected for a particular type of transaction. For example, the Other Fixed Assets-Cost account is selected as a default account to which the cost of fixed assets has to be recorded. You can change this account to any other Fixed Asset account (for example, the Computers-Cost account), but this account will be used to record the cost of different types of fixed assets even if they do not belong to the group Computers. Since transactions may be recorded to different accounts of the same type, it is recommended to customize the pre-selected default accounts at the next stage. As far as accounting parameters are concerned, the most commonly used parameters have been pre-set.

Note: All fields under this tab are required fields. If you delete the pre-selected accounts and do not select alternative ones instead, you will not be able to save the information you provided about your company.

2) At this stage, you specify default accounts and parameters in records. When you create new records in the Vendor, Customer, Bank account, Item, Fixed Asset and Fixed Asset group directories, accounts, and parameters under the Accounting tab of these records are auto-completed being retrieved from the My company settings section. At this stage, it is recommended to revise default accounts/parameters and change them to other accounts of the respective account types/parameters that are more appropriate for specific entities or operations involving them. Accounts and parameters specified in records will be used in documents and ensuing transactions.

3) While creating and modifying documents, accounts and parameters will be auto-completed when you select vendors, customers, bank accounts, items, fixed assets, etc. being fetched from the respective item, customer, vendor records (if those accounts/parameters have been specified in the records). Accounts and parameters provided in documents will be used for accounting transactions and journal entries. However, you can change those auto-completed accounts if necessary by turning on the Advanced mode. As a rule, you are required to manually change accounts in documents if you need to perform some unusual transactions. Accounting parameters can also be changed at this stage.

Under this tab, the following types of accounts are pre-defined for your organization: fixed asset accounts, inventory accounts, bank accounts, suspense accounts, customer accounts, vendor accounts, equity accounts, tax accounts, sales accounts, expense accounts.

Fixed asset

Account	Used to
Fixed assets - costs	A default fixed asset account for recording the initial cost of a fixed asset that has been purchased or assembled and recognized as a fixed asset. The default Fixed assets - costs account can be changed to more appropriate accounts of the same account type in the Fixed assets group, the Fixed asset or the Item directories, under the Accounting tab. The selected accounts can also be revised and changed in the Recognition document by turning on the Extended mode for the table listing items added to be recognized as fixed assets.
Fixed assets - depreciation	A default fixed asset account for recording the amount of a fixed asset’s cost that has been depreciated over a certain period of time. The Fixed assets - depreciation account is credited with the depreciation amount. It is a contra account to the Depreciation expenses account which is debited with depreciation expenses. The default Fixed assets - depreciation account can be changed to more appropriate accounts of the same account type in the Fixed assets group, the Fixed asset or the Item directories, under the Accounting tab. The selected accounts can also be revised and changed in the Recognition document by turning on the Extended mode for the table listing items added to be recognized as fixed assets.
Depreciation expenses	A default expense account for recording depreciation expenses. It is a contra account to the Fixed assets - depreciation account. At the time the depreciation expenses are recorded, the amount is entered as a debit in this account and as a credit in the Fixed assets - depreciation account. For items of the Fixed asset type, the default Depreciation expenses account can be changed to more appropriate accounts of the same account types in the Fixed assets group, the Fixed asset or the Item directories, under the Accounting tab. The selected accounts can also be revised and changed in the Recognition document by turning on the Extended mode for the table listing items added to be recognized as fixed assets.
Method of depreciation	A method that will be used to calculate depreciation. By default, it is the straight-line method.
Useful life (months)	Number of months over which a fixed asset's cost will be depreciated. By default, the initial period of depreciation is 60 months.

Inventory

Account

Used to

Goods

A default inventory account to which the merchandise purchased or manufactured as well as other inventory items kept in stock are assigned.

The default Inventory account can be changed to more appropriate accounts of the same account type in the Item directory, under the Accounting tab. The selected accounts can also be revised and changed in the Purchase invoice and the Product assembly documents by turning on the Extended mode for the table listing added items.

Bank

Account	Used to
Bank account	A default account to which all financial transactions that occur on your company's bank account have to be recorded.
Cash in transit	A default account for recording currency amounts to be exchanged. Entries are made to this account either when a company sells or purchases foreign currency. If the company sells foreign currency, the amount of foreign currency to be sold is recorded to this account. If the company purchases foreign currency, the amount of national currency to be exchanged for foreign currency. Entries to this account are cleared when the receipt of exchanged amounts is entered into the system.

Accrual

Customer

Account	Used to
Receivables from customers	Represents an account for loans to customers which are included in accrued interest and accounts receivable on the Consolidated Balance Sheets.
Advances from customers	A liability account used to record an amount received from a customer before a service has been provided or before goods have been shipped.

Vendor

Account	Used to
Payables for vendors	A default account that liabilities to vendors belong to.
Advances for vendors	A default account that advances to vendors belong to.

Other company

This group of accounts includes accounts you define for your business partners that are not involved in trade with you. When you create new records for companies of the type Other in the Company directory, these accounts are autocompleted.

Account

Used to

Other receivable

A default account to which liabilities and other monetary obligations owed to you by companies of the type Other are recorded.

The default Other receivables account can be changed to more appropriate accounts of the same account type in the Customer directory, under the Accounting tab.

Other payable

A default account to which liabilities and other monetary obligations owed by your company to companies of the type Other are recorded.

The default Other payables account can be changed to more appropriate accounts of the same account type in the Customer directory, under the Accounting tab.

Employee

Account

Used to

Salary liabilities

A default account for recording the amounts of salaries owed to employees which have not been paid to them yet.

The default Salary liabilities account can be changed in the Employee directory, under the Accounting tab. The account is used in payroll transactions that right now can be recorded only manually with the help of the Manual transaction document.

Salary expenses

A default account for recording the salaries employees have earned during an accounting period, regardless of whether or not your company has paid the employees.

The default Salary expenses account can be changed in the Employee directory, under the Accounting tab. The account is used in payroll transactions that right now can be recorded only manually with the help of the Manual transaction document.

VAT

Account	Used to
VAT payable	A default account for recording the difference between the output and input vat if the VAT your company has charged to your customers exceeds the VAT you have paid. The account is credited with the VAT amount that has to be paid to tax authorities. The default VAT payable account can be changed to more appropriate accounts of the same account type in the Company directory, under the Accounting tab, for the Tax agency company type. However, you cannot revise or change the selected account in VAT-related documents (VAT Return, Customs import declaration, VAT accrual for services).
VAT recoverable	A default account for recording the difference between the output and input vat if the VAT you have paid exceeds the VAT your company has charged to your customers. The account is debited with the VAT amount that you can recover from tax authorities. The default VAT payable account can be changed to more appropriate accounts of the same account type in the Company directory, under the Accounting tab, for the Tax agency company type. However, you cannot revise or change the selected account in VAT-related documents (VAT Return).
Output VAT	A default account for accumulating VAT your company charges on its own sales of goods and services if it is registered for VAT. The default Output VAT account can be changed to more appropriate accounts of the same account type in the VAT directory. However, you cannot revise or change the selected account in VAT-related (VAT Return) or sales documents.
Input VAT	A default account for accumulating VAT added to the price when you purchase goods or services liable to VAT. The default Input VAT account can be changed to more appropriate accounts of the same account type in the VAT directory. However, you cannot revise or change the selected account in VAT-related (VAT Return) or purchase documents.

Taxes

Account	Used to
Account of duty	A default account for accumulating customs duties charged. The account will be used in the Customs import declaration document.
Account of excise duty	A default account for accumulating excise duties charged. The account will be automatically suggested for use in the Customs import declaration document.

Sales & COGS

Account	Used to
Sales income	A default account used to record a business’s income from the sale of an item. The account is selected from the pre-set Revenue accounts (based on the IFRS chart of accounts).
Cash discounts	A default account in which cash discounts are to be recorded. Cash discount, also known as early payment discount, is the amount deducted from what a customer owes you if they pay before the due date indicated in an invoice. Conditions on which the cash discount is applicable are retrieved from the net terms specified in the invoice.
Cost of goods sold	A default account for recording expenses incurred due to the purchase of goods.

Other expenses & income

Account	Used to
Services expenses	A default expense account for recording expenses incurred due to the purchase of services. For items of the Service type, the default expense accounts can be changed to more appropriate accounts of the same account types in the Item directory, under the Accounting tab. The selected accounts can also be revised and changed in the Purchase invoice documents by turning on the Extended mode for the table listing added items of the Service type.
Non-inventory expenses	A default expense account for recording expenses incurred due to the purchase of non-inventory items. For items of the Non-inventory type, the default expense accounts can be changed to more appropriate accounts of the same account types in the Item directory, under the Accounting tab. The selected accounts can also be revised and changed in the Purchase invoice documents by turning on the Extended mode for the table listing added items of the Non-inventory type.
Other expense
Other income
Exchange losses	A default other expense account in which exchange losses due to foreign exchange rate fluctuations are to be recorded. Such losses occur due to revaluation procedures performed for any currency accounts of the Monetary type (in particular, Bank account, Receivables from Trade Customers, Payables to Trade Vendors). For more information, see Chart of accounts. If you need to change this default account for some currency accounts of the Monetary type, you have to select alternative accounts in the field Exchange losses in the relevant records in the Chart of accounts directory.
Exchange gains	A default other income account in which exchange gains due to foreign exchange rate fluctuations are to be recorded. Such gains occur due to revaluation procedures performed for any currency accounts of the Monetary type (in particular, Bank account, Receivables from Trade Customers, Payables to Trade Vendors). For more information, see Chart of accounts. If you need to change this default account for some currency accounts of the Monetary type, you have to select alternative accounts in the field Exchange gains in the relevant records in the Chart of accounts directory.

Financial results

Account	Used to
Result for the financial year	Profit or loss for an accounting period appears under this default account. Postings to this account are made by Financial results documents that wind up financial results (profits or losses) for an indicated accounting period. For a particular accounting period, you can change this default account to any other account in the extended mode of the Financial results document.
Profit or loss carried forward	The profit or loss carried forward from previous years appear under this default account. The profit or loss is retrieved from the Result for the financial year account and is carried forward to this account by the Financial results document that is used to close a fiscal year. For a particular accounting period, you can change this default account to any other account in the extended mode of the Financial results document.
% of corporate tax	A rate in % at which your company is charged corporate tax. For a particular accounting period, you can change this default account to any other account in the Financial results document.
Allow loss offset	Turn on this option to allow loss offset against profits in future accounting periods. Use this option if your company is eligible to get tax relief by offsetting its current losses against profits in future accounting periods. In this case, a part of the loss for which the relief is to be given is recognized as a deferred tax asset. For a particular accounting period, you can change this default account to any other account in the Financial results document.
Corporate tax liabilities	A default account in which corporate tax charged on your company’s profit that has to be paid to authorities will be recorded.
Corporate tax expenses	A default account to which your company’s corporate income tax expenses will be assigned. It is a contra account to the Corporate tax liabilities account. At the time the corporate tax expenses are recorded, the amount is entered as a debit in this account and as a credit in the Corporate tax liabilities account. The also appear in the Profit&Loss report/statement. Corporate income tax expenses are assigned to this account by the Financial results document. For a particular accounting period, you can change this default account to any other account in the Advanced mode of the Financial results document.
Deferred tax asset	The deferred tax assets appear under this default account. It is a debit account that is a contra account to the Result for the financial year account which is credited when a company suffers losses or when there is a positive difference between accounting profit and taxable profit (taxable income). Postings to this account are made by Financial results documents that wind up financial results (profits or losses) for an indicated accounting period. For a particular accounting period, you can change this default account to any other account in the extended mode of the Financial results document.

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