System accounts

These accounts are used for various accounting procedures. It is necessary to define account numbers for the system accounts before beginning to use the system.

The system accounts are:

• Error account - this is the mispostings account within your chart of accounts, if you have a default setup this is 9999
• Year end closing - The account you want the profit/loss of the year you are closing to be booked in
• Exchange rate differences (Suppliers & Customers) - Unordered List Item

Error:  Only to be filled in if you are instructed to do so by E-conomic support team
Year-end closing:
Exchange rate difference (customers and suppliers): Any difference in totals due to exchange rates is booked here. (E.g., the invoice assumes one exchange rate and the actual payment is made at a different rate)
Late payment interest (customers): Interest on late payments is placed here
Reminder charges (customers): Reminder charges on late payments are placed here

1.Click ‘Settings’ > ‘System setup’ > ‘System accounts’
2.Click the ‘Edit’ icon to the right
3.Enter the desired account number or select an account by clicking the ‘…’ icon
4.Click ‘OK’