How to set or edit Accounts Preferences
The Accounts system requires that you set a number of preferences and default details. To set the Accounts Preferences, follow these steps:
Open the Accounts Preferences window
To access the Accounts Preferences you can either use the Accounts Setup Tool or launch from the main menu.
If you haven't yet completed the Accounts Setup tool, you can set your Accounts Preferences from the Accounts Setup tool. To access this click the Accounts button in the main toolbar and then select 'Accounts Setup'. For instructions on how to use the Accounts Setup tool please see: How to use the Accounts Setup Guide.
When the Accounts Setup tool opens, click 'Set Accounts Preferences'.
Now go to the Accounts tab.
1. The Accounts sub-tab
The Accounts sub-tab allows you to set the program level preferences for how the Account system is to work.
1.1. Accounting Basis
First, select whether you run your accounts on a Cash or Accruals basis. You will need to obtain advice from your accountant to determine which accounting method you use.
1.2. Financial Year End Date
Set the date of your company's financial year end.
1.3. Lock Start Date
Next, you can optionally, select a date to lock the accounts to. This option limits the ability to create transactions on or before this date, and can be useful if a bank reconciliation has been performed and you wish to prevent users from entering transactions that would render the bank reconciliation invalid.
Note: If you select a lock date, users will not be able to create transactions on or before this date unless they have been given permission to do so in the User-Level preferences. The exception to this is fees and costs, which are not affected by the lock date because they don’t affect the bank reconciliation
1.4. Invoice Due Date
The Invoice Due Dates setting allows you set the default due date for all invoices generated. Note that this can be over ridden on case by case and an invoice by invoice basis.
1.5. Deposit Requests
Set the number of days after a Deposit Request is created that it will be due.
1.6. Default Tax Codes
Next set the Default Tax Codes which will apply in the listed circumstances.
1.7. Default Bank Accounts
Next you will need to specify your default Client, Office, and Disbursement Bank Accounts.
If you are registered with an Australian financial institution as a BPAY Biller, the BPAY sub-tab contains the settings for enabling BPAY in Migration Manager. For full instructions on how to enable BPAY, see: BPAY Settings
The Documents sub-tab allows the user to set the default Accounts document merging settings. You will need to:
1. Choose a default file type to use when invoices, receipts and statements are merged.
- PDF: the documents merged will only appear as a PDF document. This document can not be amended after it has been merged. This document will be saved in the Documents tab.
- Word Document: the document will appear as a fully editable Word document. This document will be saved in the Documents tab.
2. Select your preference for Default Invoice Printing options. Choose how you would like the Invoice to display.
3. Select if you would like to obfuscate Bank Account details from appearing on your Client/Trust Statements.
4. Auto Numbering. Select which number you would like to start the counters with for the various Accounts Documents
5. 'Use separate numbering per Client/Trust Account'. Choose if you would like to use the same counter against each Client/Trust Account or if you would like a separate counter to be used.
4. General Ledger Codes
The General Ledger Codes sub-tab is used for setting up the Migration Manager Xero integration. For full instructions on how to set up the Xero integration see: Set up Export to Xero
5. Payment Options
The Payment Options setting lets you record what payment forms you accept and any surcharge that is applicable. This information is then used for Receipting and for Document merging. For full details, see How to setup Payment options.
6. Payment Surcharges
Payment surcharges are used to calculate and apply credit card payment surcharges to disbursements. For full details, see Credit Card Surcharge Disbursement Settings.
7. Staff Targets
Staff Targets are used to set Billing Targets for you users. For each month you can specify the number of days the user intends to work and their daily Billing Target. For details on setting up Staff Targets, see Staff Targets.
The Templates sub-tab allows you to set which Accounts templates will be used by default when generating different Accounts' documents in different scenarios. You can also specify which colour you would like the Table Header Bar and Header Bar Font colour to be.
9. Trust Accounting/Time Billing
If you require Migration Manager to operate as a Trust Accounting program or if you want to use Time Recording/Billing, you will need to set the relevant settings on this sub tab.
9.1. Enforce Trust Account
See How to setup Migration Manager for Trust Accounting for more details on how/why to enforce the Trust Accounting Requirements
9.2. Trust payment/transfer approvals required
When you process a Client Fund Payment or a Client to Office Transfer, you can specify if you would like to make the Approved By field mandatory; and if so, if you would like the Approval Name to default to the person creating the transaction.
These can be set by ticking:
- Trust payment/transfer approvals required
- Trust Payment/transfer approvals default to the person preparing the form
9.3. Time Billing
See How to set up Billing Units for details on how/why to set the billing units.
9.4. Statutory Deposits
If you are required to operate a Statutory Deposit Account, see How to set up your Statutory Deposit Account for further details.
9.5. Templates for Trust Statement Report Emails/Messages
Under Accounts Reports, your can run Client/Trust Statements for your clients. From there you have the ability to email or Portal message the Statements to your clients. The default text that appears in these emails or messages can be defined here. For details on setting up these templates, see Templates for Trust Statement Report Emails/Messages.
Once you have finished entering all of your relevant Accounts Preferences, click Save & Exit to finish.