Setting the take-on parameters

Permanently deleted user

October 16, 2020 08:31

This guide is part of the following guide:

Overview of take-on routines

The first step in the take-on routines is to set the take-on parameters. The take-on parameters consist of two pieces of information:

In what month does your financial year end (Financial Year End); and
In what month do you want the opening entries to be posted (Take On Month).

Together, these two pieces of information will determine what period Fincon Accounting will put you in.

What is the ‘Financial Year End’?

The Financial Year End field refers to the month in which your financial year ends.

What is the ‘Take On Month’?

The Take On Month is the month that will form the base for all the opening entries to be posted. It basically works as follows:

Opening item quantities and the corresponding ledger entries will be posted in the take-on month;
Opening balances for ledger accounts will be posted in the take-on month;
All ‘Current’ debtor and creditor balances will be posted in the take-on month;
All ’30 Days’ debtor and creditor balances will be posted in the month prior to the take-on month;
All ’60 Days’ debtor and creditor balances will be posted in the 2nd month prior to the take-on month;
All ’90 Days’ debtor and creditor balances will be posted in the 3rd month prior to the take-on month;
All ‘120 Days’ debtor and creditor balances will be posted in the 4th month prior to the take-on month.

Follow these steps to set the take-on parameters:

You can only set the take-on parameters once. Once the take-on parameters have been set, or you have elected not to use take-on routines, you won’t be able to change them.

Navigate to System / Company Parameters.
Ensure the Use Take On Routines option is selected.
Select the financial year-end month from the Financial Year End dropdown list.
Select the take-on month from the Take On Month dropdown list.
Click the Accept button to save the information.
Check that the following message box has appeared: You have to exit Fincon Accounting for the menu changes to take effect.
Click the OK button to close the message box.
Click the Close button.
Click the Yes button to close the window.
Navigate to File / Re-enter as new User.
Log back into Fincon Accounting.

What’s next?

Now that the take-on parameters are set, the next step is to tackle the stock take-on routines.