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This page allows you to specify whether certain parameters for accounting transactions are essential for the company. Tell me more.
Select the “Set Common Parameters” link under the “Company Parameter Setup” business component.
The “Set Common Parameters” page appears.
Enter the following field in the “Process Parameters” group box:
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Statutory Tax Computation and Accounting Required |
Use the drop-down list box to indicate whether statutory taxes accounting & reporting apply for the company. Select
By default, the system displays the value previously defined for the company, if any. The system displays “NO” If no value was earlier set for the company. |
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Analysis / Subanalysis Codes Applicable |
Use the drop-down list box to set whether analysis and sub-analysis must be used during transactions. You can select “Yes” if you want analysis and sub-analysis to be used during transactions. |
Enter the following fields in the “Function Defaults” group box:
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Exchange Rate Type for Bank Receipts |
Use the drop-down list box to select the type of exchange rate that must be used when payments received through bank are in a different currency. All the exchange rate types that have been defined will be available for selection in the alphabetical order. |
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Exchange Rate Type for Cash Receipts |
Use the drop-down list box to select the type of exchange rate that must be used when payment received through cash are in a different currency. All the exchange rate types that have been defined will be available for selection in the alphabetical order. |
Click the “Set” pushbutton to set the parameters.
The system saves the parameters that have been defined for the first time. The system saves the subsequent modifications that have been made to the parameters. The system also stores the details of the business unit and company along with the parameter details. The system also stores the login ID of the user and the system date along with the parameter details.
Set Common Parameters – A summary of the activity
Parameters are usually set for the system to follow during various transactions. This page allows you to set parameters that are common for most of the transactions covered by the various business function groups. These parameters can also be modified as per subsequent business requirements. The system saves the history of the modified parameters.
In this page, you can also set the type of exchange rate that must be used for converting the payments received in different currencies through bank or cash. The system saves the values the first time the parameters are defined. The system retrieves these parameter values subsequently. The system also stores the login ID of the user and the system date along with the modified parameter details.
You can also indicate whether statutory and regulatory taxes and levies are applicable to the company.
To enable the company to account for taxes to meet statutory and regulatory requirements, do the following,
In the “Set Common Parameters” activity of the Company Parameter Setup component, specify “Yes” for “Statutory Tax Computation and Accounting Required” field.
In the “Create TCD Code” activity of the TCD component, create a TCD code for VAT and government requirements.
In the “Specfy Tax Attributes” page of the “Create TCD Code” activity, specify the tax attributes. The “Tax Type” attribute in this page determines whether the TCD is for statutory or regulatory purpose. Note that you can access this page only if you have already completed the first step.