Tagrit ERP General Settings & Banking Rules

Overview
The Accounting and Bookkeeping module in Tagrit ERP is a foundational tool for managing finances effectively, ensuring seamless financial operations and accurate reporting. The General Settings & Banking Rules section helps you customize the accounting experience to fit your business needs, manage data entry accuracy, and automate transaction categorization.

Navigating the General Settings & Banking Rules

To access these features, go to the Settings menu under the Accounting module. Here, you’ll see five submenus:

1. General Settings
2. Banking Rules
3. Mapping Setup
4. Account Detail Types
5. Income Statement Modification

This guide focuses on General Settings and Banking Rules.

1. General Settings

The General Settings section includes options for configuring financial periods, accounting methods, and transaction integrity. Key functionalities here are:

Data Reset

The Data Reset function helps you clear all previous records from Bank Transactions, Journal Entries, Transfers, Charts of Accounts, Reconciliations, and Budget menus. However, Tagrit ERP retains default accounts in the Chart of Accounts. Use this feature with caution, as it permanently deletes manually created data.

Removing Invalid Entries

In cases where transactions are mapped but no longer exist, the Remove Invalid Entries feature clears these erroneous mappings to keep records clean and accurate.

Setting Financial and Tax Years

You can adjust both your Financial and Tax Year starting dates:

• Financial Year: If your company’s financial year ends on December 31st, set January as the start month. For a financial year ending March 31st, set April as the starting month.
• Tax Year: Choose Same as Financial Year or set a custom start month (e.g., January).

Note: The Tax Year feature is currently for display only; functionality for using a separate Tax Year will be available in future releases.

Choosing an Accounting Method

Tagrit ERP supports both Accrual and Cash accounting methods:

• Accrual Method: Recognizes revenue at the time of sale and expenses when incurred, regardless of actual cash flow.
• Cash Method: Recognizes revenue and expenses only when cash is received or paid.

Tip: You can view financial reports using either accounting method, regardless of the chosen default. This is helpful for comparing the impact of each method on your finances.

Closing Books to Prevent Changes

Use the Close Books option to lock transactions after a specified date, preventing unwanted changes:

1. Set the closing date (e.g., August 16, 2023).
2. Once set, any transaction on or before this date becomes read-only.
3. To re-enable editing, uncheck Close Books and save.

Enabling Account Numbers

Account numbers help in organizing accounts:

• Enable Account Numbers: Allows you to add numbers to each account or bank account.
• Show Account Numbers: Displays account numbers across reports and transaction screens.

2. Banking Rules

Banking Rules simplify transaction management by allowing automatic classification of recurring entries. Here’s how to set up Banking Rules:

Creating a Banking Rule

1. Click Add to create a rule.
2. Name the Rule: Provide a clear, descriptive name.
3. Transaction Type: Specify if the rule applies to Money In or Money Out transactions.
4. Conditions: Define criteria that Tagrit ERP should look for:
   • Description: Choose conditions like contains, doesn’t contain, or is exactly.
   • Amount: Options include equals, does not equal, is greater than, or is less than.

You can add multiple conditions to narrow down specific criteria, enhancing accuracy.

Assigning Accounts and Auto-Adding Transactions

Specify the Payment Account and Deposit To accounts for each rule. When you enable Auto Add, any transaction that meets the rule’s conditions will automatically map to these accounts.

Managing Rules

To edit or delete a rule, use the Edit or Delete options respectively. These rules apply during the import of transactions, simplifying the process.

Importing Bank Transactions

1. Set up Bank Accounts: Add one or more bank accounts under Bank Accounts.
2. Import Transactions: Go to Posted Bank Transactions and select the bank account. Click Import Excel to upload transaction data.
3. Use Sample File: Download the provided sample to ensure correct format, then populate and save your file.
4. Import: Choose the saved file, select the bank account, and click Import.

Upon successful import, all eligible transactions will appear under Posted Bank Transactions, ready for reconciliation.

Reconciliation

Transactions marked as valid in your Banking Rules will automatically align with set accounts during the reconciliation process. Invalid entries are marked for review.

Conclusion

The General Settings & Banking Rules section in Tagrit ERP’s Accounting Module offers powerful customization tools to tailor your bookkeeping processes. By utilizing data reset options, setting accurate financial periods, applying banking rules, and closing books periodically, you can ensure streamlined operations, prevent data discrepancies, and maintain clean financial records.