System Accounts

Yearend closure account, exchange rate difference, VAT settlement accounts explained.

Jacqui Sullivan avatar
Written by Jacqui Sullivan
Updated over a week ago

These accounts control the process behind yearend closure, exchange rate difference postings, late payment reminder charge postings and VAT settlement postings.

If you have applied a default company setup to your Reviso agreement the System Accounts will already be installed for you.

The system accounts relate to the accounts numbers within your chart of accounts that need to account for various entries.

For example, when you run a yearend close the system will automatically transfer the closing balances of your profit & loss account to the retained earnings or profit and loss account b/fwd in your balance sheet. Another example would be when you process a customer or supplier payment and their is an exchange rate difference the system will automatically post this difference to a system account so, it's these accounts that need to be specified here.

Below is an example of these within a default system setup, these can be edited should you so wish.

Also, if you are imported your own chart of accounts you will need to specify your own system accounts.

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