📄️ COA Types
The COA Types feature under Financial Settings in the Centric System defines the structure of a company’s Chart of Accounts (COA). It categorizes all accounts used for financial transactions, ensuring accurate bookkeeping, reporting, and compliance with accounting standards.
📄️ Financial Settings
The Financial Settings module in the Centric System centralizes and streamlines the configuration of financial structures, defaults, categories, and compliance requirements. By configuring these subsections, organizations ensure accurate bookkeeping, tax compliance, and efficient integration across Sales, Purchase, Inventory, POS, and Accounting modules.
📄️ Default Settings
The Default Settings section under Financial Settings in the Centric System allows administrators to define standard configurations for financial transactions. These defaults streamline the accounting process, reduce manual entry, and ensure consistency across modules.
📄️ Double Entries
The Double Entries section in Financial Settings allows organizations to configure the key accounts required for maintaining accurate double-entry bookkeeping. Each transaction is recorded with both a debit and credit, ensuring compliance with standard accounting practices.
📄️ Financial Year
The Financial Year section in Financial Settings defines the organization’s accounting period, date formats, and discount handling rules. These configurations are essential for preparing accurate financial statements, ensuring compliance with local accounting standards, and aligning business reporting with regulatory requirements.
📄️ Transaction Category
The Transaction Category section in Financial Settings is used to organize and classify financial transactions into clear groups. This structure helps businesses differentiate between income and expense types, track specific financial activities, and generate more detailed reports.