Accounting configuration: Spanish legislation

Before carrying out accounting operations, the various accounting elements should be configured. In Accounting configuration, you can set a default account length as well as the default third party, sales and tax accounts. This configuration process formalises the accounts in use and sets the methods for encoding different operations, such as purchases, sales, and taxes.

You have imported a chart of accounts or you have created your own ledger accounts.

To configure the accounting elements:

  1. Access the Accounting settings.

    Configuration > Accounting – Accounting settings

  2. Enter the Default account length.
    The default account length refers to the number of digits used for ledger accounts at the subaccount level. The number of digits specified when creating a subaccount needs to match the value entered in the Default account length field.
  3. Select the Annual accounts model.
    You can select from two different options under the model: Standard and For SMEs (small and medium enterprises), which will inform the default structure of the company’s balance sheet.
  4. Select the default Customer account and Supplier account.
    The default ledger account for customers or suppliers is automatically assigned when creating a new third party of this type.
  5. Select the default Sales account.
    The default ledger account for sales is automatically used in journal entries that are created when you post an invoice.
  6. Select the default Input tax account and Output tax account.

    • If you have imported the default chart of accounts, this will automatically populate the correct input and output tax accounts for the tax rates.
    • If you have imported your own chart of accounts then Sage Active will use the input and output tax accounts selected in Accounting configuration for the tax rates.
  7. Choose whether to automatically match entries with the oldest open items.
    Switching this option to ON will automatically select the oldest open item when matching financial journal entries.
  8. Save the configuration.

Was this content helpful to you?

No votes yet.
Please wait...

Would you like to add some helpful comment here?

All the fields of this form are mandatory.


Check our other resources