Hello all,
can anyone tell me, what is the use of this three checkbox in the accounts settings and how effect in books of Account ? 1. Ignore Accounting Closing Balance 2. Enable Automatic Party Matching 3. Enable Fuzzy Matching
Hi @riddhi1,
As per my understanding, this feature is like a setting that influences how financial reports are put together. Normally, the system uses the closing balances of accounts to generate reports like the Profit and Loss Statement and Balance Sheet. However, if you enable this feature, it changes things a bit. Instead of relying on those closing balances directly, the system looks at the detailed transaction data called General Ledger Entries to create the reports. This is particularly useful if your organization hasn’t consistently closed financial periods with the usual closing vouchers or if some closing vouchers are missing. Enabling this feature helps ensure that your financial reports are more accurate by using detailed transaction information, even if there are gaps in the closing process.
If you haven’t checked then please check the documentation.
I hope this helps.
Thank You!