Setting up your Financial Details

Overview

Financial Settings dictate items such as how the VAT operates and the sequencing of the Financial Transactions in the system. To access Financial Settings choose Settings » Accounts » Setup. The following screen will appear.

Currency	This refers to the currency of the business; it will be displayed on all printed Invoices, Statements, Credit Notes etc as well as reports.
VAT Registered	Is the Business Registered for VAT, if so tick the box.
VAT Number	Enter the Business VAT Number if applicable, the VAT Return, printed Invoices and Credit Notes.
Sales VAT Basis	This is a very important setting; this will dictate which method is used to create your VAT return. If Invoice Basis is selected then the VAT Return is based on the VAT recorded on Sales Invoices and Sales Credit Notes regardless of whether they are paid or not. If Cash Basis is selected then the VAT Return is based on the VAT records on Sales Invoices which have been paid. Once a VAT Return is Completed this cannot be changed.
Purchase Basis	This is a very important setting; this will dictate which method is used to create your VAT return. If Invoice Basis is selected then the VAT Return is based on the VAT recorded on Purchase Invoices and Purchase Credit Notes regardless of whether they are paid or not. If Cash Basis is selected then the VAT Return is based on the VAT records on Purchase Invoices which have been paid. Once a VAT Return is Completed this cannot be changed.
VAT Reporting Period	This refers to the frequency of the VAT Report; this should be set to the number of months included in each VAT Period.
Discount Method	This refers to the mechanism used for calculating the discount on an invoice line. There are 2 options available, the first “Calculate Net Amount from Discount %” is calculated by entering in a specific discount percentage on the line which is then used to adjust the Net amount accordingly, the second method “Calculate Discount % from Net Amount” allows the user to change the Net Amount figure which then back-calculates the Discount percentage using the difference between the Net amount and the original product price.
Payment Terms	This allows for specific payments terms to be printed on the Sales Invoices, this can also be over-written at the Invoice Stage.
Sales Invoice Number	This is the number which the first Sales Invoice will be posted to. If you are converting from an existing software system it should be the number after the last Sales Invoice processed in your old system.
Sales Credit Note Number	This is the number which the first Sales Credit Note will be posted to. If you are converting from an existing software system it should be the number after the last Sales Credit Note processed in your old system.
Sales Order Number	This is the number which the first Sales Order will be posted to. If you are converting from an existing software system it should be the number after the last Sales Order processed in your old system.
Sales Quotation Number	This is the number which the first Sales Quotation will be posted to. If you are converting from an existing software system it should be the number after the last Sales Quotation processed in your old system.
Receipt Number	This is the number which the first Receipt will be posted to. If you are converting from an existing software system it should be the number after the last Receipt processed in your old system.
Purchase Order Number	This is the number which the first Purchase Order will be posted to. If you are converting from an existing software system it should be the number after the last Purchase Order processed in your old system.
Payment Number	This is the number which the first Payment will be posted to. If you are converting from an existing software system it should be the number after the last Payment processed in your old system.