Record and transaction settings

Choose when you sales invoice are due

Here you can set default Credit Terms for your customers. This is useful if your credit terms are the same for most of your customers. You can still set different credit terms for individual customers where required, or change the due date on individual invoices and credit notes.

Once set here, we use this as the default on all new customer records. When you enter a sales invoice and select a customer, we calculate the due date based on the credit terms and print this on your invoices.

If you change this, we don't update the Credit Terms for existing customers. You must manually change any relevant customer records.

Choose one of 3 ways to calculate the due date

• [n] days after invoice date.

  Enter the required number of days.

  We add that number of days to the invoice date to work out the due date. For example, for 30 days, an invoice with an date on 1 May has a due date of 31 May.

• End of next month (net monthly).

  We automatically set the due date to the last day of the following month. So all invoices with invoice dates in June have a due date of 31 July.

• Immediately.

  We automatically set the due date to the same date as the invoice date. An invoice with an invoice date of 2 June has a due date of 2 June.

Choose how to age your sales transactions

We use aging periods to group transactions together to show the total amount you are due to be paid in for each period. This helps with your credit control as you can easily see which debts are the oldest.

The Accounts Receivable Aging report tells you the total amount owed per period, and per customer. You'll also find the total age of transactions on the bottom of customer statements.

By default, we set default aging periods of 30, 60. 90 and 120 days as this is common for most businesses.

Set different aging periods and choose from aging by days or by calendar months.

• Aging period (in days)

  Enter the number of days you require for each aging period. The total of unpaid transactions show in each period based on their invoice date.

  For example, if today's date is 10 July, invoices dated between 11 June and 10 July show in the < 30 days column, invoices dated 11 May to 10 June show in the < 60 days column.

• Aging periods by month

  The total of unpaid transaction show in each column based on the month. The first column is the current month. Subsequent columns show outstanding transactions for the previous months.

  For example, if today's date is 10 July, invoices dated anytime in July show in the Current column, invoices dated anytime in June show in the 1 Month column.

Choose default ledger accounts

Chose the ledger accounts to use by default on the sales transactions.

• Sales ledger account

  We use this as default ledger account on all new customer records. When you enter a sales invoice and select a customer, we prefill with the ledger account saved on the customer record. You can still change this when entering transactions and when creating new records.
  

If you change this, we don't update the ledger account for existing customers. You must manually change any relevant records.

• Sales discount ledger account

  We use this ledger account when you add a discount to sales invoice or credit note.

• Carriage ledger account

  We use this ledger account when you add carriage to a sales invoice or credit note.

Payment terms

Here you can set default Credit Terms for your vendors. This is useful if most of your vendors offer you the same credit terms. You can still set different credit terms for individual vendors where required, or change the due date on individual invoices and credit notes.

Once set here, we use this as the default on all new vendor records. When you enter a bill and select a vendor, we calculate the due date based on the credit terms and print this on your bills.

If you change this, we don't update the Credit Terms for existing vendors. You must manually change any relevant records.

Choose one of 3 ways to calculate the due date

• [n] days after invoice date.

  Enter the required number of days.

  We add that number of days to the billing date to work out the due date. For example, for 30 days, a bill with an date on 1 May, has a due date of 31 May.

• End of next month (net monthly).

  We automatically set the due date to the last day of the following month. So all bills with created in June have a due date of 31 July.

• Immediately.

  We automatically set the due date to the same date as the billing date. A bill with an invoice date of 2 June has a due date of 2 June.

Choose how to age your vendor transactions

We use aging periods to group your transactions together to show you the total amount you owe your vendors in for each period. This helps with your credit control as you can easily track which debts are the oldest.

The Accounts Payable Aging report tells you the total amount you owe per period, and per vendor.

We set default aging periods of 30, 60. 90 and 120 days as this is common for most businesses.

Set different aging periods here and choose from aging by days or by calendar months.

• Aging period (in days)

  Enter the number of days you required for each aging period. The total of unpaid transactions show in each period based on their invoice date.

  For example, if today's date is 10 July, bills dated between 11 June and 10 July show in the < 30 days column, bills dated 11 May to 10 June show in the < 60 days column.

• Ageing periods by month

  The total of unpaid transactions show in each column based on the month. The first column is the current month. Subsequent columns show outstanding transactions for the previous months.

  For example, if today's date is 10 July, bills dated anytime in July show in the Current column, bills dated anytime in June show in the 1 Month column.

Choose default ledger accounts

Chose the ledger accounts to use by default on the vendor transactions.

• Expense ledger account

  We set this set this as default ledger account used on all new vendor records. When you enter an invoice and select a vendor, we prefill with the ledger account saved on the vendor record. You can still change this when entering transactions and when creating new records.
  

If you change this, we don't update the ledger account for existing vendors. Instead manually change each relevant vendor record.

• Expense discount ledger account

  We use this ledger account when you add a discount to an invoice or credit note.

Set default ledger accounts

Here you can set the ledger accounts we use by default when you enter payments and receipts.

For discounts and interest payments, we use the ledger accountset here automatically. You cannot change it individual transactions.

For the Other Receipt and Other Payment ledger account, we prefill with the ledger account saved here. You can change this when entering transactions.

Default receipt and payment types

When entering payments and receipts, you can choose whether the payment is for a customer or vendor or simply money in and out of your bank account.

Choose here which tab you want to open by default when entering payments and receipts

• Default payment type

  Choose from Vendor Payment or Other Payment.

• Default receipt type

  Choose Customer Receipt or Other Receipt.

Product prices

You can set up to 10 different sales prices for your products and stock items.

Enter a name for each price. Then select the In Use check box .

If you don't want to use a sales price types, clear the In Use check box. You can then delete it if required.

Once set here, you can choose the sales price to be used by default on each customer record. We then prefill the sales price when you select the product on an invoice or credit note.

Service rates

Similar to product prices, you can also set up to 10 different rates for your service records.

Enter a name for each rate. Then select the In Use check box .

If you don't want to use a rate, clear the In Use check box. You can then delete it if required.

Once set here, you can choose the rate to be used by default on each vendor record. We then prefill the rate when you select the service on an invoice or credit note.

Default ledger accounts

Set the default ledger accounts used on all new product and service records. When you select a product or service, we prefill with the ledger account saved on the product or service record. You can still change this when entering transactions and when creating new records.

Choose the ledger accounts to use for sales and purchases of the different types of items

• Non-stock records and services

  As you are not tracking the purchase of individual items, we recommend that you use a cost of sales ledger account here. The value of products bought is then deducted from your gross profit on your Profit and Loss report. Our default cost of sales ledger account is 5000 Cost of Sales -Goods.

• Stock records

  As well as keeping track of the number of items you have in stock, it’s also important to record their value. The value of your stock is usually shown as a business asset on your Balance Sheet. We recommend that you record the purchase of your stock as an asset and record it on your balance sheet. Our default stock ledger account is 1000-Stock Raw materials.

Weight measurement type

Choose whether you use metric or imperial weight measurements for your stock items.

If you have already added weights to stock items and want to change the unit of measure, you muse remove all the weights from the stock items first.

Sort items by code or description

Choose from the Sort order for Product/Service menus drop-down.

The is determines how we display products and services in the menus and drop-down lists.

Sort ledger accounts by name or nominal code.

The is determines how we display ledger accounts in the menus and drop-down lists.

Choose from

• Ledger name

  Lists ledger accounts in alphabetical order followed by the nominal code. For example, Other income (4900).

• Nominal code.

  Lists ledger accounts numerically by nominal code followed by the name. For example 4900 - Other income.

Financial report options

Choose how values are shown on your balance sheet and profit and loss.

• Show negative assets on Balance Sheet

  Choose whether a negative asset value appears on your balance sheet under Liabilities or Negative assets.

• Show Profit and Loss account value

  Choose whether to show your profit and loss value separately on the Balance Sheet report or within the calculated Profit and Loss report.