Lay the ledger down
Chart of accounts, journals and tax
Why this step
The two decisions on this path that are genuinely expensive to reverse: the account structure everything posts into, and the VAT rules that decide what you owe. Do these with your accountant, once.
What this does
Configures core financial foundations including the unified fenestration Chart of Accounts, 15% VAT tax mapping rules, specialized accounting journals, contractual payment terms, and multi-currency exchange rates.
Before you start
- Chief Financial Officer or Administrator credentials.
Steps
Important
Structuring standardized Chart of Accounts codes for Raw Extrusions, Architectural Glass, and Specialized Hardware enables granular job-costing gross margin analysis.
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01
Navigate to Accounting › Configuration › Chart of Accounts to inspect account codes and classifications.
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02
Open Taxes and Tax Groups to verify 15% Sales Tax and 15% Purchase Tax mappings.
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03
Go to Journals to define dedicated journals (Customer Invoices, Vendor Bills, Bank Accounts, Cash Registers).
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04
Configure Payment Terms (e.g. 50% Advance, 40% Delivery, 10% Handover).
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05
Manage international procurement currencies in Currencies and trade freight rules in Incoterms.
Common mistakes
- Creating duplicate general ledger accounts for existing standard accounts.
- Disabling multi-currency automated exchange rate synchronization for international hardware imports.
Checkpoint
A test invoice posts to the accounts you expect and calculates the right tax.