Configure Chart of Accounts, VAT tax rules, journals, payment terms, and currencies
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.
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