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Important Initial setups

This guide walks you through configuring your Business for multi currency and taxes.

1. Updating Business data​

Go to Setting menu at the left navigation menu

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You will be presented with a form to update your Business information. Make the desired changes and then click Save Updates

2. Multiple currencies​

If your business transactions involve multiple currencies. Add these currencies At the bottom of update entity form.

  1. Enter Currency
  2. Sync Exchange rate for the system to acknowledge the value of the currency.

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Business reports issued in Inventory and in Finance modules will will be in your defined Reporting Currency. The exchange rate will be according to European Central Bank

3. Set default Journal and Taxes​

Go to Settings in the left navigation menu then Finance Settings. You will be presented with System Configuration.

Click Initialize Defaults button to set default journals and Tax. This action will generate a Tax of 0% that you need in order to sell non taxed products and service. It will also generate 4 Journals you need to categories business transaction. You can add more journals from Finance module later. This initialization does not affect any existing data even if you do it multiple times.

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4. Taxes setup​

Depending on your local taxation policies, you can set multiple taxes / VAT which you will apply on products and service and on.

Still inside Finance settings, click % Manage Tax Classes and you will be presented with the following screen to create and edit Tax classes

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