🎓 Setting up accounting codes and tax rates
In this video, you'll learn:
- How to create and manage accounting codes and tax rates in Storeganise.
- Assigning accounting codes to system charges like rent, deposits, and prepayments.
- Applying accounting codes to products, promotions, late fees, and unit rental charges.
- Ensuring consistency across invoices by linking charges to predefined tax rates.
- Updating and modifying accounting codes as needed to align with your external accounting software.
By the end of this video, you'll know how to set up and apply accounting codes to streamline financial tracking in Storeganise.
Next up in this module: Introduction to the Analytics dashboard
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View the transcript
In Storeganise, you can set up accounting codes and tax rates that automatically apply to different system charges. This helps keep your financial records organized and consistent across your software platforms.To manage these settings, go to your account’s "main settings" and open the "Accounting" tab. Here, you’ll create a master list of accounting codes and corresponding tax rates, which you can then apply to different charges throughout Storeganise.
Creating an accounting code is simple—just click the plus button. Then, enter the accounting code, which usually matches a code from your external accounting software. Add a description, enter the tax type, and set the tax rate. For example, you might create a "Rent" accounting code with a tax type of VAT and a 10% tax rate. Once you've filled in the details, click "Save" to add it to your list.
If you ever need to make changes, just click on an existing accounting code and update the necessary fields.
Once your accounting codes are set up, the next step is to apply them to system charges. For account-wide charges—like "deposit," "rent," and "prepayments"—you can assign accounting codes directly in the "Accounting" tab of your main settings. Scroll down to the "System Charges" section, click on the charge type you want to update, then select the appropriate accounting code from the dropdown. For example, if you click on "Unit Rent," you can select the "Rent" accounting code you just created. Click "Save," and from that point on, every rental charge on every invoice in your account will automatically include the correct accounting code and tax rate.
You can also apply accounting codes in different sections of the "Management Portal," depending on the type of charge.
For instance, if you want to add an accounting code to a "product," go to the "Products" section in your site settings. When adding or editing a product, you’ll see an accounting code dropdown, where you can select from the list of codes you’ve already created.
You’ll find similar dropdowns in other areas, like "late fee settings," "promotions," and "unit rental charges." This flexibility allows you to set up as many or as few accounting codes as needed to match your business operations, ensuring your charges always align with your accounting setup.