How to Set Up Financial Defaults

Overview

Go to System > Setup > Defaults > Financial to set up Accounts and Invoicing details shared between Simpro Premium and your accounting package. Be sure to click Save after making any changes.

These account numbers or names all relate to the codes in your integrated accounting package's chart of accounts.

Set up account defaults

Enter default accounts as defined in the chart of accounts in your accounting package to record financial transactions, such as income, deposit and expenses. Different accounting packages may have slightly different classifications of accounts. For example, MYOB has account classifications, and Xero has account class types. The Accounts options available are:

Financial default	Description
Expense Account	The default expense account, which overridden by cost centres to break up expenses for material purchases. This default account is also used for stock purchases that are not inventory tracked. Account class type / classification: Cost of goods sold / cost of sales / expense account
Contractor Invoice Account	The default account for all contractor invoices, which can be overridden by selecting a different cost centre in individual contractor invoices. If you have more than one contractor account, you can set up multiple cost centres. Learn more in How to Use Cost Centres. Account class type / classification: Cost of goods sold / cost of sales / expense account
Square Processor Charge Account (Square and Xero Only) Square/Stripe Processor Charge Account	If you are using Square/Stripe Payments in conjunction with Xero, set up a Square/Stripe Processor Charge Account to ensure Square/Stripe finance charges are being sent to the correct account.
Xero Contact for Square Processor Charge (Square and Xero Only) Xero Contact for Square/Stripe Processor Charge	Square/Stripe Processor Charges must be associated with a supplier when they are sent to Xero. All transactions in Xero require either a Customer for income, or a supplier for expenses. Search for and select the supplier in Simpro Premium that you want to associate with your Square/Stripe Processor Charges in Xero. If you do not have an appropriate Supplier set up you can create one from People > Suppliers > Create Supplier. Once it is created, ensure to export it to Xero. Learn more in How to Create Suppliers. Alternatively, if you already have a supplier set up in Xero that you use for Square or finance charges, ensure to import it into Simpro Premium so that it can be mapped.
Retention Asset Account	An asset account for retention being withheld by your customers for your completed works, until claimed. Account class type / classification: Asset account
Retention Liability Account	A liability account for retention you are withholding from contractors invoicing you for works they have completed. Account class type / classification: Liability account
Finance Charge Account	Account for fees associated with using various credit cards and Late Payment Fees. This field can be renamed as required. Account class type / classification: Income or revenue account
Freight Account	Account for tracking transactions when supplier charge you for freight and you record it in the Freight field, rather than as a catalogue item on the order. Account class type / classification: Cost of goods sold / cost of sales / expense account
Restocking Fee Account	Account for supplier credits when they charge a restocking fee. Account class type / classification: Cost of goods sold / cost of sales / expense account
(UK only) CIS Tax Suffered Account	Account for CIS deductions on sales invoices. Account class type / classification: Asset account
(IE only) RCT Tax Suffered	Account for RCT deductions on sales invoices. Account class type / classification: Asset account
(UK only) CIS Liability Account	Account for CIS deductions on contractor invoices. Account class type / classification: Liability account
(IE only) RCT Liability Account	Account for RCT deductions on contractor invoices. Account class type / classification: Liability account
(US only) Tax Account	Tax expense account to accurately post tax values to your accounting package. Account class type / classification: Cost of goods sold / cost of sales / expense account
(AU only) STCs Account	After enabling STCs, enter an STCs account. Account class type / classification: Asset account
(AU only) VEECS Account	After enabling STCs and VEECs, enter a VEECS account. Account class type / classification: Asset account
Start of Financial Year	Select the required start date for the financial year.

US only: If you use Simpro Premium in the United States, the term 'retainage' is used instead of 'retention'.

Set up invoicing defaults

Before you invoice and collect payments, set up your invoicing defaults such as payment terms and a late payment fee. The Invoicing options available are:

Show Sell and Cost Prices	Display sell and cost prices for your invoices and catalogue pricing inclusive or exclusive of tax.
Finance Charge Label	Rename the Finance Charge field. The new name is used throughout the system and on forms.
Late Payment Fee	The % per year determines the amount the customer must pay over the course of a year, if the payment is late. This is calculated based on the total value of the invoice, including tax. For example if the % per year is set to 10% and the invoice is for $1200, over the course of a year, the customer would need to pay $120.00 in late payment fees. Whether the late payment fee is Calculated Monthly or Calculated Daily determines the increments that the late payment fee is accrued. For example if the late payment fee is set to 10% per year and it is Calculated Monthly for a $1200 invoice, each month $10.00 of late payment fees would be accrued, so that by the end of the 12 months there are $120.00 of late payment fees. If the late payment fee is set to 10% per year and it is Calculated Daily for a $3650 invoice, each day $1.00 of late payment fees would be accrued, so that by the end of the 365 days there are $365.00 of late payment fees (10% of $3650). Note that if you are calculating late payments fees monthly, the first month of fees is applied on the first day after the payment due date is passed and not one month after the due date. Learn more in How to Manage Payments.
Tracking	Helps classify transactions for use in your accounting package. Based on categories, which are selected at each transaction, or business groups, which are integrated with cost centres.
Multiple Currencies	Useful if you have customers or suppliers who use a currency different to your default currency. Set up currencies under System > Setup > System Setup > Currencies.
Retentions	Hold retentions inclusive or exclusive of tax.
(AU only) STCs Value	After enabling STCs, enter the current STC value and update as needed.
(AU only) VEECs Value	After enabling STCs and VEECs, enter the current VEECs value and update as needed.

US only: If you use Simpro Premium in the United States, the term 'retainage' is used instead of 'retention'.