Configuration Settings

It is a good idea to Setup your Accounting Configuration prior to running online sales

Step 1 - Go to Accounting / Configuration / Basic Configuration

Current Fiscal Year Dates

Set your fiscal year dates. These are the dates for your financial year. If you are not sure what these dates are, check your bylaws.

NOTE:  There is also a setting for “Current Year” Dates. This is located under Account Settings on the Admin Menu and is different than the Financial Year DatesThe current year dates set for the organization serves as the default for the information that is presented on the dashboard and for the reports in the system. The two are not related.

Sales Tax Rate

The system will automatically add sales tax to any items that are marked as being taxable.

**If your sales tax is 8.25% then you will enter it as 8.25

Step 2 - Go to Accounting / Configuration / Accounts

*If you are not using one of the types of accounts, you can set the configuration to “Uncategorized.”

Sales Tax Liability Account

Select the liability account that you plan to use to record sales tax when it is collected.

Processing Fee Income Account

If you collect fees for shipping then you will need to identify an income account to record these fees.

To set up a processing fee go to Store & Forms / Configuration / Sales.

Member Credit Liability Account

If you issue a refund, you have the option of giving the user an account credit that they can use on a future purchase. You can set up a liability account for Account Credits or you can choose to have these go to uncategorized liabilities.

Expense Account for Writing Off Bad Debt

If you have an order that has not been paid, you can choose to write off the balance due. If you do this, you need to identify which expense account to record the transaction to.

PayPal, TransFirst and Stripe information see Accounting Tools / Payment Processors