Setting the right accounts and tax rules for each customer in FF Inventory is vital for accurate financial management and compliance. FF Inventory allows you to easily configure these settings using the chart of accounts imported from your connected accounting channel. Here’s how you can do it:
Navigate to CRM & Sales: Begin by accessing the "CRM & Sales" option in the main menu of FF Inventory. From there, select the "Customers" option to open your customer management section.
Choose a Customer: Scroll through your list of customers and click on the name of the customer for whom you want to set accounts and tax rules.
Select Sales Account: In the customer’s profile, find the option to select a sales account. Choose the appropriate account from the dropdown list provided.
Choose Accounts Receivable: Next, select the accounts receivable account for this customer from the dropdown list. This account will be used to track the money owed to your business by this customer.
Selecting Payment Terms: Locate and click on the dropdown menu to select your desired payment terms from a list of available options, ensuring the terms align with your business needs and transaction requirements.
Set Tax Rules: Also, you can set specific tax rules for the customer by selecting the appropriate option from a dropdown list. This ensures that the right taxes are applied to the sales transactions with this customer.
Save Changes: After configuring the sales account, accounts receivable, and tax rules, click on the "Save" button located in the top right corner of the page to save these settings.
By following these steps, you can effectively configure the financial accounts and tax rules for each customer in your FF Inventory system. This process not only helps in maintaining financial accuracy but also ensures that your business adheres to relevant tax laws and regulations. Efficient management of these settings is crucial for streamlined invoicing and accounting processes.