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Default Accounts and Tax Rates for Invoices
Default Accounts and Tax Rates for Invoices

How default Tax rates and Accounts are applied to Invoices

Linh Dory avatar
Written by Linh Dory
Updated over a week ago

Looking for more information on Accounts and Tax Rates and how they can be automatically applied to Invoices? This guide is for you.

1. Setting up Default Accounts and Tax Rates

In Vinny, you can set up your various Accounts, Nominals and Tax rates that can be applied to Invoices from Admin Settings > Invoice settings.

Tax is where you can specify and manage your various Tax types.

Accounts is where you can create your various Accounts into the system. It's important to set up account nominal codes, names, descriptions and link the Account to a default tax rate.

2. Link Accounts to Company's Billing Addresses

Vincere supports multiple billing addresses per Company.

A Company can have multiple locations and each location can have its own Billing Details.

From the Company's Billing Address, you can set up the default Account for Sales Invoices or Purchase Invoices.

3. When a placement is made or a timesheet is approved, an invoice will be generated*.

The default Account and Tax rates will be automatically populated in the correct invoice.

Note: The Account and Tax rate are applied to each line item on the invoice.

* This is only available when using Vincere Pay & Bill.

Not using Vincere Pay & Bill? For more information, please contact our Customer Success team at support@vincere.io

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