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Basic Company Settings

After connecting a company to Funancial SMART, it is important that you confirm that the basic settings are correct.

Funancial SMART looks through your chart of accounts and takes an educated guess at which of your Sales Tax / VAT and Payroll Tax accounts it needs to assign to the relevant Purpose.  It cannot yet predict the months in which your Sales Tax needs to be paid so we need a little help here.

If you see this alarm after importing your company, chances are that these settings are missing.

It is vital that you complete these 3 basic settings before you start using Funancial SMART. 

 If these 3 basic setting are not set or set incorrectly, Funancial SMART’s ability to assist you with your decision making process will be seriously compromised.

 

  1. Click on the Admin link on the left menu
  2. Click on Company Settings

This will take you to the Company Configuration screen.

 

 

 

 

 

 

 

 

Selecting the correct Sales Tax / VAT payment months

Sales Tax / VAT payment months are set in the Operational settings screen.

  • Click on the Operational tab.  This will take you to the Operational company settings screen.

Your will see a notification that the changes have been updated each time you select / de-select a month.
    1. Tick the boxes for the months in which you pay your Sales Tax / VAT liability to the government.
      This is generally the month after your Sales / Tax VAT period,
    2. Click on the Save button.

Confirming or setting the Sales Tax / VAT account Purpose

Funancial SMART account Purposes are set on the Accounts company configuration screen.

  • Click on the Accounts tab to confirm or change the Sales Tax and Payroll Tax Purposes.

  • Scroll down to the account that has a Purpose of Tax – Sales and confirm that this is correct (if you cannot find it, see the Missing Sales Tax Account Purpose section below).
If you have a large number of accounts to scroll through, you can type the word tax in the filter box.
  • If the account associated with the Tax – Sales Purpose is incorrect, go to the Incorrect Sales Tax Account Purpose section.
  • If the correct account has been selected, scroll down to the account that has a Purpose of Tax – Payroll and confirm if this is correct.  If this is incorrect, skip the next section and go to the Incorrect Payroll Tax Account Purpose section.
  • If the Purpose for both Sales Tax / VAT and Payroll Tax have been set correctly, you’re all set! Click on the Dashboard menu item to start having fun.

Incorrect Sales Tax Account Purpose

  • Scroll down to the account that has the incorrect Sales Tax Purpose assigned.

  • Click on the edit icon on the row containing the incorrectly assigned account.

    1. Click on the Account Purpose drop down list and select – ignore – from the list.
    2. Click on the Save icon and move on to the next step below.

Missing Sales Tax Account Purpose

    • Scroll down to the correct account

  • Click on the edit icon on the row containing the correct account

    1. Click on the Purpose drop down list and select Tax – Sales from the list.
    2. Click on the Save icon and then follow the steps below.

Confirming or Setting the Payroll Tax Account Purpose

  • Scroll down to the account that has a Purpose of Payroll tax and confirm that this is correct (if you cannot find it, see the Missing Payroll Tax Account Purpose section below).
  • If the correct account has been selected, you’re all done!  Click on the Dashboard menu item to start having fun.
  • If the incorrect accounts has been selected, follow the next step below.

Incorrect Payroll Tax Account Purpose

  • Scroll down to the account that has the incorrect Payroll Tax Purpose assigned.

  • Click on the edit icon on the row containing the incorrectly assigned account.

    1. Click on the Account Purpose drop down list and select – Ignore – from the list.
    2. Click on the Save icon and then follow the step below.

Missing Payroll Tax Account Purpose

  • Scroll down to the correct account.

  • Click on the edit icon on the row containing the incorrectly assigned account.

    1. Click on the Account Purpose drop down list and select Tax – Payroll from the list
    2. Click on the Save icon.

All done!  Click on the Dashboard menu item to start having fun.

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