Configure your finance settings

Where to find them

Open the Admin Console and expand Accounting. It contains Financials, Budget Manager, Billing, Invoicing, Expenses, Monthly Lock, Rate Card, Chart of Accounts, Bank Accounts, Tax Rate, Currency and Loan. Click Save Changes after editing a page.

Financials, invoicing and billing

  1. Financials – open it from the Accounting menu.
  2. Set the project default currency, your ABN (the 11-digit Australian Business Number used for banking and invoicing) and your Financial Year. Add your bank details below.
  3. Invoicing – open it from the menu.
  4. Choose the Default Sales Tax, the accounts receivable email, the sender name and reply-to address for invoice emails, and the Default Invoice Due Date in days. You can also copy in the contact person or accounts manager, and include your tax file number.
  5. Choose when to send a reminder email for overdue invoices (for example 14 days overdue) and add default notes.
  6. Billing – open it from the menu.
  7. For one-off, recurring, media and production services, choose the default ledger account and whether invoices are generated and sent automatically on each billing plan date. For recurring services, set the retainer billing cycle (for example the 1st day of each month).

The animation below walks through these steps.

Tax, accounts and monthly lock

  1. Tax Rate – open it from the menu.
  2. Every transaction line needs a tax rate. Graysync includes rates such as GST on Income and GST on Expenses (10%), GST Free and No Tax, and shows how many accounts use each one. Click New Tax Rate to add your own.
  3. Chart of Accounts – open it from the menu.
  4. Filter by Assets, Liabilities, Equity, Expenses and Revenue. Each account has a code, name, type, tax rate and balance. Click Add New Account to add one. Accounts with a lock icon are system accounts.
  5. Monthly Lock – open it from the menu.
  6. Choose the financial year. Once a month is finalised, lock its Timesheets, Pipeline, Media, Invoices and Expenses to close the period.

The animation below walks through these steps.

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