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Configure financial settings

Set up the financial foundations of the platform: tax rates and groups, the currencies you trade in, the bank accounts payments are recorded against, customer tiers for segmenting and pricing, and the payment terms you offer on quotes, orders, and invoices.

Before you start​

  • You need administrator access to change these settings.

Configure tax​

  1. Go to Settings > Tax.
  2. Set up your tax rates, tax groups, and your organization's tax configuration.

The tax engine handles VAT and GST, including India GST presets.

Configure currencies​

  1. Go to Settings > Currencies.
  2. Add the currencies you trade in.

Growmax ARC supports multi-currency trading, with exchange rates recorded on each document.

Set up bank accounts​

  1. Go to Settings > Bank accounts.
  2. Add the bank accounts that payments are recorded against.

Define customer tiers​

  1. Go to Settings > Customer tiers.
  2. Create tier definitions for segmenting and pricing to customers.

Settings > Tax Configuration lists your tax rates and the groups that combine them.

Set up payment terms​

  1. Go to Settings > Payment terms.
  2. Define the payment terms you offer. Each term has a unique code (for example NET_30 or EOM_15), a display label, and the number of days allowed before payment is due.
  3. Optionally mark one term as the default applied to new documents.

Quotes, orders, and invoices validate their payment terms against this list, and a document's due date is derived from the term's number of days. Until you configure your own terms, a platform default set is shown so pickers are never empty; configuring your own turns the defaults into editable rows. You can deactivate a term to stop offering it (it stays in the list and can be reactivated) or delete it to remove it from the list for good. Either way, existing quotes, orders and invoices keep the term and their due dates; only new documents can no longer use it. A deleted term's code can't be reused. The default term can't be deactivated or deleted — make another term the default first.

Tips​

  • Products can be marked tax-exempt with a reason and a tax group — configure your tax groups here first so they are available on products.
  • Foreign-currency customer payments are supported in collections; make sure the currency exists here first.