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Before you start generating financial documents for your customers, you will want to ensure certain settings are properly applied. In this article, we quickly go over setting currency, additional conditions, ledgers and more!
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The currency
The first step is to make sure you are on the same page with your customer when it comes to the prices you communicate with them. You need to indicate the currency, especially if you are dealing with international clients.
The terms and conditions
There are two types of conditions:
- The terms and conditions, the main ones that you send as an extra attachment together with all of your quotations
- The additional conditions, they are plain text that you can choose to add to your documents.
The multiple days factors
You often rent your equipment for longer time periods and want to adjust the price according to that period so you can give your customers a more attractive price. That’s how the factors work.
Manage the ledgers
The ledgers are used in accounting to split the invoice price into different categories. This is important when the moment comes to export your invoices. You may want to check with your accountant to make sure you are creating the correct ledgers.
Set up your tax system
The classes can be set up by default for equipment or functions for example. This makes things faster and more efficient when it comes to calculating the price of an event. We will have a closer look at this later.
Make sure customers pay on time
We still haven’t created a project, and we already want to know when we should bill the customer and when they should pay. This is where invoice moments and due dates come in.
When you create a project, invoice moments will tell when you should create the invoice and if it has to be a complete or a partial one. If it is a partial invoice, Rentman will also tell you when you should create the rest of the invoice. Depending on how you set them up, you will be told how much of the total will be invoiced after signing, before the first day of the project, or after the event concludes.
Once the invoice is created, you need to give them an expiration date. That’s also something you can set up in advance and apply when needed. The payment term determines how long the customer has to be after the invoice is created/sent out.
Are you prepared to floor your accountant with financial fundamentals? Test your knowledge below; you'll then be ready to set up your document and email templates.