SETTING UP FINANCIALS IN .CONNECT FINANCE

Sep 16th, 2016 | by Tolani Olaosun
The Financial Module can be set up through the following procedures;
Click on the financial tab under the admin module, Input details into the tabs; such as Bank, Currency, Exchange Rate, Payment Type, Terms and Transaction Types.
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Accounts – This is where all charts of accounts are inputted, be it income, expenses, Asset, Inventory etc
Bank – Some Financial Institutions in Nigeria have been per-loaded into this module. More can be added if not there.
Bank Accounts – Here, all active Bank Accounts details will be uploaded.
Payment Type – This allows you track the different type of payment used by your company; Cheque, Cash. EFT, Credit/Debit Card etc.
Terms – This allows you set up the Net Period that will be allowed your clients. Either 3 days, 7 days, 15 days or 30 days term.
Vat – The different VAT percentages will be loaded here. 5%, 7.5% or more depending on your operations.