Financial Settings

Configuring your finance module for optimal performance

Properly configuring your financial settings is essential for accurate accounting, efficient workflows, and meaningful reporting. The Finance Module offers extensive customization options to align with your tailoring business's specific needs.

General Financial Settings

Company Information

Set up your basic business information:

  1. Go to Finance > Settings > Company Information
  2. Enter your legal business name
  3. Add your business address
  4. Enter contact information (phone, email)
  5. Upload your business logo
  6. Enter your tax registration numbers
  7. Set your business entity type (sole proprietorship, LLC, etc.)
  8. Click "Save Information"

Why This Matters

This information appears on invoices, financial reports, and tax documents. Keeping it accurate and complete ensures professional communication with customers and compliance with regulatory requirements.

Fiscal Year Settings

Configure your fiscal year and accounting periods:

  1. Go to Finance > Settings > Fiscal Year
  2. Set your fiscal year start date
  3. Choose your accounting period type (monthly, quarterly)
  4. Set up period names if different from default months
  5. Configure year-end closing preferences
  6. Click "Save Fiscal Settings"

Choosing Your Fiscal Year

Many tailoring businesses align their fiscal year with the calendar year (January-December), but you might choose a different period based on your business cycle. For example, if your busy season is wedding season, you might set your fiscal year to start after this period to better track annual performance.

Currency Settings

Set up your currency preferences:

  1. Go to Finance > Settings > Currency
  2. Set your base currency (e.g., AED)
  3. Configure additional currencies if you operate internationally
  4. Set exchange rate update preferences
  5. Configure currency display formats
  6. Click "Save Currency Settings"

Chart of Accounts Settings

Account Numbering

Configure your account numbering system:

  1. Go to Finance > Settings > Chart of Accounts
  2. Set your account number format (length, segments)
  3. Configure number ranges for each account type
  4. Set up automatic numbering for new accounts
  5. Click "Save Numbering Settings"

Recommended Account Number Structure

  • 1000-1999: Assets
  • 2000-2999: Liabilities
  • 3000-3999: Equity
  • 4000-4999: Revenue
  • 5000-5999: Cost of Goods Sold
  • 6000-6999: Expenses

Tip: Leave gaps between account numbers to allow for future additions without disrupting your numbering system.

Default Accounts

Set up default accounts for various transactions:

  1. Go to Finance > Settings > Default Accounts
  2. Set default revenue account for sales
  3. Set default accounts for different expense types
  4. Configure default bank accounts for payments and deposits
  5. Set default tax liability accounts
  6. Click "Save Default Accounts"

Invoice and Payment Settings

Invoice Numbering

Configure your invoice numbering system:

  1. Go to Finance > Settings > Invoicing
  2. Set your invoice number format (prefix, digits, etc.)
  3. Configure starting number for invoices
  4. Set up separate numbering for different invoice types if needed
  5. Click "Save Numbering Settings"

Invoice Number Format Examples

  • INV-00001 (Basic format)
  • INV-2023-00001 (Including year)
  • INV-CUS-00001 (For custom tailoring)
  • INV-ALT-00001 (For alterations)

Invoice Templates

Customize your invoice appearance:

  1. Go to Finance > Settings > Invoice Templates
  2. Select a template to customize
  3. Upload your logo and set its position
  4. Choose colors and fonts
  5. Customize header and footer content
  6. Add standard terms and conditions
  7. Configure what information appears on invoices
  8. Preview the template
  9. Click "Save Template"

Payment Terms

Set up standard payment terms:

  1. Go to Finance > Settings > Payment Terms
  2. Click "Add Payment Term"
  3. Enter a name (e.g., "Net 30", "Due on Receipt")
  4. Set the number of days until payment is due
  5. Configure any early payment discounts
  6. Set this as the default term if desired
  7. Click "Save Payment Term"

Common Payment Terms for Tailoring

  • Due on Receipt (for alterations and smaller jobs)
  • 50% Deposit, 50% on Completion (for custom garments)
  • Net 15 (for regular customers)
  • Net 30 (for business clients)

User Permissions and Security

User Roles

Configure access levels for different staff members:

  1. Go to Finance > Settings > User Roles
  2. Create roles for different positions (owner, manager, bookkeeper, etc.)
  3. Set permissions for each role (view, create, edit, delete)
  4. Configure access to sensitive financial information
  5. Click "Save Roles"

Recommended Role Setup

  • Owner/Admin: Full access to all financial features
  • Manager: Access to daily operations, limited access to financial reports
  • Sales Staff: Create invoices and record payments only
  • Bookkeeper: Access to accounting features but not business settings

Audit Trail

Configure audit trail settings:

  1. Go to Finance > Settings > Audit Trail
  2. Enable or disable audit trail tracking
  3. Set how long to retain audit records
  4. Configure which actions to track
  5. Set up audit report access
  6. Click "Save Audit Settings"

Why Audit Trails Matter

Audit trails record who made changes to financial data, when they made them, and what was changed. This creates accountability, helps troubleshoot errors, and provides documentation for tax or regulatory purposes.

Integration Settings

Banking Integration

Set up connections to your bank accounts:

  1. Go to Finance > Settings > Banking Integration
  2. Select your bank from the list of supported institutions
  3. Enter your banking credentials securely
  4. Select which accounts to connect
  5. Configure automatic transaction import settings
  6. Set up transaction matching rules
  7. Click "Connect Bank"

Payment Gateway Integration

Configure online payment options for your customers:

  1. Go to Finance > Settings > Payment Gateways
  2. Select payment providers to enable (credit cards, digital wallets, etc.)
  3. Enter your merchant account details
  4. Configure transaction fees
  5. Set up automatic payment reconciliation
  6. Test the payment process
  7. Click "Save Gateway Settings"

Backup and Data Settings

Automated Backups

Configure backup settings to protect your financial data:

  1. Go to Finance > Settings > Backup
  2. Enable automated backups
  3. Set backup frequency (daily, weekly)
  4. Choose backup storage location (cloud, local)
  5. Configure retention policy (how many backups to keep)
  6. Set up backup notifications
  7. Click "Save Backup Settings"

Backup Best Practices

  • Schedule daily backups for active businesses
  • Store backups in multiple locations
  • Test backup restoration periodically
  • Create manual backups before major system changes
  • Ensure backups are encrypted for security

Data Import/Export

Configure data transfer settings:

  1. Go to Finance > Settings > Data Transfer
  2. Configure import settings for external data
  3. Set up export formats for financial data
  4. Create data mapping templates
  5. Configure scheduled exports if needed
  6. Click "Save Data Transfer Settings"

Real-World Example

"When Layla started her tailoring business, she spent time carefully setting up her Finance Module. She configured her fiscal year to start in September, after the busy summer wedding season, giving her a clearer picture of her annual business cycle. She created custom invoice templates with her logo and brand colors, and set up different numbering sequences for custom garments (INV-CUS) and alterations (INV-ALT). For her chart of accounts, she used the recommended numbering system but added specific accounts for different fabric types and service categories. She connected her business bank account for automatic transaction importing and set up daily backups to secure her financial data. These initial setup steps took a few hours, but saved her countless hours of work later and provided much clearer financial insights. When she hired her first employee, she created a limited user role that allowed them to create invoices but not view sensitive financial reports. As her business grew, she adjusted her settings to match her evolving needs, but the solid foundation she created at the beginning continued to serve her well."

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