D: Finance Options

D: Finance Options

Estimated reading time: 3 min

Use this section to customise options related to financial matters. For specific help on these topics, move the mouse over the topic heading. More detailed assistance is available when you select the topic

Financial Periods Setup

This field sets the starting date of the current financial year, as well as dates for the aging of client debt (current, 30, 60 and 90 days, for example).

The current financial year date is different for practices worldwide, so this setting needs to be set each year. This date is used as the reporting benchmark when selecting “Last Financial Year” or “This Financial Year”.

Till Float and Payment Methods Setup

Float Amounts and Payment Methods

Sets the normal amount for your till float, methods of payment you will
accept and whether you will allow EFTPOS/Switch cash-out.

Manual Invoicing

Also allows activation of the manual invoicing option – this allows a visit to be matched with a paper invoice that may have been given to a client on a field visit. The invoice number will be prompted when saving a visit.

Fee Rounding

Fee rounding can be configured to minimise loose change.

Receipts

Receipts can also be configured to display any outstanding balance that is owed by the client.

Tax Printing Options

Enter your business registration number and set the default tax rate for tax.

Select tax printing options for:

  • Invoices
  • Estimates
  • Account Statements
  • There is little requirement to modify the predefined settings

    Transaction Types Setup

    Every transaction on a client’s record is defined by a name called the Transaction Type. For example: Invoice, Payment – Cash, Account Fee etc. These names appear on the client’s financial screen, at the top of invoices and on account statements.

    In this section of Options you can add and edit Transaction Types. Some you can even delete. For some you can also define the GST/VAT rate.
    There is little requirement to modify the predefined settings

    Cost Centres Setup

    Cost Centres are used by practices needing to separate income generated by particular vets from general income. It is usually used where specialist vets work within a general practice. Every installation of the program has a default cost centre of Standard. However, if extra cost centres are added, a new field appears in the Add Visit dialog which allows the vet to select the cost centre when adding a visit record.
    Cost centres will then be available in reports and financial analysis to determine the revenue generated by each cost centre.
    This option is not usually required for a standard setup, and would only be required if the business had a distinct requirement to split income streams from different parts of the business.

    Adding and Editing Cost Center

    From the options you can Add or Edit a Cost Centre. Once these changes have been made you will be able to change the Cost Centre when finalising your visit.

    Set up Default Cost Center

    You can set up Default Cost Centres for each user who is logged in, which will save the user having to choose the correct cost centre every time they create a visit.
    This is configured in Task Panel > Options and Setup > User > Financial >; Default Cost Centre.

    You might use a different cost center if there is a grooming salon working under the same business entity.

    Default Invoice and Receipt Styles

    Choose which of various forms to use for Invoices, Estimates and Receipts. You can also choose the accounting method you will use for client payments (open invoicing or accrual), whether to use the "Paid" stamp on receipts and default receipt notes.

    Pet Shop / SPCA

    Use this option to setup a default alternate bill payer that can be selected at the beginning of adding a visit record. This is useful if a local shop or welfare society commonly pays for first visits by patient’s they have sold to your clients.
    Set to -1 by default, you will need to identify the client ID for the welfare society record.
    When adding a new visit, the option of Billed to will be pointing at the default bill payer record.

    Account Categories Setup

    Use Account Categories when you want to create separate statements for specific groups of animals. For example, you may wish to separate a single client’s commercial animals and companion animals.

    There is a default preset which is satisfactory for most practices.

    Account Statement Payment Options Text

    If you use the Credit Card payment option on account statements there is a card type "Other" as well as Visa, Mastercard and Bankcard. Use this field to modify the default text "Other" to another card type or to the text "No other cards accepted".
    You can also use this field to include bank/branch details for clients depositing money directly into a bank account.

    Was this article helpful?
    Dislike
    Views: 3