Managing your agency's financial details is made easier with Allfred's features for setting VAT rates and accounting accounts. These settings are crucial for accurate billing and expense management.
How to Set VAT Rates
Create and edit VAT Rate:
Navigate to 'Workspace Settings' by clicking on your profile icon and selecting 'Settings'.
Go to the 'Financial' tab
To add a new VAT rate, click on the '+ Add new VAT rate' button.
Input the new VAT percentage rate you require for your invoicing or expenses.
To edit an existing rate, click info the field with amount, make the necessary adjustments, and ensure you save your changes by clicking on Update button
Setting a Default VAT Rate:
You can specify a default VAT rate that will automatically be applied to invoices and expenses.
Select the radio button next to the VAT rate you wish to set as default.
Deleting VAT rate
Navigate to 'Workspace Settings' by clicking on your profile icon and selecting 'Settings'.
Go to the 'Financial' tab
Click on Bin icon under Actions to delete the VAT rate.
Removal of this VAT rate will keep past uses untouched, but you will not be able to use it in the future anymore
Configuring Accounting Accounts
Create and edit Accounting accounts:
Navigate to 'Workspace Settings' by clicking on your profile icon and selecting 'Settings'.
Go to the 'Financial' tab
Scroll down to Accounting Accounts.
To insert a new accounting account, use the '+ Add new accounting account' option.
Assign a number and title to the account that corresponds with your financial tracking system.
For modifications, click into field with the number or title, make required changes and click 'Update' to save.
Deleting Accounting Account
Navigate to 'Workspace Settings' by clicking on your profile icon and selecting 'Settings'.
Go to the 'Financial' tab
Click on Bin icon under Actions to delete the Accounting Account.
Removal of this accounting account will keep past uses untouched, but you will not be able to use it in the future anymore.