Financial settings

One of the first steps in setting up your organization in advaise.app is to define your financial settings. These are the default settings used for the organization throughout advaise.app.

In your organization, navigate to the financials tab.

Settings

Currency

The currency selected when creating the organization is the base currency and cannot be changed. This is the default currency for all client proposals, engagements, expenses and invoices. You can over-ride the currency on proposals, engagements and invoices. Accurate financial tracking and invoicing in the correct currency helps to improve customer satisfaction and increase the likelihood of timely payments.

Gross margin

The gross margin set here is the default gross margin for all client proposals, engagements, expenses and invoices. Anywhere there is a gross margin option, leaving the field blank will result in this Gross margin setting being applied. You can over-ride this by entering the required gross margin percentage in the proposal, engagement, invoice or item.

Sales tax rate

Set the default sales tax rate that will be applied to client invoices. The sales tax rate can be over-ridden at the item level on invoices if required.

Work Time Per Day

Set the average working time per day in hours and minutes.

Currencies

Aside from the base currency, only currencies that are setup here are available for using in proposals, engagements or invoices.

Set the exchange rate by opening the currency.

1. Set the period start. The rate entered will be valid until a new rate with a new period start is entered.
2. Enter the exchange rate manually or hit the download button to download the current exchange rate. Note: Only today's date will be downloaded, regardless of the date entered for period start.
3. Click the update button to save the exchange rate.

Expense categories

Expense categories are used for employees claiming expense reimbursements and charging these onto your client invoices if they are entered against a billable booking code.

You can manually create your expense categories or upload them via an excel file. Expense categories can be linked to the unique identifier from your chart of accounts.

Leave categories

When an employee requests leave, these can be booked against the leave categories you setup here.

You can manually create your expense categories or upload them via an excel file. Leave categories can be linked to the unique identifier from your chart of accounts.

All organizations are created with a default leave category. This cannot be deleted.

Rank hierarchy

Rank hierarchy is pivotal for determining hourly cost rates linked to a role's pay level.

Rank corresponds to the pay level assigned to staff members. A role is linked to a rank. When a role is added to a proposal or engagement, the system retrieves the hourly cost rate from the respective rank. This ensures accuracy and consistency in applying cost rates based on the assigned pay level. A markup is applied to this cost rate to calculate the client rate for this role on proposals and engagements.

All organizations are created with a default rank hierarchy. This cannot be deleted.

Booking codes

A booking code is a unique identifier used to track and analyse revenues and expenses.

Booking codes can be created to track revenues and expenses against client proposals and engagements, and also for internal costs. All staff bookings, staff timesheets and non-labour expenses are recorded against a booking code.

Booking codes can be set as billable (invoiced to clients) or non-billable (not invoiced to clients).

All organizations have the following booking codes automatically created:

• Team Building & Development
• Marketing & Sales
• Administration

You can delete these booking codes if they are not required.

Once these details are configured, your financial settings are complete for your organization.