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Defining Financial Parameters

If your business is subject to Tax collection and reporting, a default set of options are applicable for your region, and will need a quick configuration review prior to use.

The financial parameters you setup determine:

  • Financial year start and end dates, for reporting
  • If invoice line items will report tax
  • The default sales tax rate (%) applied to line items (adjustable)

Setting your financial parameters

We understand not all businesses are subject to goods and sales tax reporting under location speciific turnover thresholds (for example, $75,000 AUD in Australia). OSO Books enables financial settings to be adjusted at any time using the procedure below.

Login to your business toolkit

If you are unsure where or how to do this, refer to the accessing your toolkit guide.

Click the SETUP link in the navigation toolbar.
Click Financial Setup from the Setup navigation panel.
Set location drop down box appropriately for your circumstances.

Default parameters, such as financial year start and end dates, are prepopulated based on your location

If your region has variable financial year end dates, and tax values, adjust the parameters accordingly to suit your requirements.

For many regions, tax parameters are fixed and cannot be changed.

Toggle your tax status and set the default value accordingly for your location. The example below shows a configuration for a business operating within California, USA.

The tax value assigned to invoices, is adjustable per line item in both additive and included mode. The setting here defines the default value assigned for taxable invoices.

Changes take effect immediately. Note that tax cannot be retroactively applied to previously issued invoices, capture and reporting of sales tax commences only for invoicing performed after enabling this feature.

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