Settings > Finance groups the settings that deal with money: what appears on your invoices, how you remind customers and which currencies you use.
Steps
- Open Settings > Finance.
- Depreciation tab: tick Enable container depreciation, then set the Depreciation duration and Residual value, or a Custom curve.
- Payment reminders tab: tick Enable payment reminders, then set Level 1 delay (days after due date), Level 2 delay, Level 3 delay, Level 3 repeat interval and Maximum reminders.
- Banking Information tab: fill in Label, Beneficiary, IBAN, BIC/SWIFT, Bank Name and, if needed, Account Number, Routing Number and Bank Address. Click Add bank account to add more.
- Bank connection tab: choose your bank in the list (Revolut, Airwallex) or Other bank (CSV import).
- Currencies tab: check the available currencies and their exchange rate.
Good to know
- On each invoice, the Set Bank Accounts action lets you choose which of your accounts are printed on it.
- The Bank fee window accepts a receipt slightly lower than the invoice because of bank fees. By default: 50 as an amount, capped at 2% of the amount due. Above that, the receipt is treated as a partial payment.
- Reminders apply to unpaid sales invoices. Companies and invoices can have their own settings.
- The bank connection is read-only: Krak Stack reads accounts and transactions, it never makes payments. Connected accounts are synchronised every hour.
- Exchange rates are expressed from USD. They are updated automatically every day, and the Update rates now button forces an update.
- When a market value is set on a container, it always takes precedence over the depreciation curve.
Frequently asked questions
Can I have several bank accounts, for example one in EUR and one in USD?
Yes. Add one account per line and give it a clear Label. Then choose which accounts to print on each invoice.
Are reminders sent by themselves?
Once Enable payment reminders is ticked, unpaid sales invoices are reminded according to the delays you set. The email templates for the three levels are edited in Documents & emails.
My bank is not in the list.
Choose Other bank (CSV import) and import your statement from the Bank reconciliation page.
Why is an exchange rate locked?
The rate of your company's base currency and automatically synchronised rates cannot be edited by hand.
Does changing a rate modify my old invoices?
No. Existing documents keep the rate locked when they were created.
What is depreciation for?
It shows a net book value next to the market value, to help you decide on a sale.