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Configure payment
After configuring your workspace, your document models, expenses, and income categories, you can proceed to configuring your payment settings.
Devinstock's payment facilitates the end-to-end transaction process. It provides a comprehensive solution for invoicing sales and purchases, delivery, and payment management. Businesses have the capability to generate invoices, add bank accounts and cashiers, and streamline payments, settlements, and expenses all within a unified platform that supports multiple currencies (USD, EURO, GBP, etc).
Adding your bank account
To establish your bank account, you will need to add/manage bank accounts for your company in the designated currency, as well as a cashier account. This procedure is essential for enabling seamless payment transactions in the upcoming period.
A bank account is crucial for facilitating transactions, whether through payment methods like credit cards, wire transfers, or transfers.
Within a business workflow (refer to the figure), it is essential to establish a payment account (bank, cashier) in the physical realm for your company to commence receiving payments through various online and offline channels, utilizing a variety of payment methods (cash, credit cards).
The next step involves integrating with a payment gateway to facilitate online transactions, followed by consolidating and synchronizing the received transactions into a unified system; In this scenario, namely Devinstock.
Establishing a new bank account
To add multiple bank accounts, please navigate to your "settings -> Bank accounts" and follow these steps:
- Click on 'Bank Accounts'
- Select 'New Bank Account'
- Enter the necessary information including the name, type (bank or cashier), and choose the account currency (dollar, euro, gbp, dirham, etc).
- Optionally, you can also include details such as the IBAN and address.
Configure Payment Methods
Integrating payment methods is a critical process in overseeing your financial system. It grants you the essential flexibility to cater to diverse transaction requirements. Be it through credit card, bank transfer, cash, or any alternative method, the array of payment options enhances the financial adaptability of your business.
To manage your payments methods, navigate to your "settings -> Payment methods". The list of available payment methods is comprehensive, and additional options can be added as needed.
- Cheque
- Cash
- Credit card
- Direct debit
- Bank transfer
- Bill of exchange
Configure Your Default and Other Currencies
Devinstock is a multi-currency system, you have the ability to operate (sales and purchases transactions) in different currencies (dollar, euro, gbp, dirham, etc.), which is essential if you conduct international business or deal with clients and suppliers in various worldwide regions.
All calculations will be consolidated to your base default currency. This process ensures that all financial operations and amounts will be aggregated and expressed in the primary currency you have defined for your financial system. This is achieved by applying an exchange rate at the time of the transaction's value date. This will simplify the management and understanding of financial data by presenting them in a single reference currency.
In this figure, we have set USD as the default account currency and activated Euro for the Europe region. Additionally, GBP for the UK and MAD for Morocco have been enabled for worldwide transactions with customers and suppliers.
Configure Value Added Tax (VAT)
VAT is a central element of a company's finances, requiring precise management to ensure tax compliance with you accounts countries. VAT management helps in maintaining transparent financial operations. The VAT rate may vary depending on the type of product (0%, 7%, 20%) or service and the tax legislation in your country.
To manage the list of your Taxes, navigate to your settings -> Tax
If you encounter any issue during the setup, please contact our support team, so we can help you solve the issue.
That concludes this setup tutorial. For more tutorials and guidance, please explore our Help Center . You'll find a variety of tutorials and articles that can help you maximize your usage of Devinstock.