Introduction
One screen holds the money settings for your whole company. They include value-added tax (VAT) rates, the first invoice number, a new customer's payment terms and credit limit, and price rounding. It is headed Financial settings, with a Back link above the heading.
The screen is one grey panel with a single column of boxes, read from top to bottom. The VAT rates and the invoice number come first, then the payment method, then the payment terms and credit limits, each with a button directly above it. Below those come refunds, bank payments, the traffic fine address and rounding, and last a switch for extras added to a running booking. Save and Cancel sit at the very bottom.
You come here when:
- you are setting the app up for your company and want new customers to start with the right terms;
- your company moves from fourteen to thirty days to pay for business customers;
- the finance team wants the credit limit on every customer brought back to one figure;
- a customer halfway through a rental adds a child seat, and should pay only from today;
- you are just checking what the company-wide values are before changing a customer.
Terms used on this screen
| The screen says | It means |
|---|---|
| payment terms | How long a customer has to pay an invoice |
| individual | A private customer (a person) |
| company | A business customer |
| on account | A customer who is billed later and never asked for a deposit |
| subledging | Whether refund and deposit settlements are sent to your accounting package |
Most boxes here have their own page; this page says which to read.
How to use
Configuration
This page is itself the configuration. Everything on the screen is company-wide, and nothing here changes the screens your colleagues use until you press Save — with the exception of the four buttons described in step 4 below.
Charging extras on a running booking. Charge new extras from today on picked-up bookings only matters when an extra, an insurance or another option is added to a booking that has been picked up and whose rental period has started but not yet ended.
- On No, the extra is charged for the whole booking, from the first day.
- On Yes, the extra is charged only from today: the booking's number of days, minus the full 24-hour days already gone since the contract pickup time. A maximum price set on the extra still applies.
Example. A 14-day booking was picked up on Monday 5 October at 09:00. On Thursday 8 October at 15:00 the customer adds a child seat at €5 a day. Three full days and six hours have passed, so three days are taken off. On No, the seat costs 14 × €5 = €70. On Yes, it costs 11 × €5 = €55. The switch does not touch extras already on a booking, bookings that are not yet picked up, or a booking whose return date has passed. To charge an extra for a period you choose yourself, set its charge period on the booking; see Charge an extra for part of a booking.
Before you start: the Financial settings screen needs a company administrator account; with any other account it does not open. Ask your company administrator if you need something changed.
Using the Financial settings
From the main menu open Admin, then Settings, then click the Financial tile (a briefcase icon, first in the row). The screen is headed Financial settings.
Skim the table below once; it lists every box in screen order, and you will come back to particular rows:
| Box | Starts as | What it does | Read more |
|---|---|---|---|
| VAT high percentage | 21 | Your normal VAT rate | Set your VAT rates and price rounding |
| VAT low percentage | 0 | Your second, lower VAT rate | Set your VAT rates and price rounding |
| Min. invoice number | 1 | The lowest number the next invoice may get | Check and set invoice numbers and due dates |
| Default payment method | DebitCard | The method already filled in when you record a new payment | Record a payment a customer has made |
| Default payment terms individual | 14 Days | The payment terms a new private customer gets | Step 2 below |
| Default payment terms company | 14 Days | The payment terms a new business customer gets | Step 2 below |
| Default credit limit | 20000 | The credit limit a new customer gets | Step 3 below |
| Default credit limit on account | 20000 | Used only by the Override all on account button | Step 4 below |
| Batch creation type | PerLocation | Whether refund bank files are made per pickup location or per branch | Refund deposits and overpayments to customers |
| use subledging | Yes | Whether refund settlements are sent to your accounting package | Refund deposits and overpayments to customers |
| Assign bulk payment method | Bank (an empty box also counts as Bank) | The payment method already chosen when you register one payment for several open invoices of a customer. You can still change it there | Split one bank transfer over several invoices |
| Fine portal URL | empty | The web address printed on a traffic fine invoice | Charge a traffic fine to the customer |
| Enable rounding | No | Rounds every price to a fixed number of decimals from a start date | Set your VAT rates and price rounding |
| Charge new extras from today on picked-up bookings | No | Yes charges an extra, insurance or option added to a running booking only for the days still to come | Charging extras on a running booking under Configuration above |
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Pick the Default payment method. Choose the method most of your customers use at the counter, such as DebitCard, CreditCard, Cash or Bank.
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Set the two payment terms. The choices are Immediately, 7 Days, 14 Days and 30 Days. A new customer gets the one that matches: a business gets Default payment terms company, a person gets Default payment terms individual.
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Set the two credit limits. Type an amount in euros, without the € sign. Both boxes need a number above zero; 0 or a negative number shows Should be positive under the box.
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Only if you mean to reset every customer, use the buttons. Each of the four boxes in steps 2 and 3 has a button directly above it:
Button What it overwrites, on every customer already in your system Update all individual payment terms The payment terms of every private customer Update all company payment terms The payment terms of every business customer Override all default The credit limit of every customer who is not on account Override all on account The credit limit of every customer who is on account Each asks Are you sure?; press Proceed or Cancel. The credit limit buttons end with Sync Completed.; the payment terms buttons show no message.
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Press Save. The screen closes. If the rounding boxes are filled in wrongly, it stays open with a red message under the box instead — see Set your VAT rates and price rounding. Cancel throws away what you typed, but it does not undo a button from step 4.
Key details
New customers only, unless you press a button. Changing a default in steps 1 to 3 does nothing to customers who already exist. They keep their own payment terms and credit limit. Only the four buttons in step 4 reach existing customers, and they reach all of them.
The buttons act at once, with what is on screen. A button does not wait for Save. It uses the value currently in the box below it, even if you have not saved that value yet. Every figure a colleague set by hand on a single customer is replaced, and the app keeps no list of the old values.
Worked example. Your company's defaults are the starting values. Finance decides that business customers get thirty days from now on, and that the standard credit limit drops to €5,000.
- You set Default payment terms company to 30 Days and Default credit limit to 5000, and press Save. A business customer created tomorrow gets 30 days and a €5,000 limit. Van Dijk Bouw BV, a customer since last year, still has 14 days and €20,000.
- To move Van Dijk Bouw BV and every other business customer as well, you press Update all company payment terms and Proceed. All business customers now have 30 days — including one your colleague had set to Immediately by hand.
- Private customers keep 14 Days; you did not touch their box or button.
- The credit limits of existing customers stay at €20,000 until someone presses Override all default.
What to do next. If you changed payment terms or a credit limit, open one customer and check their Financial tab — see Set a customer's payment and invoicing terms. For any other box, follow the page named in its row of the table.
Q&A
Why did every private customer's payment terms change, including ones set by hand? Someone pressed Update all individual payment terms (or Update all company payment terms for business customers). It overwrites every matching customer and keeps no record of the old values. Set the exceptions back one at a time on each customer's Financial tab — see Set a customer's payment and invoicing terms.
I pressed Cancel, so why did the customers still change? The four buttons change the customers the moment you press Proceed. Cancel only throws away the boxes you have not saved; it cannot reverse a button. To undo, type the old value back into the box and press the same button again — but any hand-set exceptions are still lost.
Why did a customer's payment terms change when nobody touched them? Someone changed is company on that customer. Switching between person and business gives the customer the matching default from this screen. Set their terms again on the Financial tab of the customer form.
I changed Default payment terms company. Why do existing business customers still show 14 days? The defaults only reach customers created afterwards. Press Update all company payment terms if every existing business customer should move too.
Why does Default credit limit say "Should be positive"? The box needs a number above zero; 0 is refused as well as a negative number. If you do not want the limit to stop anyone, type a figure well above what any customer owes, such as 1000000.
Why was a customer charged for the whole rental for an extra they only added yesterday? Charge new extras from today on picked-up bookings is on No, so an extra added to a running booking is charged from the first day. Switch it to Yes for extras added from now on. For the extra already on the booking, change its charge period on the booking; see Charge an extra for part of a booking.
Why can't I change Enable rounding? Once rounding has come into effect it is on for good and the rounding boxes are greyed out. See Set your VAT rates and price rounding; ask RentVisie support if it really has to change.
Where do I set how long a payment request stays valid, or the lease billing day? Not here. Go back one step and click the Operational tile — see Send a customer a payment request and Set how a lease is billed.
Where do I set the reminders for overdue invoices? Not here. Open Financials and click the Payment reminders tile — see Send reminders for overdue invoices.
Related pages:
- Set your company's operational settings — the Operational tile next to this one, for booking and lease defaults
- Check what a customer owes and take a payment — where the credit limit set here is checked against what a customer owes
- Send invoices to your accounting package — what happens to invoices once they are numbered
- Charge an extra for part of a booking — setting the days an extra is charged for by hand