Accounting provider system defaults are used for calculations and ledger tracking in your accounting provider. They ensure financial data is synced correctly between both systems.
Tax Rate and Ledger Account defaults can be set in step three of the accounting setup process:
Tax Rates
Tax Rates are the ratio in which a person or business is taxed. They are used for both financial reporting and calculations for various business transactions. Mira uses the tax rates selected in the final stage of provider setup to ensure quotations, invoices and inventory all use the correct rate during calculation.
Mira will only fetch tax rates that match keywords and an equivalent rate. It is important to ensure these rates are correct as they are used for all financial calculations and can affect your financial reporting in your accounting provider. It is strongly advised to seek advice from an accountant / bookkeeper if unsure.
GST Tax Rate:
GST Tax Rate is typically a 10% tax rate. Mira will only fetch tax rates that match both GST keywords and an equivalent rate. Please choose carefully.
GST Free Rate:
GST Free Rate is typically a 0% tax rate, when a business is registered for GST. Mira will only fetch tax rates that match both GST Free keywords and an equivalent rate. Please choose carefully.
GST (Not Registered) Tax Rate:
GST (Not Registered) Tax Rate is reserved for businesses who are not registered for GST and is typically a 0% tax rate.
Ledger Accounts
Ledger Accounts are used for financial reporting and contain records of business transactions. Mira uses the ledger accounts selected in the final stage of provider setup to ensure quotations, invoices, payments and inventory all record into the correct ledgers.
Mira will only fetch ledger accounts that match certain account types. It is important to ensure these accounts are correct as they are used for all financial calculations and can affect your financial reporting in your accounting provider. It is strongly advised to seek advice from an accountant / bookkeeper if unsure.
Sales Income Ledger:
A Sales Income Ledger Account is typically an Asset, Liability, Equity or Revenue account. This account is used for sales transactions (quotations and invoices).
Inventory Selling Ledger:
A Inventory Selling Ledger Account is typically an Asset, Liability, Equity or Revenue account. This account is used for sales transactions (quotations and invoices) involving inventory items. This is the account linked to the sale of inventory items.
Customer Payment Ledger:
A Customer Payment Ledger is typically a Bank, Liability or Equity account. This account is used for payments made in Mira.
Provider Payment Ledger:
A Provider Payment Ledger is typically a Bank, Liability or Equity account. This account is used for provider payments made in Mira, either via Stripe or Square. This can be set to the same account as the Customer Payment Ledger if your business doesn't separate accounts for reporting.