Admin accounting settings

Admin accounting settings

Overview

Find out how to set your company’s default tax rate and format the references of transactions synced to your accounting software.

Your admin accounting settings, which include your company’s default tax rate and the format of references of transactions synced to your Xero or QuickBooks Online, are in your general settings:

  1. Log in to Cin7 Omni as an administrator.

  2. From the user menu, select Settings.

  3. Under Accounting, select Admin Accounting Settings.

After updating your admin accounting settings, select Update to save.

Tax

The Default Tax Rate applies to any transaction without an effective alternative tax rate. The alternative tax rate may be applied to the entire transaction or an individual line item.

Transaction references

When you sync a transaction to your accounting software, a matching transaction is created in your general ledger. That matching transaction is given a unique, customizable reference.

Invoices are created to match sales orders. Their references are a combination of (a) a unique serial number and (b) the sales order’s reference number. You can add an optional prefix, too, using the Invoice Prefix setting.

Credit notes are created to match credit notes. Their references are a combination of (a) a unique serial number and (b) the original credit note’s reference number. You can add an optional prefix, too, using the Credit Note Prefix setting.

Journal entries are created for your cost of goods sold (COGS). Their references depend on whether you’re integrated with Xero or QuickBooks Online:

  • In Xero, the journal entry’s reference is the same as the Description of the COGS transaction in Omni. You can’t customize the Description. For Xero users, the COGS Prefix setting changes the prefix of the internal Omni reference (Reference) only.

  • In QuickBooks Online, the journal entry’s reference is the same as the Reference of the COGS transaction in Omni. The Reference of a COGS transaction is the relevant date and an optional prefix you can add using the COGS Prefix setting.

Warning! If you use QuickBooks Online, changing your COGS Prefix may duplicate past months’ COGS entries in QuickBooks Online. Find out how to safely change your QuickBooks Online COGS prefix.

Bills are created to match purchase orders. Their references are a combination of (a) the purchase order’s reference number and (b) the supplier’s invoice number. You can choose their order using the Bill Reference settings.

If you don’t use an accounting integration, ignore these settings.

FAQs

Why were my transactions' default prefixes removed?

On 25 July 2023, Cin7 Omni stopped adding default prefixes to the references of some transactions synced to Xero and QuickBooks Online. You can now choose to add custom prefixes to some transactions (see above).

Cin7 Omni also changed the prefix of sales deposits to SD and sales deposit reversals to SDR (QuickBooks Online only).

Here are the old prefixes:

Type

Original prefix (Xero)

Original prefix (QuickBooks Online)

Invoice for sales order

INC7-

n/a

Invoice for batch or split sales order

INCC7B-

n/a

Credit note

CNC7-

CRN-

Journal entry for additional landing costs (landed costs)

C7LC-

C7LC-

Adjustment

C7

C7

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