Financial settings

Financial settings

Your financial settings in Cin7 Core sets your financial years, your chart of account structure, and other settings to do with taxes and depreciation. Some of these settings are used only for recording purposes. You can find the settings below in your General Settings, in the Settings section of the main menu.

Financial year end

Specify when your financial year ends. This is only used for recording purposes.

Tax period

This is the frequency interval used for calculating your sales tax. This is only used for recording purposes.

Tax ID number

Enter your organization's unique taxpayer reference number. This is only used for recording purposes.

Tax ID display name

The display name of your organization's unique taxpayer reference number. This is only used for recording purposes.

Reverse current year depreciation

This setting reverses the depreciation calculated for the fixed assets sold or disposed of in the current financial year. This option can be changed at any time and only affects new sales or write-offs. Learn more about Fixed assets and depreciation.

Unrealized foreign currency exchange adjustment calculation

Calculate unrealized foreign currency exchange adjustment and create journals automatically when closing the financial period. This is an accounting requirement for organizations based in China, but optional otherwise.

Carry forward P&L calculation

Calculate carry forward P&L and create journals automatically when closing the financial period.

Period lock date

Change the period lock date to protect your financial records prepared for the quarter or year end. When you set a lock date, you can't add, edit, or delete transactions if the transaction effective date is earlier than the period lock date. You can change or remove the period lock date at any time.

Chart of accounts type

Cin7 Core allows you to select a flat CoA structure or a hierarchical or tree CoA structure (accounts with Xero/QuickBooks integrations can only have flat CoA structure). Tree structures allows organizations to create sub-accounts and consolidate their transactions by levels for summary purposes. See Accounts and chart of accounts - Tree chart of accounts.

Account code delimiter

This setting is only available when Chart of accounts type is set to Tree structure. This will be used to separate parent accounts from sub accounts when displaying account names.

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