Recommended Financial Settings

The following settings will help you manage your accounting data and improve your financial reporting. We recommend that you check these settings before setting up financial integrations.

Account Number Management

VAT/Tax Management

Payment Methods

Coupon/Voucher Settings

Prepayment and Invoice Account Number Settings

Anonymous Sales

Default Department Settings

Invoice Settings

End of Day Report Settings

Report Settings

Insurance Settings

Discount Account Numbers

Fixed-Price Bundles

Account Number Management

Adding account numbers to the Provet Cloud settings is one of the most important things to do as account numbers are integral to generating reports that are accurate, in-depth, and capture a good picture of your clinic’s financials.

Add all the account numbers used in your accounting, for example, VAT, payment methods etc. If you use a separate accounting system, such as Quickbooks or Xero, use the same account numbers as in your accounting system. If you do not use an external accounting system, you can create your own account numbering system. We recommend that you do this in collaboration with your accountant/CPA.

Add Account Numbers

  1. Go to Settings > Organization > Account number management.
  2. In the Account number list section, select Add.
  3. Add the account Number and a short Description.
  4. Select Save.

Enable Account Number Validation

All items should always have an account number. You can enable account number validation to require account numbers when importing new item lists:

  • In Settings > Organization > Account number management, select the pen button next to the section header to open the edit mode, then select the Enable account number validation in importer checkbox and save.

VAT/Tax Management

In some markets, multiple VAT/tax rates are used. Connect the VAT/tax groups that you use to your account numbers. 

Go to Settings > VAT management / Tax management:

  • To add a new VAT/tax group, select Add.
  • To connect an existing VAT/Tax group to an account number, select the pen button on the VAT/tax group row and add the account number in the Account number field.
  • You can archive the VAT/tax groups you do not use by selecting the trashbin button on the VAT/tax group row.

Payment Methods

In Settings > Organization > Payment methods, connect the payment methods you use to account numbers:

  • To add a new payment method, select Add. To connect an existing payment method to an account number, select the pen button on the payment method row. Add the account number in the Account number field.

Payment method codes 0 - 15 are predefined in the system. You can customise the names of these payment methods (for example, change 'Card' to 'Credit card') but not change the use type (for example, from cash to cheque).

Coupon/Voucher Settings

If you use coupons/vouchers, go to Settings > Organization > Coupons and make sure that adding coupon/voucher payments is only allowed on finalised invoices:

  • Show/allow adding coupons on finalised invoices: Select this setting to show the coupons section on the invoice page when the invoice has been finalised.
  • Show/allow adding coupons on draft invoices: Do not select this setting. Coupons/vouchers should always be added after finalising the invoice and before other payment methods.

Prepayment and Invoice Account Number Settings

In Settings > Department > Account numbers, set the following:

  • Enable using account numbers: Select this setting to include the account number field in item settings.
  • Require account numbers: Select this setting to require account numbers for items.
  • In the Account number for fields, select account numbers for invoices, prepayments, and insurance company invoices. When sending an insurance claim, the invoice total can be divided between the client and the insurance company.

Anonymous Sales

In Settings > Department > Department settings, select or deselect the Disallow anonymous sales setting depending on whether you want to allow sales to walk-ins and customers who do not have accounts with you. Because refunds and returns are problematic with anonymous sales, we recommend creating a client to be used for anonymous sales.

Default Department Settings

The following settings in Settings > Department > Department settings are recommended. However, note that your clinic's needs may differ. For example, prepayments are optional, but they help with the credit note workflow.

recommended_payment_settings.jpg

  • Enable automated financial period locking: Locking the financial period is an optional setting but recommended to prevent backdating payments. 
  • Enable invoice total sum rounding: If you decide to use rounding, the item for rounding must also have an account number.
  • Credit note date logic: Credit notes should always use today's date as the current date.
  • Credit note quantity limit: A credit note should not contain more item rows than the original invoice. Therefore, the quantity limit should be enabled so that the original invoice and credit note balance each other out.

recommended_settings.jpg

Invoice Settings

In Settings > Department > Invoices, set the following:

  • No payments before invoice date: Select the this setting to prevent users from backdating payments.
  • Include secondary owner name in invoice payer information: Select this setting if you want to be able to add another payer/client on invoices.
  • In Prefix for normal invoices and Prefix for credit note, you can add prefixes and tags which will show in the invoice headers for the different type of invoices.

prefix_and_tag_settings.jpg

prefix_and_tag_invoice.jpg

prefix_and_tag_credit_note.jpg

Invoice Copy

If you want to print multiple copies of invoices, you can mark them as copies. After printing the original invoice, the next printouts are marked as copies.

  • Go to Settings > Print settings > Invoice and select Mark copies.

End of Day Report Settings

It is recommended that you always create an end of day report when closing your clinic for the day. For hospitals open 24/7, it is recommended that you choose a time that suits your business and is consistent from day to day.

This report can be described as a reconciliation report. While the payment types have a sum, you can ignore it and focus on reconciling the individual payment type lines.

Make sure that the option for showing the payment method on the end of day report is selected for each payment method in Settings > Organization > Payment methods: Select the pen button on a payment method row to edit the payment method and select the In end of day checkbox. Read more about payment method settings.

The report can optionally be shown with a detailed layout using the following settings in Settings > Print Settings > End of day (select the ones you want to use):

  • Display invoice total sales without VAT

  • Display invoice total sales tax

  • Display discounts

  • Display debtors / creditors summary

  • Display prepayments

Read more about end of day reports.

Report Settings

With the end of day report, you can also create a balance report. For the balance report to be accurate, you must define the account numbers connected to each payment method in Settings > Department > Reporting. In addition, it is recommended that you define the settings as shown in the image below.

  • Enable payment corrections on end of day reports: This setting is not recommended because payment errors should not be corrected on the report but on the actual invoice before the report is created.
  • Do not allow closing end of day report if there are draft invoices on selected time frame: Select this setting if you want to be able to create a report with draft invoices included. 
  • Use latest end of day report’s end time as the default start time: This setting is recommended. For the report to be accurate and to make sure that you do not miss any transactions, it is easiest to use the last date and time for when the last end of day report was created as the starting point for the next report.

reporting_settings.jpg

Insurance Settings

Go to Settings > Department > Insurance to define the settings for the insurance claim functionality.

  • Allow adding insurance claims on finalised invoices is not recommended and Allow adding insurance claims on draft invoices is recommended because insurance claims should only be sent to insurance companies when the invoice is still in the draft mode. When the clinic receives the reimbursement, the draft invoice can be finalised and paid partially or in full.

In addition, the following settings are recommended:

insurance_settings.jpg

Discount Account Numbers

Separate account numbers for discounts are recommended. You may have different types of discounts (staff discounts, food discounts etc.), and each type should have its own discount item linked to a discount account number. The discount feature can be used in different ways, and it is important to use the same routine at all times. See also the following section on Fixed-Price Bundles.

Fixed-Price Bundles

Bundles may sometimes have a fixed price, for example, to offer savings over purchasing the items separately. The fixed-price bundles use a 'fixed price item' to handle the price difference.

For example, if you have a bundle for spay/neuter for cats with a fixed price, set up a fixed price procedure item. When creating the fixed price item, remember to assign an account number to the item. This item will not show on the invoice and is only used in reports to show the value that your customers received with the fixed price. This helps you to track your discounts. 

See how to set fixed pricing for an item bundle.

 

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