In the menu Settings > Accounting > Tax > Currency > Tax/Currency, you can configure location-based tax rates and currencies. Additionally, this menu allows you to define chart of accounts for financial accounting exports.
Important
We recommend consulting a qualified tax or accounting expert when configuring tax and financial settings in Xentral to avoid incorrect configurations.
Follow these steps to configure tax rates in Xentral. These rates will be used as the default for your accounting and all orders.
Note
If tax rates need to be set at the project level, for example, to apply different tax rates for B2B transactions or international taxation, these settings can be adjusted under Settings > Accounting > Accounting Settings per Project.
Steps:
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Open Settings > Accounting > Tax > Currency > Tax/Currency.
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Configure the desired tax rate settings. Further details on each option can be found in the table below.
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Click Save.
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Field Name |
Description |
|---|---|
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Standard Tax Rate |
Enter the standard tax rate applicable in the country where your company is based. |
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Reduced Tax Rate |
If a reduced tax rate applies in your country, enter it in this field. |
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Carry Over Tax Rates in Documents |
Define which tax rates should be applied when creating new documents for an order that already has previous documents in Xentral. The following options are available:
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Small Business Regulation |
Enable this option if your business qualifies for the small business regulation under § 19 of the German VAT Act (UStG) or a similar regulation in your country. |
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Tax-Free Domestic Sales |
Activate this option if the standard tax rate should be set to 0% on invoices. ImportantThis setting should only be used if your business qualifies for the zero-tax rate. In Germany, this applies only in exceptional cases, such as for certain transactions related to photovoltaic and solar technology. More information can be found at the German Federal Ministry of Finance. |
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Hide Tax Column |
Enable this option to remove the tax column from invoices, quotes, order confirmations, and credit notes. NoteThis only applies if all document line items have the same tax rate. |
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Always Use Net Prices |
Enable this option to display net prices by default on invoices, quotes, order confirmations, and credit notes. If both this and the following option (Always Use Gross Prices) are disabled, the default behavior in Xentral is:
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Always Use Gross Prices |
Enable this option to display gross prices by default on invoices, quotes, order confirmations, and credit notes. |
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Documents with 4 Decimal Places |
Enable this option to display 4 decimal places instead of 2 in documents. |
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Default Payment Method for Customers |
Select the default payment method for customers from the dropdown menu. Note, that this setting can be overridden individually for each customer under Sell > Addresses > Open Address > Payment Terms/Taxation Tab > Payment Method. |
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Default Payment Method for Suppliers |
Select the default payment method for paying suppliers from the dropdown menu. Note, that this setting can also be customized per supplier under Sell > Addresses > Open Address > Payment Terms/Taxation Tab > Payment Method. |
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Default Shipping Method |
Select the default shipping method used for deliveries from the dropdown menu. |
Follow these steps to define the system-wide settings for the default currency and desired margin in Xentral.
Note
Exchange rates for your currencies can be managed under Settings > Accounting > Tax > Currency > Currencies.
Additionally, the settings described here will no longer apply if specific project-based configurations are made under Settings > Accounting > Accounting Settings per Project.
Steps:
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Open Settings > Accounting > Tax > Currency > Tax/Currency.
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Adjust the desired settings in the Currency section. More details on individual options can be found in the table below.
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Click Save.
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Field Name |
Description |
|---|---|
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Default Currency |
Select the default currency used by Xentral. This currency serves as the base for all other currencies in which products may be sold. |
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Load Exchange Rate |
Enable this option to automatically apply the latest exchange rate from Settings > Accounting > Tax > Currency > Currencies when processing documents. This ensures that amounts are calculated using the most up-to-date exchange rates throughout the entire order process. |
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Use Invoice Exchange Rate for Credit Notes/ Cancellation Invoices |
Enable this option to retain the exchange rate applied at the time of invoice creation when issuing credit notes or cancellation invoices. This helps avoid discrepancies caused by fluctuating exchange rates. |
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Default Margin in % |
Enter the default margin percentage. The calculation in Xentral follows this formula: Purchase Price + Margin = Recommended Selling Price. |
In the Financial Accounting Export Chart of Accounts section, revenue and expense accounts are configured system-wide. Revenue accounts are entered in the Revenue fields, while expense accounts are defined under Expenses.
Important
Chart of accounts can be defined in various locations within Xentral:
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In the master data of individual articles (Details > Financial Accounting)
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In the settings of individual article categories (Module: Article Categories)
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In the menu described here: Settings > Accounting > Tax > Currency > Tax/Currency
Xentral follows the order listed above when applying these settings. This means that accounts specified directly in an article take priority. If no accounts are defined there, Xentral applies the accounts from the article category. If neither the article nor the article category contains predefined accounts, Xentral ultimately uses the accounts set under Settings > Accounting > Tax & Currency > Tax/Currency.