Managing Rates

Managing Rates

You manage the rate codes for costs and revenue through this screen.

Each rate consists of the following elements:

  • Label
  • Cost Account Code
  • Revenue Account Code
  • Category

Rates require one or both cost and revenue codes.

If a rate has a cost code, it can be attached to a quote or consignment as a cost. This code must be unique among the other cost codes.

If a rate has a revenue code, it can be attached to a quote or consignment as revenue. This code must be unique among the other revenue codes.

We allow the cost and revenue code for a rate to be identical. However, if your instance is connected to an external accounting system, this may not be supported. If this is not supported and you use identical cost and revenue codes, invoices will not sync with the accounting software properly or not at all.


Info
Advanced cost and revenue code configuration.
It is possible to reuse cost/revenue codes in your third-party accounting system while having the codes remain unique in CocoonOPS.
This is accomplished using the | pipe character to separate a prefix from the account code in your accounting system.
For example: SEA|1234567 only the second part after the | character is sent to external accounting systems.
This format for the cost/revenue codes is optional.       
     

The category is used to group rates together, create sub totals and allow you to create different types of invoices.

The categories are:

  • Freight
  • Insurance
  • Customs Duty / VAT (Can be added to a Duty Invoice)
  • Demurrage / Detention
  • Other

Info
 The first rate in the insurance category is used to attach the cargo insurance cost and revenue to a quote or consignment. 

Warning
XERO INTEGRATION
The cost and revenue codes MUST be different. These account codes must be set up in xero prior to invoices being issued. Codes not configured correctly will cause invoices to fail to sync with Xero. 

Warning
QUICKBOOKS INTEGRATION 
You must ensure that the revenue account codes are entered as Item/Service is entered against a Product/Service that has the " I sell this product/service to my customers" option selected in quickbooks. If this is not set up correctly invoice will not sync with Quickbooks 



See how to add rate codes linking them to xero

    • Related Articles

    • Banking

      Here you can manage the account information that is available for use in documents that CocoonOPS generates. Universal Default Account You can set one account to be used as a fallback account where another account cannot be used for an invoice. ...

    • Finance

      Here you can set the default currency and tax rate that is automatically applied to rates that you attached to quotes and consignments. You can also set the date for your company’s financial year end date. General Finance Settings Here you can set ...

    • Rates

      The rates tab is how the finance for the quote is managed. Summary The summary tab gives you an overview of the quote’s finances. Credit Limit This panel show the credit information from the finance account that the consignment is linked to through ...

    • Default Settings

      Set the home country for you organisation, this is used as the default country for pick lists. Here you can set the default units of measurement used in the system. You can also turn on audit logging here. Here you can configure how the references ...

    • Xero Integration

      Requirements Before you integrate Xero with CocoonOPS, it's important to make sure your Xero account is set up correctly. Our Xero connector works with Customers only. If your customer records are not correctly classified in Xero, the two systems ...