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