Overview of Business Configurations
Acxite is your all-in-one accounting software, designed to make managing your business finances effortless. With Acxite, you can easily control how your business operates within the platform, from updating essential details to managing user access and setting up automated bookkeeping. This guide will walk you through configuring your business settings, ensuring your Acxite account is perfectly tailored to your needs.
Prerequisites
Before configuring your business settings, ensure you have:
- An active Acxite account.
- Administrator access to the business profile you wish to configure.
Edit Business Details
The Business Details tab allows you to review and amend core information about your business.
Step 1 – Navigate to the Business Configuration option from the main menu.
Step 2 – The Business Details tab opens by default, displaying various fields. Edit the fields as needed.
Here are brief descriptions of the fields you can amend:
- Business Name: This is the name as it appears on your invoices, bank statements, and card statements. To prevent duplicate entries, you cannot add two businesses with the same name under one account.
- Industry: Select the industry that best describes the nature of your business.
- Registration Number (Optional): A unique identification number assigned to your business for official records and internal tracking.
- Country: The country where your business is registered or primarily based.
- Base Currency: This is your business’s primary currency. It is initially auto-completed based on your selected country but can be updated if necessary. Invoices and receipts uploaded in other currencies will be automatically converted and recorded in this base currency within Acxite, directly populating your financial reports.
- City/State (Optional): Providing this information can be helpful if your documents include state-specific VAT or tax information.
- Contact Number (Optional): If you wish for our support team to contact you via phone for any assistance, please provide a phone number here. This information is kept confidential.
Important: Some business details are locked after initial setup to maintain data accuracy and ensure the integrity of your historical transactions.
- Short Name and Document Inbox: The Short Name determines your unique email inbox address for forwarding documents to Acxite. This field cannot be edited directly. If you need to make changes, please contact our support team to assist with the migration process.
- Country and Base Currency: These settings are locked after your business is created because they are fundamental for all historical transactions and tax (VAT/GST) calculations within Acxite. If your business’s primary location or operating currency has changed, you will need to set up a new business in Acxite. For guidance, please get in touch with support via the in-app chat.
Step 3 – Click the Save button once you have updated all the necessary fields.
Manage Business Users
The Business Users tab allows you to invite new users to your business profile or remove existing ones, controlling who can access your financial data in Acxite.
Step 1 – Navigate to the Business Configurations page from the main menu.
Step 2 – Click the Business Users tab.
Step 3 –If you want to invite someone, click Invite User.
Step 4 – A pop-up will appear. Enter the User’s email, first name, and last name.
Step 5 – Select the User’s role from the dropdown.
Step 6 – Click Send Invite.
The system will send an invitation to the user, allowing them to access your business profile and financial data in Acxite.
To remove a user, follow the steps below
Step 1 – Locate the user entries in the grid.
Step 2 – Select their record.
Step 3 – Click Remove User.
The system will immediately remove their access and display a confirmation message.
Configure Business Settings
The Business Settings tab allows you to configure automation features and tax compliance options, streamlining your bookkeeping directly within Acxite. Follow the steps below to open Business setting page:
Step 1 – Navigate to the Business Configurations page from the main menu.
Step 2 – Click the Business Settings tab.
If you want to enable document automation or tax submission, configure the following options:
Enable Acxite Document Extraction
Tick the box next to Enable Acxite Document Extraction to activate intelligent document processing. This automates data extraction from your uploaded invoices, receipts, and bank statements. Once enabled, Acxite will automatically create corresponding purchase bills and sales invoices in your ledger, ensuring your financial reports are populated in real-time.
Submit VAT Return via MTD
Tick the box next to Submit VAT Return via MTD to digitally submit your VAT Returns to HMRC. This feature ensures compliance with Making Tax Digital (MTD) regulations and reduces manual entry errors by using data already managed within Acxite.
Submit Income Tax via MTD (ITSA)
Tick the box next to Submit Income Tax via MTD (ITSA) if you are self-employed or a landlord and need to submit your Income Tax Self Assessment digitally. Acxite manages all relevant data, facilitating faster and compliant filing directly through the platform.
Step 3 – Click Save once you have configured your desired settings.
Frequently Asked Questions (FAQs)
Q: How do I change the short name for my document inbox email address?
A: The Short Name, which determines your unique email inbox address for forwarding documents to Acxite, cannot be edited directly. If you need to make changes, please contact our support team to assist with the migration process.
Q: What happens when I remove a user?
A: When you remove a user, their access to your business profile and financial data within Acxite is immediately revoked.
Q: What is the benefit of enabling Acxite Document Extraction?
A: Enabling Acxite Document Extraction automates the process of capturing key details from your uploaded financial documents, such as invoices and receipts. This saves significant time by eliminating manual data entry and ensures that transactions are accurately created in your Acxite ledger, populating your financial reports in real-time.