Setting up your accounting defaults

How to set your default currency, tax rate, deposit percentage and business targets, and what each default changes.

Settings → Accounting holds the defaults every new offer and invoice starts from. Everyone in the workspace can see the page, but only owners and admins can change it.

Change your defaults

Go to Settings → Accounting.
Change the fields you need in the Financial Defaults card.
Click Save at the bottom of the card.

Billow confirms with “Finance settings updated successfully.”

The new defaults apply to offers, invoices and projects you create from now on. Billow never rewrites an offer or invoice you already created.

Financial defaults

Setting	What it does
Default Currency	Preselected on new invoices, offers and projects. It is also the currency your Cockpit converts its totals into.
Default VAT Percentage (%)	Pre-fills the tax rate on new invoices and offers. Leave it empty if you don’t charge tax.
Advanced tax mode	Adds an editable tax label and an optional second tax line. See Taxes on your documents.
Hide taxes in offers	Offers show only the subtotal, with no tax line. Invoices always include tax.
Default Deposit Percentage	Sets how much of a project you bill up front, and drives Billow’s automatic invoice drafting. The options are None, 25%, 33%, 50% and 100%. New workspaces start at 50%.

Deposits and automatic invoices covers what each deposit percentage produces.

Suggested VAT rate

If Billow knows the usual VAT rate for your workspace’s country, a hint appears under Default VAT Percentage (%): “Workspaces in [country] typically use [rate]%.” Click the rate to fill it in.

Advanced tax mode

Advanced tax mode adds an editable tax label and an optional second tax line, for places like Quebec that charge two taxes on the same document. You can override both on any individual invoice or offer.

Taxes on your documents covers the full setup.

Business targets

Both fields are optional. They only feed your Cockpit, and nothing else in Billow depends on them.

Setting	What it powers on your Cockpit
Yearly Revenue Target	The Yearly Revenue Target card, which shows your progress toward the target
Monthly Costs	The Costs Covered This Month card and the break-even line on the revenue chart

Until you fill them in, those Cockpit cards show a prompt that links to Settings → Accounting.

Bank accounts and card payments

The Bank Accounts and Card Payments cards further down the same page decide how your clients can pay you. See Adding a bank account and Accepting card payments with Stripe.