# Where do I set taxes, payment terms and invoice defaults?

> Finance Settings holds tax codes, contract terms, purchase order rules, company credit cards, invoice defaults, holdback and price book product defaults.

- Product: WorkSkedge
- Section: Settings & Configuration
- Canonical: https://workskedge.com/help/settings/finance-settings-taxes-terms-and-invoice-defaults
- Updated: 2026-09-01T02:27:08.980147+00:00
- Keywords: finance settings workskedge, tax codes, invoice defaults, payment terms, holdback retainage settings, po numbering

**Settings > Business > Finance Settings** (`/a/settings/finances`) is the single place for finance configuration. It requires the Administrator role and the Finances module.

## Before you start / permissions

- Administrator role, and Finances must be part of your plan.
- Invoices, Purchase Orders and Vendor Credits also need their toggles switched on at `/a/settings/company?tab=features`.

## The tabs

| Tab | What it controls | Link |
| --- | --- | --- |
| Tax Rates | Tax codes and combined tax codes used on POs, bills, invoices and credits | `?tab=tax-rates` |
| Contract Terms | Default payment due, payment terms and terms & conditions (Fixed Price, T&M, default) | `?tab=contract-terms` |
| Purchase Orders | PO numbering, approval thresholds, field-employee access, AI invoice scanning | `?tab=purchase-orders` |
| Credit Cards | Company cards available for PO and reimbursement payment | `?tab=credit-cards` |
| Invoices | Invoice defaults: payment due, notes, header and footer text, CC email, numbering | `?tab=invoices` |
| Holdback / Retainage | Jurisdiction, default percentage, release days, terminology, tax method | `?tab=holdback` |
| Products | Price book product defaults, including default product margin | `?tab=products` |

## Notes and limits

- Tax codes support multiple components, so a combined code (for example a federal plus provincial rate) is defined once and reused on POs, bills, invoices and credits.
- **Allow Field Employees to Create POs** lives on the Purchase Orders tab; a related **Require budget on quick PO** setting appears once it is on.
- Holdback terminology and tax method are jurisdiction-specific — set them before issuing invoices that carry holdback.
- Defaults apply to new records; existing invoices and POs keep the values they were created with.

## Related articles

- [Create and send an invoice](/help/invoicing/create-and-send-an-invoice)
- [Holdback and retainage on invoices](/help/invoicing/holdback-and-retainage-on-invoices)
- [Create a purchase order](/help/purchasing/create-a-purchase-order)
- [Add an equipment rate to the Price Book](/help/equipment/add-an-equipment-rate-to-the-price-book)

## FAQ

### Where do I add a tax code?

Settings > Business > Finance Settings > Tax Rates (/a/settings/finances?tab=tax-rates). Tax codes support multiple components, so combined rates are defined once and reused on POs, bills, invoices and credits.

### How do I change invoice numbering or default payment terms?

Invoice numbering, default payment due, notes, header and footer text and CC email are on the Invoices tab; contract-level payment terms are on Contract Terms.

### How do I let field employees raise purchase orders?

Finance Settings > Purchase Orders > Allow Field Employees to Create POs. Once it is on, a Require budget on quick PO setting also appears.

### Where is holdback or retainage configured?

Finance Settings > Holdback / Retainage — jurisdiction, default percentage, release days, terminology and tax method.

### Why can I not see Finance Settings?

It requires the Administrator role and the Finances module in your plan.