Multiple Billing Entities

Billing entities on Magnetic allow you to operate on behalf of multiple company accounts, which lets you configure your accounting settings for each billing entity. In other words, you could have different account headers and footers and accounts integration settings for each billing entity. 

Even with multiple billing entities, you will still operate on a single Magnetic account for all your jobs and tasks.

Who can set up billing entities?

Only users who have both Admin and Account Manager permissions will be able to add new and edit existing billing entities. Admin users can give themselves Account Manager permissions via the Invite and Manage Users page.

How to set up billing entities:

Under Company Settings, in the Finance section you will find the billing entities for your company. 

You will always have a billing entity for your main billing entity, which will be the default billing entity. You can then add another billing entity if necessary by clicking the "New Billing Entity" button.
You will be able to edit each billing entity and set specific settings, such as:

• Billing entity logo 
  • The logo of the primary billing entity will be displayed at the top left hand side in Magnetic and will be included in report exports
• Next Account Number (i.e. The next tax invoice code generated)
• Account Headers and Footers
• Accounts Integration Settings (i.e. Integration with the accounting platform Xero)
  
  

Billing entity Settings:

What is billing entity specific?

• Opportunities 
• Jobs
• Account items
  
  

Every Opportunity and Job will have to be associated to a billing entity. Account items will be linked to the billing entity of the opportunity or jobs associated to the account item. Once an opportunity or job has accounts linked to it, you will not be able to change the billing entity associated to that job. Any accounts issued on the opportunity or job will be linked to the billing entity chosen at the time of opportunity/job creation.

Also note that if a billing entity is deactivated, any accounts issued on the job will remain linked to the billing entity chosen at creation of the job/opportunity. (This applies to templates too).

Any future jobs/opportunities created will only have the choice from any active billing entities

What is not billing entity specific? 

• Contacts
• Companies
• Tasks
• Item types
  
  

Item types can be used across billing entities. However, when creating a new item type or editing an existing item type you can setup billing entity specific item type codes. This will be used when you have multiple accounting integrations across billing entities.  

Will this affect user permissions?

No, users will still have the same permissions no matter what billing entity the job is associated to. 

*Please note the you will be charged per addition billing entity per month.