Finances and Invoicing
How can I manage my taxes with Psylio?
As a self-employed individual, you are required to file a tax return each year. Although consulting an accountant is always advisable, the Psylio platform provides features that can help you organize your finances and save time. Track your income and ...
How can I generate a financial report?
To create a financial report on Psylio, follow these steps: Go to the Finances tab in the left-hand menu and select Reports. Choose from global, revenue, expense, and tax reports for your desired period (e.g., current year, previous year, custom ...
How do I set up compound taxes for my invoicing?
In the Invoicing tab, you can customize your fees and set up your taxes. You'll also find an option to enable or disable compound tax. What is compound tax? Compound tax combines the provincial sales tax (PST) and the federal goods and services tax ...
What happens to the financial records when I delete a client record?
Deleting a client record in Psylio does not impact financial records. According to the law, all financial data, including client payments, must be retained for 7 years. Therefore, even after deleting a record, client payments remain recorded in your ...
How do I add a reason for cancellation on an invoice?
When cancelling an invoice added to a client's record, you can specify a reason for cancellation to facilitate your financial management. To learn how to cancel an invoice, please refer to the following article: Is it possible to delete an invoice? ...
Is it possible to send a receipt to the client when an invoice is marked as paid?
Absolutely! Mark your invoice as paid, as you usually would. Check the box in the confirmation window to send the receipt to the client by email. The email addresses saved in the profiles section of the record will automatically appear. You can ...
How to bill a guardian?
When you create a record for a minor, you have the option to add one or two guardians. You can also add them later by editing the minor's profile. When creating the invoice, select the name of the guardian. The name of the payer will be indicated on ...
How do I record an operating expense as a self-employed person?
This tutorial demonstrates the procedure for saving an expense and creating a new expense category.
Is it possible to record partial payments?
Yes, partial payments can be recorded on two separate invoices. Here's how: Create two invoices for the same service. Add a line on each invoice to subtract the amount paid by the other payer. Invoice for the first payer (the client, for example): ...
Can I create an invoice even if the progress note has not been completed?
Absolutely! These are two independent functions.
How can I use several different rates?
1. Go to https://admin.psylio.com/organization/invoices to save your main rate. 2. Then, you have the option of indicating a specific rate in the client record if applicable. Simply click on the three small dots, then "Update" as shown below. And ...
Is it possible to do monthly billing?
Yes, you can include several services on the same invoice.
Is it possible to manage the third-party payers?
Absolutely! Visit https://admin.psylio.com/organization/institutions to customize the third-party payers you do business with. Then, when you create a record, you can indicate in the client profile whether it is associated with a third-party payer. ...
How do I edit my billing address?
You can change your billing address by creating a new invoice in a client record and editing the information in the field located at the upper right corner of the invoice. However, this information must be edited manually when each invoice is ...
How do I add taxes to my invoices?
First, go to the Invoices section in the Settings tab: https://admin.psylio.com/organization/invoices Here you will be able to save the tax names and associated percentages.
How do I manage tax application for multiple services on a single invoice?
For precise tax management on various services added to a single invoice, Psylio offers a flexible feature. You can enable or disable taxes for each service as needed. Before you begin: If you provide taxable services, set up your billing information ...
Is it possible for a client to pay for a session directly via the invoice?
Unfortunately, this is not possible at the moment. However, if you have a Paypal or Stripe link, you can copy it into the Notes section at the bottom of the invoice and the client can click on this link to make the payment.
Can the platform generate invoices in different currencies?
No, the platform can only generate Canadian currency for now.
How do I adjust my taxes so as to include them in my rate?
You can refer to this tool: https://www.psylio.com/resources/outils-de-travail/calculatrice-tps-tvh?lg=en to help you configure your fees. Disabling the "Amount entered is before taxes" button will provide you with the subtotal to enter in the ...
What payment methods can be used to pay an invoice?
The following payment methods are accepted:
How do I generate a payment receipt?
First, open the record of the person in question, go to the Invoicing tab and select Paid. Find the invoice for which you wish to send a receipt and locate the vertical ellipsis icon at the end of the row. Click on it to open the drop-down menu, and ...
Why are my revenues recorded according to the billing date and not the payment date?
In the vast majority of cases, your accounting method will require revenue to be recognized according to the date on which the service is rendered and not according to the date of payment. This is known as accrual accounting. According to the Canada ...
Is it possible to delete an invoice?
It is not possible to delete an invoice, regardless of its payment status. However, you can cancel an invoice without any issue. Click on Actions and then Mark as cancelled. Once this is done, the invoice will be listed in the cancelled invoices ...