Getting Started with Accounting
To help you get off to the best possible start, we’ve put together a quick guide to getting started with links to more information.
The settings overview brings together all the options you need to manage your business. You can enter default information and customize details to suit the needs of your business.
Review the standard chart of accounts
The chart of accounts is a list of all of the categories used by your business. Use categories to analyze your income, expenditure, assets, liabilities and equity when running your management reports. Reporting helps you understand how your business is performing.
There is a default chart of accounts, based on the type of business you selected when you created your account, You can edit or create new categories based on your needs.
Enter opening account balances
Whether you’re just starting your business or changing from another accounting system, you’re likely to have opening balances. You should produce your final trial balance from this system to use when entering opening balances. Or, if your accountant previously processed your accounts for you, they need to give you a full trial balance.
Review the Trial Balance report
Once you’ve entered all the values from your trial balance, you should check the values are correct. The trial balance report shows the balance on each of your nominal ledger accounts.