Accounting Setup Checklist
Use this checklist before importing opening balances or posting live transactions.
1. Company and calendar
- Create the legal entity in Company.
- Confirm abbreviation, country, currency, tax ID, and address.
- Create and assign the Fiscal Year.
2. Chart of Accounts and defaults
- Review the Chart of Accounts.
- Confirm receivable, payable, cash, bank, income, expense, tax, stock, fixed-asset, write-off, exchange, and rounding accounts.
- Configure Company accounting defaults.
- Create the required Cost Centers and other Accounting Dimensions.
3. Payments and banking
- Create Bank and Bank Account records.
- Map a ledger account to every company bank account.
- Configure Modes of Payment.
- Test a receipt, payment, statement import, and reconciliation.
4. Sales, purchases, and taxes
- Create Payment Terms and templates.
- Configure sales and purchase tax templates.
- Add Tax Categories, Tax Rules, and Item Tax Templates where required.
- Confirm Customer, Supplier, Item, and Item Group defaults.
5. Accounting controls
- Review Accounts Settings.
- Configure roles, approval workflows, and submission permissions.
- Decide how periods will be locked and closed.
- Configure document naming and print formats.
6. Opening data
- Choose a cutover date.
- Import parties, Items, fixed assets, and outstanding invoices.
- Import opening ledger balances through approved opening tools.
- Reconcile receivables, payables, bank, stock, fixed assets, tax balances, and equity with the previous system.
7. Test before go-live
Run one complete sales, purchase, payment, expense, asset, and return scenario. Verify:
- General Ledger debit and credit;
- Accounts Receivable and Payable;
- Trial Balance;
- Balance Sheet and Profit and Loss Statement;
- Stock Ledger and Stock Balance, if perpetual inventory is enabled;
- tax reports;
- bank reconciliation;
- printed and emailed documents.
Record who approved the opening balances and test results.
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Last updated 11 hours ago
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