1. Set up your company information
Company Settings allows you to set up company information, upload your logo, select your VAT label, choose your accounting currency, enable multi currency and the assignment manager or pack units and edit other relevant information according to your needs.
The accounting (home) currency can only be changed if it is the first thing you do upon setting up the account (before any transactions are made). If you work with multiple currencies, please note the reports are only shown in the home currency.
The working period is the time frame in which you allow any user to create any kind of transaction and should match your fiscal years. Also only 2 fiscal years are allowed to be open at a time, when you close a fiscal year, the app will automatically open the following year accordingly as well as update your working period for you.
2. Set up your VAT rates or sales tax
In order to meet your local requirements in terms of taxes, you probably need to set up your VAT rates (outside the US) or sales tax (US).
For the VAT rates, please note that you need one for sales (collected) and one for purchase (paid)!
Please see related article: VAT and Taxes
3. Import your products and services
Create your products or services either manually one by one in Sales - More - Products and Services - New Product or Service. You can also import them using the available templates.
Please note that you inventory tracking is only done for product set to "Track inventory = YES". This way receiving and delivery notes generate inventory transactions.
4. Set up your customers
Create your customers either manually in Sales - Customers - New Customer or import them using the available templates
5. Set up your vendors
Create your vendors either manually in Purchasing - Vendors - New Vendor or import all vendors and their contacts using the available templates.
6. Prepare your bank accounts
Set up each bank account in Accounting either by connecting your bank or adding it. Should you have multiple currencies , it is recommended to also set up Offset accounts to be able to receive payments in foreign currencies.