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Review accounting setup

Demo School is ready to invoice families. Before the office starts billing, its finance lead checks that charges will post to the intended income and receivable accounts. This review prevents a correct-looking invoice from being classified incorrectly.

On this pageBefore you beginOpen accounting setupReview the chart of accountsPlan opening balancesBefore the first invoice

Before you begin

  • Complete organization setup and confirm the active workspace.
  • Use an account with permission to view or manage accounting setup.
  • Have your approved chart of accounts and opening-balance plan available.

Open accounting setup

  1. Go to Desktop → Accounting → Accounting setup.
  2. In Foundation, review the fiscal year and its open posting range.
  3. Check the cost centres, required dimensions and any manual exchange rates needed for your transactions. Payment terms and Tax templates have their own tabs.
The Foundation tab shows fiscal years, cost centres, dimensions and exchange rates.

Review the chart of accounts

Open Accounting → General ledger → Chart of accounts. The chart groups financial activity into assets, liabilities, equity, income and expenses. Select a posting account for a transaction; a group heading organizes the chart and is not a substitute for a posting account.

For example, a family invoice needs a receivable account and an appropriate income account. A receipt needs the bank or cash account where the money actually arrived.

Chart of accounts under General ledger: account codes, types, currencies and status.

Plan opening balances

Agree a cutover date and reconcile the closing figures from your previous system. Keep unpaid customer invoices identifiable by customer and document.

The Invoicing page provides Opening invoices for customer balances brought forward. Do not also load those same receivables through a general opening journal: that would duplicate the balance. Have the finance lead review the cutover before submission.

Before the first invoice

  • The customer has the correct identity, currency and receivable setup.
  • The line has an appropriate income account and description.
  • Any applicable tax treatment is configured and selected.
  • The posting date is within an allowed accounting period.
  • Required cost centres or dimensions are available.
Create a sales invoice