Where: Administration > Settings
How: 1.4. Configuration Settings
For each entity, create cash accounts and select the default currency for each account. If other than the national currency, currencies will be used, enter the exchange rates with respect to the national currency.
Where: Cash Management > Master Data > Cash Accounts
How: 2.4.1. Adding a Cash Account
Where: Cash Management > Master Data > Currencies
How: 2.6.1. Adding a Currency
Enter general information about your company
At this moment, there is a single default company in the program database—"OUR Company". Replace this default name with the name of your company. Type a name, legal address and specify the default cash and bank accounts which can be created on the fly. If the company includes multiple legal entities, you can add them, however, the first entity will be used as the default entity for operations.
Where: Accounting > Master Data > Entities
How: 2.1.1. Adding an Entity
3. Review the chart of accounts
A chart of accounts is a basis for accounting in the system. The system provides you with a default chart of accounts; however, you can edit the chart by adding the accounts that you need and removing the accounts that you don't need. Check the default GL accounts assigned to different objects of accounting. It should be done before you start recording the company transactions in the system.
Where: Accounting > See also > General Chart of Accounts
How: 7.1.1. Adjusting the Chart of Accounts
4. Add the companies
Add the companies, that are your suppliers and add the companies that are your customers. Enter the company addresses, bank accounts, and contact information. For each company, specify the VAT-related information.
5. Specify the business activities
If your company is selling miscellaneous goods and providing services, you may need to be able to evaluate the profitability of each of the business activities. By default, there are the following business activities on the list: Main Activity and Other. You can edit the default activities and add any new ones.
Where: Accounting > Master Data > Business Activities
How: 2.2.1. Adding a Business Activity
6. Add the departments and employees
There are two departments in the database at this stage: Main and Other. Rename them if needed and add other departments. Add your company's employees, for each specify the entity and department.
Where: Accounting > Master Data > Employees or HR & Payroll > Master Data > Employees
How: 2.21.1. Adding an Employee
7. Add the warehouses
If your company has multiple warehouses, in addition to the default (Main) warehouse, create other warehouses.
Where: Warehouses > Master Data > Warehouses
How: 2.10.1. Adding a Warehouse
8. Add UOMs and items
If you need to use specific UOMs for specific items, add appropriate UOMs to the system. Then, add the master records for inventory items that your company sells and purchases and specify the default UOMs for the items. Specify a warehouse where each item will be stocked and the default supplier company. Add the services.
Where: Sales > Master Data > Items or Purchasing > Master Data > Items
How: 2.19.1 Adding an Item
9. Specify the expense, income, and cash flow items (optional)
There are just a few default expense, income, and cash flow items in the system database. These items can be used for income and expense analytics and for cash flow analysis. Edit the available items and add any new items if needed.
Where: Accounting > Master Data > Income Items
How: 2.9.1. Adding an Income Item
10. Enter the opening balances
To start accounting from a specific month (accounting period), you need to enter into the system information about your company's assets and liabilities available just before the start of this month.