Accounting Software Setup

Accounting Software Setup

Setting up your eFolio Accounts software is a simple 5 step process to get your account activated, but there are a few areas you will need to modify to make it synchronize with your business. Firatly when you register for the first time the package is ready to use.

Organizational settings.
You should complete all the areas in the Organizational settings when setting up your accounting software. Pay particular attention to the financial year end settings as they affect reporting.

VAT Settings
If the organization is VAT registered, then entering the VAT number will activate VAT functionality within the system.

Users
You can invite unlimited permission based users to our accounting software at no extra charge. If they are registered on the system then your account will appear on their access to eFolio, and if their email is not registered on the system the system will prompt them to activate access by setting up an email address. Invite your Bookkeeper, Accountant, Assistant, Financial Controller free of charge.

Chart of Accounts
The Chart of Accounts will need some scrutiny for your business. You may wish to add more accounts, edit accounts, or disable accounts. Accounts can be reactivated at any time at a later date.

If you are converting from another accounting system, the following points are of particular importance.

Transaction Numbering
The system of numbering for Invoices and credit noted should be checked and modified to match your old system.

Conversion Date
The conversion date is very important. If in doubt discuss with your Accountant. The conversion date for your bookkeeping software should be the first date of transactions in the system.

Conversion Balances
Conversion balances and outstanding sales and purchases balances can be added to the Accounting software. These balances relate to the conversion date above when moving from a previous accounting system to eFolio Accounts.