Accounting setup checklist

What you need to know

• Company details, currency and abbreviation are correct.
• The fiscal year is created and linked to the company.
• The chart of accounts is reviewed by your accountant.
• Bank, cash and mobile money accounts and modes of payment are set up.
• Tax accounts and sales and purchase tax templates are created, for example VAT 16% or 18%.
• Default receivable, payable, income, expense and round-off accounts are set on the company.
• Cost centres or accounting dimensions are set up for branches.
• Payment terms templates are ready.
• Opening balances are planned for your go-live date.

Tip: Print this list and have your accountant initial each line. It saves many corrections later.