You are now only 7 simple steps away from automating your day-to-day business transactions! Do follow the steps carefully to ensure all future reports generated reflects accurately.
But not to worry, you are always free to come back and update the details while you are running your business. Let's get started with the video tutorial below:
7 Steps Business Setup Index
- Business Settings
- Payment Options
- Chart of Accounts
- Opening Balances
- Business Profile
There’re two ways to set up your business account:
- Setup Business Wizard
- Update Manually
Right after you signup / created a new business, you will be prompted to go into the setup wizard. To start the process, simply click on Setup Now.
You will be asked to update the Financial Year End and the Start / Conversion Date.
Financial Year End: The last month of your financial year, leave it as December if you are unsure.
Start Date: The date you want to start using Financio to track your transactions from.
By default, the home currency of your Business account will be set the the default currency of the country. For example:
HKD: Hong Kong
You can, however, add additional currencies if your business transacts in more than one currencies.
To add new currencies, click on New, select the currency and click Save.
Financio provides built-in support for Singapore and Malaysia based businesses which are GST and SST-registered respectively. You can activate it toggle to Yes, then fill in the following information.
- Type: Select SST
- Effective (Start) Date
Note: The date that you became SST registered entity and start collecting SST, this date cannot be changed once set.
- Filing Frequency
Note: Default set as every 2 months.
Financio is currently integrated with PayPal, with the PayPal option turned on, it will allow you to get paid faster and easier. To turn PayPal option on, follow the following steps:
- Click Connect to PayPal
Note: If you haven’t gotten a PayPal account, you can follow the link on the screen to create one before you proceed.
- Provide your PayPal login credentials in the PayPal screen.
- You will be redirected back to Step 4.
The Chart of Accounts is a list of accounts that records and organises your business' transactions. It is made up of two areas:
Accounts: Record what your business owns and what it owes, also known as Balance Sheet Accounts.
Categories: Record how much money your business took in and how much money it spent, also known as Profit & Loss Accounts.
To add a new account / category, simply click on Add New Account or Add New Category.
To update any existing accounts, just click on the Update button beside the account / category.
Still unsure? Learn more about Chart of Accounts here.
If you are moving away from another accounting software, or you have the closing / opening balance of an existing business. You will want to put in the opening balances based on the system start date that you provided earlier.
Note: If you are a new business with no prior accounts, you may skip the opening balances.
This is an important step to provide some information to the system so that your invoice will appear nicely with your information on the first page.
We recommend you to provide at least the following:
- Business Registration No.
- GST or SST No. (If applicable)
- Phone No.
- Business Logo
- A primary address
Once you are done, click Complete >