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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
- Chart of Accounts
- Opening Balances
- DBS Bank Connection
- 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.
TaxFinancio provides built-in support for Singapore and Malaysia based businesses which are GST-registered. You can activate it toggle to Yes, then fill in the following information.
- Type: Select GST
- Effective (Start) Date
Note: The date that you became GST registered entity and start collecting GST, this date cannot be changed once set.
- Filing Frequency
Note: How frequently do you do GST filing to the local tax authority? Common ones are Quarterly / Monthly.
Click Here if you would like to setup the GST Singapore setting at a later time.
The Chart of Accounts is a list of accounts that records and organises your business' transactions. It is made up of two areas:
Balance Sheet Accounts: Record what your business owns and what it owes.
Profit & Loss Accounts: Record how much money your business took in and how much money it spent.
To add a new account / category, simply click on Add New Balance Sheet Account or Add New Profit & Loss Accounts.
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.
Step 6: DBS Bank Connection
Connect your DBS Bank account to Financio, and you are all set to receive daily automated bank feeds to your Financio account. Click Here to learn more.
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:
- No. (UEN for Singapore)
- GST No. (If applicable)
- Phone No.
- Business Logo
- A primary address
Once you are done, click Complete.