Your first week
A checklist that takes a new organization from no accounts to a first closed period sent to QuickBooks.
This checklist takes you from an empty organizationOne company with its own books, its own data and its own address. to a first closed period in your accounting system. Do the steps in this order. Each step uses the result of the step before it.
Before you start
- You need Read and edit access to the organization. With Read only access, you can read every page but you cannot change anything. See Roles and access levels.
- If you cannot open the organization yet, see Sign in and open an organization.
1. Choose the settings first
The settings change every figure that follows. Choose them before you add accounts, and certainly before you close a period. Only a person with Full access changes these three settings.
- Open the organization menu at the top of the sidebar and select Organization settings.
- In Reporting currency, select USD, EUR or GBP.
- In Cost basis method, select the method your tax rules require: FIFO, LIFO or Average cost.
- In Fiscal year, set the month and the day your fiscal year starts.
All the other settings are in Organization settings.
2. Add your accounts
Add every wallet and every exchange account your organization controls. A missing accountA wallet or an exchange account your organization controls. makes a transfer between two of your accounts look like a sale or a purchase.
- To add a wallet, see Add a wallet.
- To add an exchange account, see Connect an exchange.
3. Wait for the import
Conta Finance imports the full history of each account in the background. It can take a few minutes. The account fills in as the import goes. You can add the next account while the import runs.
4. Review the transactions
Open Transactions in the sidebar. Two views show the work that is left.
| View | What it lists | What to do |
|---|---|---|
| Unclassified | The movements with no category. | Give each one a category. See Categorize movements. |
| Unpriced | The movements with no value. | Add a price for the token. See Fix a token with no price. |
5. Create rules
If many movements need the same category, do not categorize them one by one. Create a ruleA set of conditions that gives each matching movement a category, a subcategory or a rollup automatically.. A rule also categorizes the movements that the next imports bring. See Create a rule and How classification works.
Do steps 4 and 5 again until the Unclassified view is empty.
6. Check the reconciliation
Open Reconciliation in the sidebar. It compares the balance in your books with the balance on each platform. Fix each mismatchA difference between the balance in your books and the balance on the platform, larger than the tolerance. before you go on. A missing account or a missing transaction is the usual cause. See The Reconciliation page and Fix a balance mismatch.
7. Read the gains and losses
Open Gains & losses in the sidebar. Then open the Needs attention tab and fix every row. The tab is empty when every token has complete figures. See The Gains & losses page and Fix what needs attention.
8. Close the period
When the figures are correct, close the period through its last day. Imports and edits then do not change those days by accident. See Close a period.
9. Send the entries to QuickBooks
- Connect QuickBooks. See Connect QuickBooks.
- Map each category to an account of your chart of accounts. See Map categories to accounts.
- Send the journal entriesThe record of a transaction in the accounting system: a debit and a credit for each movement. of the period. See Send to the ERP.