Set up Finance
Most of Finance is already done for you, so this is mainly review. Your chart of accounts is created automatically when your workspace is set up, and invoicing and bookkeeping work right away — you can send an invoice and take a payment with no Finance setup at all. Configure the items below only when they apply to your business.
1. Review your chart of accounts
Open Settings → Accounting. A ready-made, QuickBooks-style chart of accounts is already in place (see Accounting → Chart of Accounts), along with the default account mappings (Accounts Receivable, Accounts Payable, Cash, Sales Revenue, and more) that drive automatic bookkeeping. You don’t need to create anything — just review it.
2. Tax (set up only if you charge tax)
Open Settings → Tax. Tax is not pre-configured. If you don’t set it up, quotes and invoices simply calculate $0 tax — nothing breaks and nothing is blocked. Configure it when you need to charge tax, in this order:
- Tax rates (rate %, jurisdiction, effective dates)
- Tax categories (taxable, exempt, and so on)
- Tax groups (combine rates where needed)
- Tax exemptions (for tax-exempt customers)
- Set your default tax rate under Settings → Tax → General
3. Fiscal year (set up before you close the books)
Open Accounting → Fiscal Periods. You can invoice and post transactions right away without this — it’s not required for day-to-day work. Generate your fiscal year when you’re ready to do month-end or year-end closing and period reporting: choose your fiscal-year start month and generate the current year.
4. Bank accounts
Open Accounting → Bank Accounts to add your business bank accounts and set a default. Connecting a live bank feed or QuickBooks is covered in Connect your integrations.