An important component of setting up your FP system is ensuring that the work related components of your Chart of Accounts are in your system, and that the income accounts are relating to the appropriate services. Please review this article to learn how to set up your Chart of Accounts. Setting up your chart of accounts is the first step required to export invoices to Simply and Xero.
NOTE: If you are an FP Accountant client you are not required to set up your Chart of Accounts. Please refer to the FP's Accounting documentation for mapping and configuration information.
The first step is to set-up your accounts.
- Click Create New Account.
- Choose the Account Type from the drop down menu. You will need to have at least one Income account set in order to complete the set up of your accounting area, and successfully create invoices.
- Enter an Account Number (optional, if your firm uses account numbers), an Account Name (required), mark as a Sub Account of another account (optional) and Description (optional).
- Mark as Active should you want this account to be available for use immediately (next steps).
Click Save when ready.
NOTE: The components of your Chart of Accounts that FP cares about are only job related items (overhead expenses for example, would still be handled in your accounting software).
Assign Income Accounts to Your Services & Expenses
Go to Admin > Integrate Accounting and choose Assign Accounts.
- Choose what you wish to display and update - Show What's Active (both Services & Rates); Everything on Active Rate Categories (may not show all Services); Inactive Rate Categories.
- Either type, or copy and paste from completed spaces, to fill in any and all blank spaces. Choose the account from your Chart of Account you want to associate to each of your fp services and expenses. Or click the magnifying glass in each space and select from the pop up list, to fill in any and all blank spaces. Choose the account you want to associate to each of your fp services and expenses.
Please note: Income accounts are the only accounts that will associate to anything automatically in the system.
Click Save Changes at the bottom of the screen when done.
You're all done! We welcome your questions or concerns: firstname.lastname@example.org