Set Up the Books

Use these accountant-led steps when a company begins using OxyAccounting with balances or stock from an earlier system.

Activate and review the chart of accounts

Activate the ledger from the setup wizard or dashboard.
Go to Accounting > Chart of Accounts.
Use the South African SME template action if the standard accounts have not been added. Existing accounts are not changed.
Add any business-specific account with a unique code, correct account type and subtype.
Do not delete or repurpose an account that has entries. Rename or deactivate only where the screen and accounting policy allow it.

Enter opening balances

Obtain a final trial balance from the previous system at the migration date.
Go to Accounting > Opening Balances and set the opening-balance date.
Enter debit or credit amounts per account, or paste one account per line as code, debit, credit.
Review the offset and confirm that total debits equal total credits.
Post the opening balances, then compare OxyAccounting's Trial Balance with the source report.

The opening-balance journal can be replaced while its period remains open. Once that period is locked, it cannot be replaced.

Bring in open customer and supplier items

Opening control-account totals establish the ledger position but do not create individual outstanding invoices and bills. Decide with the accountant whether to capture open items individually for allocation and ageing, and ensure their total agrees with Trade Debtors and Trade Creditors.

Bring in opening stock

Create the products first, then use Record an opening stock take-on from Inventory Valuation or a stock adjustment. Enter quantity and unit cost from the signed-off stock list, and confirm that total inventory value agrees with the opening ledger balance.

Set up tracking

Create Branch, Project or Cost Centre options before entering current-period documents. Tracking affects income-statement lines, not balance-sheet control accounts. Use consistent tags from the first live transaction.