Add & setup your first business

Hello and warm welcome! Here are the steps which may assist you in setting up your first business manually on Financio.

Add the Business

  1. Sign up for a user account by filling in your personal information (If you haven't).
  2. Click on your profile picture on the top right and click New Business...
  3. Fill in your Business Name (Legal name).
  4. Select your Business Location.
  5. Select the plan you want to subscribe to.
    1. Forever Free: Life time free plan with some limitations.
    2. Premium: 30 days free trial of all features without invoice & bill limits. (No credit card required)
  6. Click Create.

Review Business Settings

  1. Click Control Panel on the bottom left.
  2. Click Business Settings.
  3. Update your Financial Year End, consult your company secretary or leave it as December if you are unsure.
  4. Update Start Date under System, where you will specify the date that you switched to using Financio, leave it if you are starting a new business or unsure. 
  5. Review the prefix and running numbers of your business forms such as Quote, Invoice etc. (Note: Prefix can be alphanumerics while the running numbers can only be numeric)
  6. Click Save.

Activating Additional Currencies (Optional)

If your company is selling or buying in foreign currencies, you are advised to activate all the currencies in question on Financio.

  1. Click Control Panel on the left.
  2. Click Currencies.
  3. You will see there will only be one currency in the list, which is your home currency.
  4. Click + button on the bottom right corner.
  5. Select the currency you want to activate.
  6. Click Save and you are done!

Activate Tax (Optional)

Financio has a tax module with build in GST support for Malaysia.  Please refer to  How to Activate Malaysian GST? for steps to activate the tax.

Setup Accounts and Categories

Note: Accounts in Financio are often referred to as Balance Sheet accounts by accountants while categories are referred to as Profit & Loss accounts.

Accounts (Balance Sheet Accounts):

A small business balance sheet lists current assets such as cash, accounts receivable, and inventory, fixed assets such as land, buildings, and equipment, intangible assets such as patents, and liabilities such as accounts payable, accrued expenses, and long-term debt.

Financio created system required and commonly used accounts for you, you can always add / modify the accounts to fit your business requirements better.

To add a new account:
  1. Click on Control Panel.
  2. Click Accounts.
  3. Click on + on the right bottom.
  4. Choose an appropriate type, currency and the account name.

  5. Click Save and your account will be added to the list.

To update an existing account:
  1. Click on the View button on the item in the listing.
  2. Update the type, name & description.
  3. Click Save.

Note: You are not allowed to update the currency of the account once created.

Activate / deactivate an account:

You can always deactivate an unused account or activate a previously deactivated account.

  1. Click on the View button on the item in the listing.
  2. Click on the activate / deactivate button on the top right.

Categories (Profit & Loss Accounts):

Profit & loss is one of the financial statements of a company and shows the company‚Äôs revenues and expenses during a particular period.

You can customise your categories in a similar fashion with accounts.

Account Opening Balances

This is only for those that is adding an existing business on Financio or moving their accounts away from other software.

Opening balances define the opening balances of your accounts on the day you started tracking your transactions on Financio. Note: Always make sure you have provided the Start Date correctly under Business Settings before you update your opening balances.

  1. Click on Control Panel.
  2. Click Opening Balance.
  3. Review the balance of your accounts on the day you started using Financio.
  4. Make sure the debit & credit sides are tally before you proceed to click on Save.

Note: Just update your balances on the Balance column and leave debit / credit column alone if you are unsure about it. Debit & Credit column is designed for accountants.

Business Profile

You are advised to update your business profile before issuing any invoice / transaction to your customers / suppliers. You can customise the logo, company name & address that appear on your sale / purchase form such as invoice.

  1. Under Control Panel, navigate to Business Profile.
  2. Fill in your Business Name, registration number, email address, phone number and website url (where applicable).
  3. Click on the image placeholder to upload your business logo.
    Note: You are advised to upload squarish / landscape logo without any padding on the sides.
  4. Add any number of contactpersons for your business, your customers or suppliers will be able to explicitly send sale / purchase form to the person in charge. Note: Contactpersons are Users.
  5. Add in an address if you want address to be appeared on your invoice and other sale / purchase forms.

Adding Users to Financio

There 4 type of user permissions on Financio.

  1. Owner
  2. Admin
  3. Superuser
  4. User

As the Owner who created the business, you will be granted access to all modules including managing the list of users. Admin has similar permission as Owner, but they are not able to view / update subscription related info.

Superuser also has permission to all modules, except the power to manage users. For User, you will have to specify the permission level to each modules.

Permission Levels

  1. View Only: You have read only access to the module.
  2. View + Update / Delete: You can create, view, update & delete but not allowed to approve transactions.
  3. View + Update + Approve: You can create, view, update, delete and approve transactions.

To add / update an user, simply go to Control Panel -> Users.

You're Done!

Yes! You have made it! Everything should be looking good, Financio has been fully configured, you are free to record your day to day transactions and see how Financio can be the helping hand in automating your business operations.