{"id":226,"date":"2023-09-16T11:05:10","date_gmt":"2023-09-16T11:05:10","guid":{"rendered":"https:\/\/community.cloudby.co\/guide\/en\/accounting%20guide\/setting-up"},"modified":"2024-03-07T08:03:04","modified_gmt":"2024-03-07T08:03:04","slug":"setting-up","status":"publish","type":"page","link":"http:\/\/community.cloudby.co\/knowledge\/guide\/en\/accounting-accountant\/setting-up\/","title":{"rendered":"Setting Up"},"content":{"rendered":"

Setting Up<\/h1>\n

Dashboard<\/h2>\n\n\n
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This is your organisation’s dashboard, where you’ll find essential components for your daily operations::<\/div>\n
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Main Menu<\/p><\/div>\n

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Dashboard Tabs<\/p><\/div>\n

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Setup Guide<\/p><\/div>\n

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Help with Live Chat<\/p><\/div>\n

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Your account profile<\/p><\/div>\n

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Switching between multiple organisation<\/p><\/div>\n

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To initiate the setup of your accounting system, please proceed by following the steps outlined in this user guide.Starting with Chart of Account<\/a><\/u>.<\/font><\/div>\n<\/td>\n
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Chart of Account<\/h2>\n\n\n\n
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Cloudby comes with a default set of ready-to-use chart of accounts, serving as the basis for your financial reports.<\/div>\n
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Navigate Menu: Finance > Settings > Chart of Accounts<\/div>\n
This is where you perform customisation on the chart of accounts.<\/div>\n
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Setup Wizard<\/h3>\n
The Setup Wizard enables you to make bulk changes to your accounts. On the left panel, you’ll see the current\/preview of your accounts, while the editor is on the right panel.<\/div>\n
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For your setup, choose the Chart of Account Builder<\/b>.<\/div>\n
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Selecting Business Nature<\/b><\/div>\n
1.<\/span><\/b>Select Business Nature: Simple Structure<\/b>, and then click Select All<\/b><\/div>\n
2.<\/span><\/b>Scroll down and click Apply Changes<\/b>.<\/div>\n
Important Note<\/font><\/b>: You should choose the option that best fits your needs.<\/font><\/i><\/div>\n
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Selecting Add-ons<\/b><\/div>\n
1.<\/span><\/b>Click on Malaysia (Add-on)<\/div>\n
2.<\/span>Select relevant Options > Select All<\/b> > Apply Changes<\/b>.<\/div>\n
3.<\/span>Repeat as needed.<\/div>\n
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Note:<\/b><\/font><\/div>\n
<\/b>Selecting taxes such as Malaysian SST Tax will also automatically create tax configurations for Tax Settings using the latest rate.<\/font><\/font><\/div>\n
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Deleting Unused Accounts<\/b><\/div>\n
<\/b>You can delete any unused ledger as long as there are no transactions registered under it. Please exercise caution when performing deletions, as it may disable some of the default posting ledgers.<\/div>\n<\/td>\n

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Cash \/ Bank Accounts<\/h2>\n\n\n
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This section is also often known as cash book accounts, where you define sets of accounts for petty cash, banks, and any other external deposits.<\/div>\n
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Creating new Cash Bank Accounts<\/div>\n
1.<\/span><\/b>Navigate Menu: Finance > Settings > Cash & Bank Accounts<\/div>\n
2.<\/span>Choose New <\/b>Cash \/ Bank Account<\/div>\n
3.<\/span>Enter your accounts informations<\/div>\n
a.<\/span>Leave the ledger field as blank<\/div>\n
4.<\/span>Click Create<\/b><\/div>\n
5.<\/span><\/b>Repeat these steps for all your cash \/ bank accounts.<\/div>\n
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Note:<\/font><\/b><\/font><\/div>\n
Creating a new Cash \/ Bank Account will also automatically generate a new ledger entry in the Chart of Accounts. The ledger will be linked and managed by the system. You may need to rename ledger codes according to your COA account code standard.<\/font><\/div>\n<\/td>\n
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Other Settings<\/h2>\n\n\n
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Default Ledgers<\/b><\/div>\n
<\/b>Default ledgers are the ledgers used for posting during document activities.<\/div>\n
1.<\/span>Navigate Menu: Finance > Settings > Default Settings<\/div>\n
2.<\/span>Open Tab: Default Ledgers<\/div>\n
Note:<\/font><\/b> The default setting works, and there’s no need to make any manual adjustments here..<\/font><\/div>\n
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Setting Financial Period<\/b><\/div>\n
3.<\/span><\/b>Navigate Menu: Finance > Settings > Default Settings<\/div>\n
4.<\/span>Open Tab: Financial Settings<\/div>\n
5.<\/span>Set your beginning day of the week<\/div>\n
6.<\/span>Set your financial year end<\/div>\n
7.<\/span>Click Save Settings<\/div>\n<\/td>\n
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Startup Capital \/ Opening Balance<\/h2>\n\n\n
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To begin your financial records, you’ll use a Journal Entry. Please follow one of the examples based on your business situation:<\/div>\n
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To perform a Journal Entry<\/b><\/div>\n
1.<\/span><\/b>Navigate Menu: Finance > Journal Entry<\/div>\n
2.<\/span>New Journal Entry.<\/div>\n
3.<\/span>Set Date & Time, Description, Transaction Lines (see example)<\/b>.<\/i><\/div>\n
4.<\/span><\/i>Click Create<\/div>\n
5.<\/span>Change Status to Posted.<\/div>\n
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For New Business Establishment<\/font><\/b><\/font><\/div>\n
Date & Time: <\/font>Use first day of financial period<\/i><\/font><\/div>\n
<\/i>Description: Opening Balance<\/font><\/div>\n
(Debit) Bank<\/font><\/div>\n
(Debit) Cash<\/font><\/div>\n
(Credit) Capital<\/font><\/div>\n
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For Continuation of Business Cycle<\/b><\/font><\/div>\n
<\/b>Date & Time: <\/font>Use first day of financial period<\/i><\/font><\/div>\n
<\/i>Description: Opening Balance<\/font><\/div>\n
(Debit) Cash \/ Bank<\/font><\/div>\n
(Debit) Assets<\/font><\/div>\n
(Debit) Inventory<\/font><\/div>\n
(Debit) Receivable<\/font><\/div>\n
(Credit) Payables<\/font><\/div>\n
(Credit) Capital<\/font><\/div>\n
(Credit) Retained Earnings<\/font><\/div>\n
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Note:<\/b><\/font><\/div>\n
<\/b>If you are unfamiliar with standard document status, please refer to the User Manual.<\/font><\/div>\n
It’s important to have a good understanding of your chart of accounts before performing a journal entry.<\/font><\/font><\/div>\n<\/td>\n
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<\/div \n\n","protected":false},"excerpt":{"rendered":"

Setting Up Dashboard This is your organisation’s dashboard, where you’ll find essential components for your daily operations:: Main Menu Dashboard Tabs Setup Guide Help with Live Chat Your account profile Switching between multiple organisation To initiate the setup of your accounting system, please proceed by following the steps outlined in this user guide.Starting with Chart […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":224,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"guide.php","meta":{"_wp_rev_ctl_limit":""},"categories":[22,6],"tags":[24,9,23],"_links":{"self":[{"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/pages\/226"}],"collection":[{"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/comments?post=226"}],"version-history":[{"count":10,"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/pages\/226\/revisions"}],"predecessor-version":[{"id":349,"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/pages\/226\/revisions\/349"}],"up":[{"embeddable":true,"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/pages\/224"}],"wp:attachment":[{"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/media?parent=226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/categories?post=226"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/community.cloudby.co\/knowledge\/wp-json\/wp\/v2\/tags?post=226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}