Follow these steps in order for each company that will keep its books in TrakIT. Steps 1, 2 and 7 are usually done by an administrator.

1. Set the company base currency

In company settings, set the company's default currency. This is the currency the books are kept in and cannot practically be changed once posting has begun. Also make sure the currencies you invoice and get billed in are enabled for the company.

2. Set the Finance System to TrakIT

In company settings, set the Finance vendor/system to TrakIT. Until this is done, finalising documents will not create journal entries.

3. Initialize the Chart of Accounts

Open Chart of Accounts, select the company and click Initialize. TrakIT loads a standard chart for your country (or the default chart) with the usual groups: Assets, Liabilities, Equity, Revenue and Expense.

All accounts created by the template are summary accounts — they organise the chart but cannot be posted to directly. You must create postable sub-accounts under them.

4. Create your postable accounts

For each summary account you will use, open it and add sub-accounts of type Postable. As a minimum, you need:

• A bank or cash account (under Bank Accounts / Petty Cash)

• An Accounts Receivable account (under Accounts Receivable)

• An Accounts Payable account (under Accounts Payable / Trade Payables)

• At least one income account (under Operating Revenue)

• At least one expense account (under Operating Expenses)

• A Retained Earnings account (under Retained Earnings) with RE entered in its Special code — the year-end close will not run without it

• Tax accounts if you charge or recover VAT/GST: a sales tax liability account, a purchase tax asset account, and a withheld tax account if customers deduct tax at source

• A Discounts & Allowances account (under Revenue) if you use invoice adjustments

• An FX Gain/Loss account (under Expenses) if you work in more than one currency

If you hold bank accounts in foreign currencies, create them as foreign-currency accounts (choose the currency when creating the sub-account). The currency cannot be changed later.

5. Configure the default posting accounts

Still on the Chart of Accounts page, fill in the Auto-Posting Default Accounts panel and save. These tell TrakIT where document postings go. All defaults must be postable, enabled, base-currency accounts of the same company. See Chart of Accounts for what each default does.

6. Map payment methods to bank accounts

Each payment method used for receipts and payments must point to the bank or cash account it moves money through. Your administrator sets this in Finance Methods. A receipt or payment cannot post until its method has an account.

7. Create the first Financial Year

In Finance Master, create the company's first Financial Year. Its start date matters: opening balances are posted as at that date, and no document dated before it can reach the books. Pick a start date on or before the earliest document you intend to post.

8. Load exchange rates

If you use more than one currency, make sure the exchange rate table has rates between your base currency and each foreign currency you use, and keep them current. Documents and settlements cannot post without a usable rate.

9. Enter opening balances

If you are converting from another system, open Opening Balances (button on the Chart of Accounts page) and enter your closing trial balance from the old system. See Opening Balances.

10. Verify

Open the Trial Balance as at today. It should show your opening balances and total to zero difference. You are ready to post.