What is already set up
When Accmerio opens a workspace for your company, these are created for you:
- A chart of accounts for a UAE company: bank and cash, receivables, VAT, fixed assets, payables, loans, equity, sales, cost of sales and the usual operating expenses. See Chart of Accounts.
- The seven UAE VAT treatments (standard rated, zero rated, exempt, out of scope, reverse charge, export, import).
- Your first financial year, split into monthly periods, starting from the date your books begin in Accmerio.
- Five standard fixed asset categories: Furniture and Fixtures, Office Equipment, Computer Equipment, Motor Vehicles and Leasehold Improvements.
- Your company name, entity type, currency and the month your financial year starts. The last three cannot be changed later.
Set up in this order
- Settings — check the trading name, emirate, trade licence number and tax registration number. If the company is registered for VAT, switch on Registered for VAT and choose Monthly or Quarterly. See Company Settings.
- Periods — confirm the financial year and its months are there. See Periods and the lock date.
- Bank Accounts — add every bank, cash and card account the company uses, with its opening balance and the date of that balance. See Bank Accounts.
- Opening Balances — if the company traded before, enter the day its books start here, the trial balance it arrived with, and what customers and suppliers owed. See Opening Balances.
- Chart of Accounts — read it once. Add any account you need that is missing (for example a separate revenue account per service line). See Chart of Accounts.
- Customers, Suppliers and Items — add the ones you deal with regularly. You can also create them on the spot from any form, so this can be partial.
- Document Templates — check the design your tax invoices and receipts print with, add your logo and payment details, and set the document numbers. See Document Templates.
- People and Access — invite the people who will use the workspace, each with the narrowest role that fits. See People and Access.
- Security — decide whether two-factor sign-in is required for any role. See Security.
- Fixed Assets — register what the company already owns. See Fixed Assets and Depreciation.