Preparing the Accounting Guide
This part includes the steps for getting started with Qoyod based on the steps introduced in Section One
Adjusting your settings and setting up your organization on Qoyod
Second article: Setting up the Accounting Guide
Accounting guide: The list includes a group of accounts arranged according to a specific pattern, style, and sequence.
You can prepare it by following the below steps:
The first step: Adding new accounts
This option allows you to add some accounts on which your accounting operations will be based through the chart of accounts, to help you determine the account for the products, services, and costs.
Do I need to create my chart of accounts myself?
The chart of accounts in Qoyod is set and ready in a way that fits various commercial activities. You have to define the account on which you want to charge the products/services/costs when adding them or specify the manual journal accounts when adding them. For more information about adding a new account, click here.
What are the accounting levels in Qoyod?
Qoyod provides 7 levels of the chart of accounts.
For example:
Main level: Assets
Second Level: Current Assets
Third level: Prepaid expenses
Fourth level: Prepaid insurance
Fifth level: Prepaid medical insurance
It is, also, possible to further branch these levels up to seven levels.
The second step: Adding manual journal entries
This option allows you to create a manual entry in which you specify the debit and credit accounts and to add notes on the entry. It is then automatically reflected in the financial reports.
The third step: Adding easy entries
What do easy entries mean?
Easy entries were created to facilitate the work of users who do not have an accounting background, as it makes it easy for them to enter the journal entries in a correct way and with simple steps.
Types of entries available under Easy Entries:
1- Transfer Money
2- Add Capital
3- Add Depreciation
4- Owner’s Drawing
5- Cash Dividends
6- Salary Accounting
Here is an example of Money Transfer through easy entries:
You can see more details about making easy entries by clicking here.
Congratulations on completing the previous steps!
Learn more at Section Three: Reflecting your transactions on the reports