A readiness checklist for your first month in Qoyod: the tasks to complete each week to get accurate financial data from day one.
Week 1: Setup
- Complete general settings (company details, logo, tax number).
- Create the chart of accounts or review the default one.
- Add units of measure and core product categories.
- Add the main products and services.
- Add recurring customers.
- Add recurring suppliers.
- Record opening balances for accounts, products, customers, and suppliers.
Week 2: Issuing documents
- Issue daily sales invoices.
- Record purchase invoices from suppliers.
- Record receipt and payment vouchers.
- Record operating expenses as simple invoices (rent, electricity, and so on).
Week 3: Follow-up
- Track customer receivables via the “Customer Aging” report.
- Track supplier payables via the “Supplier Aging” report.
- Track inventory quantities via the “Product Locations” report.
- Review the dashboard for a quick look at performance.
Week 4: Closing and review
- Make sure every sales and purchase invoice for the month has been issued.
- Review invoices still in “Draft” status.
- Prepare the VAT return if your cycle is monthly.
- Review the income statement to see the month’s profit or loss.
- Review the balance sheet to check the financial position.
- Archive processed invoices and post depreciation for fixed assets (if any).
Tip
- Daily discipline in recording transactions makes monthly review effortless.
- Don’t put off recording invoices until the end of the month. Cumulative entries make errors much harder to spot.
