Configure essential settings to start using SyncBooks effectively.

Chart of Accounts Setup

Your chart of accounts is the foundation of your accounting system:

1. Navigate to Accounting → Chart of Accounts
2. Choose to use the default template or create custom accounts
3. Review and customize account categories:
   • Assets: Cash (1000), Accounts Receivable (1200), Inventory (1300)
   • Liabilities: Accounts Payable (2000), Loans (2500)
   • Equity: Owner's Equity (3000), Retained Earnings (3100)
   • Revenue: Sales Revenue (4000), Service Income (4100)
   • Expenses: Salaries (5000), Rent (5100), Utilities (5200)
4. Assign account codes following standard numbering conventions
5. Set account types (Bank, Credit Card, Income, Expense, etc.)

Payment Methods Configuration

Set up how you'll receive and send payments:

1. Bank Account Connection:
   • Go to Settings → Payment Methods
   • Click "Connect Bank Account"
   • Enter routing and account numbers
   • Verify with micro-deposits (1-2 business days)
2. Payment Gateways:
   • Connect Stripe for credit card processing
   • Link PayPal for online payments
   • Configure Square for POS transactions
3. Payment Terms:
   • Set default terms (Net 30, Net 60, Due on Receipt)
   • Configure late fee percentages
   • Set up automatic payment reminders

Tax Settings

Configure tax rates and compliance:

1. Navigate to Tax → Settings
2. Enter federal tax ID (EIN)
3. Set up federal income tax rates
4. Add state and local tax jurisdictions
5. Configure sales tax rates by location
6. Enable automatic tax calculations
7. Set tax filing frequency (Monthly, Quarterly, Annual)