Welcome guide
Once you've created your myBooks account, we recommend completing these steps before creating your first sales or purchase transactions — it'll make the rest of your experience smoother. For example, once your address is updated in your business profile, it's automatically pulled into your transaction templates.
Business profile
- Legal name — the company name given at registration.
- Industry type — chosen at registration; determines which chart of accounts loads for your business.
- Address details — your organization's address, which appears on your transactions once updated.
- Ownership — set at registration and cannot be changed.
- Accounting type — accrual by default, but can be changed.
- Fiscal year — January–December by default for the myBooks US version.
Products and services
- Type — whether your business sells a product or offers a service.
- Item name and description — for the item you're adding.
- Item rate — the price for the item.
- Unit of measurement — loads automatically based on the selected type.
- Sales & purchase account — defaults are pre-selected, but you can change them.
- Sales and purchase rates — update automatically once the item is saved.
- Tax — link a tax to the item so it's applied automatically whenever the item is used in a transaction.
Contacts
- First name and display name for the contact.
- Currency — defaults to your base currency.
- Terms — determines how the due date is calculated.
- Contact type — customer or vendor.
- Email, billing address, and shipping address (or reuse the billing address if it's the same).
Opening balance
- Select the date and add a reference for the opening balance.
- Choose an account and enter the debit amount, adding additional accounts as needed.
- Enter the corresponding credit amount.
Tax management
- Add a tax code, name, and rate.
- A default tax account is pre-selected, and you can choose or create a tax authority.
- To create a tax group, you need at least two tax codes — name the group, select the codes, and save.
Data upload
- Select which records you'd like to upload — a sample file is available for each record type.
- Upload your file; myBooks verifies that the required information is present.
- A simulation step runs a second round of verification, with results shown in Events.
- Submit the file to complete the upload — you'll get a notification in Events once it's done.