Accounting setup and period controls
Setting up the chart of accounts and fiscal calendar, and how period closing works.
- Audience
- Finance teams, Administrators
- Permissions needed
- Accounting admin, Ledger posting, Period close
- Prerequisites
- Organization setup complete
- Environment
- Production and staging
- Product version
- Current
- Last reviewed
- Owner
- Propulsive Product Team
Before you start
- Confirm tax profiles used by Sales and Procurement match your accounting setup before go-live - mismatches show up as reconciliation problems later.
Accounting setup establishes the ledger structure that sales, purchase and payroll transactions post into automatically - get this right once, rather than reconciling by hand every period.
Foundational setup
Through the accounting setup wizard, configure:
- Chart of accounts - your account structure.
- Fiscal calendar - your actual fiscal year and periods, not just calendar months.
- Business units and cost centres - if you need to report by location, brand or department.
- Tax codes - referenced by Sales and Procurement documents, so keep these in sync with your GST registration.
- Bank accounts - for reconciliation.
Why documents post without re-entry
Once set up, a posted sales invoice, a vendor bill, or a payroll run creates the corresponding ledger entries automatically - you’re not re-typing a second copy of every transaction into Accounting. This is what makes reconciliation about reviewing entries rather than recreating them.
Period close
Closing a period is a deliberate, permissioned action, separate from day-to-day journal posting. Period-close actions write to their own dedicated closing audit trail, in addition to the platform-wide audit log - so you have a clear record of who closed what period, and when.
Bank reconciliation
Bank reconciliation matches ledger entries against a bank statement. Run a trial reconciliation against a real statement before your first live period close, so any setup gaps (missing tax codes, misconfigured accounts) surface before they affect a closed period.
What’s still maturing
E-way bill generation and the fixed-asset register with depreciation are in beta - useful to pilot, but we’d recommend leaning on core ledger, period close and reconciliation for anything business-critical today. See the Accounting product page for the full, current status of every capability.