TABLE OF CONTENTS

• Get acquainted with SoftLedger
• Set up your Locations
• Upload your Chart of Accounts
• Upload other Dimensions 
• Configuration
  • Add your Fiscal Year
  • Adjust your System Settings
  • Connect your Bank Accounts
  • Customize and map Financial Statements
  • User Roles and Permissions
• Beginning Balance or Historical Data Upload

Get acquainted with SoftLedger

Learn the basics and configuration of SoftLedger to have a better understanding of considerations through setup by reading and viewing content below:

1. SoftLedger Basics
2. Core Accounting Overview
3. Softledger Demo Center (interactive demos of key functionality)
4. Getting Started Folder (relevant articles for how SoftLedger works)
5. SoftLedger YouTube Channel

Set up your Locations

Create your multi-entity structure by creating SoftLedger Locations. Learn more about the association between Locations, Ledger Accounts, and Journal Entries. as well as the components of creating a Location.

Upload your Chart of Accounts

Create Ledger Accounts through a Dimension Upload template, and learn about the required fields for Ledger Accounts to be included in your upload, such as the Number, Name, Type, SubType, and controls around the Account itself. See a default version of the SoftLedger Ledger Accounts attached at bottom of this article.

Upload other Dimensions 

Optionally create other dimensions such as the below to be able to add contextual data (e.g. departments as Cost Centers), as well as create your extensive Customer or Vendor lists through the same Dimension Upload process. 

• Cost Centers
• Products
• Jobs
• Custom Dimensions
• Customers
• Vendors

Configuration

Add your Fiscal Year

To be able to add any transactions into the system, a fiscal year is required for the posted date of the transaction you are creating. This means that a 12 month fiscal period must be created for the current period, as well as any historical period the system will cover with historical data. For example, for a calendar year fiscal year system with data going back toJanuary of 2018, fiscal periods for 2018, 2019, 2020, etc. must be created before adding activity. Learn more about the accounting periods section, as well as the How do I close the month and fiscal years?

Adjust your System Settings

With the Ledger Accounts in place, be sure to set automations and required Ledger Accounts under the Settings>Accounts section to maximize efficiency and controls. Review the System Settings to adjust displays such as date format, currency as code or symbol, tax amount options, etc.

Connect your Bank Accounts

To be able to maximize the coverage from connected bank accounts through Plaid, connect the account as soon as possible so historical data dates back as far as possible. Bank regulations can restrict how far back Plaid is able to retrieve data from the individual banking APIs, so customers generally connect their Bank Accounts immediately. Note: A Bank Connection through Plaid will only bring bank transactions in as a view only table UNTIL a user takes action on the data to create Journal Entries. Before that action, connecting the Bank Account will have no impact on the GL.

Customize and map Financial Statements

Through the customizable report editor, adjust the default Financial Statements provided under the Admin>Report Editor to match your jurisdiction's reporting requirements (e.g. IFRS, GAAP, etc.). This editor can also be used to create other custom reports outside of just Financial Statements, as well as create multiple versions of Financial Statements (e.g. Management Reports vs. Audited Financials).

User Roles and Permissions

Adjust the Roles and Permissions available for each users, by assigning full access, preparer and approver level Roles, or removing Modules that are not relevant for your operations under the Admin>Users section. This section is also where new users can be added, multi factor authentication can be enabled/disabled, and details around what each Role can do are provided.

Beginning Balance or Historical Data Upload

With your system set up with necessary list data (e.g. Location, Accounts, etc.), along with the correct configurations, users can now bring in transactional activity through beginning balances or historical data uploads.

Contact your SoftLedger support team through the in app chat in lower left of you application, or at support@softledger.com via email.