The first time you will have to do a Business Account Set Up will probably be right after you have clicked on the email verification link in your email inbox from “support@clarityaccounting.com”.  There are several pieces of information that are mandatory for you to fill out in order to ensure that your account is properly set up.

Company Name

The is the name of the company that you or other users will be inputing data for.  Our online accounting software is designed for multi-user access.  Therefore, it is possible that one user may be given secured access to input data for several companies or one company may have several users collaborating in the bookkeeping process.  Our monthly subscription or annual subscription fees will be charge to the “company or business” instead of “the user” although we assume that at least one user will be responsible for paying for the accounting software.  If you require some help on how to invite multiple users to collaborate securely on a company’s business records, please refer to our help file titled: “Adding Multiple Users to Your Business“.

Country

The refers to the country where the business is paying taxes for.  By choosing the proper country, our simple accounting software will provide customized tax settings for that country.  We understand that Clarity Accounting can transform the way bookkeeping is done.  This is a technology that could potentially allow virtual assistants to collaborate on the record keeping of companies from all over the world.

Note: We have not had the opportunity to study the tax rules of all of the countries around the world.  If there is anything we can add to our software that will help you with your bookkeeping in your country, please do not hesitate to contact us.

Currency

Clarity Accounting has included the “multi-currency support” feature to support people who charge for their products and services in other currencies.  Please selectthe primary currency the business is using to keep its records.  Most countries will require businesses to report their earnings in one currency.  If your business charges for products and services in other currencies, you will most likely have to convert to the value of your primary currency for the purpose of record keeping and tax reporting.

Fiscal Year

Most countries require their citizens and businesses to report earnings and pay taxes on an annual basis.  A standard fiscal year begins on January 1 and ends on December 31.  However, when it comes to running a business, some countries allow businesses the flexibility to choose their own fiscal years.  This is a discussion that is most suitable between you and your accountant / financial professional.  For example, Habitsoft, Inc (the software company that created Clarity Accounting) has a fiscal year from October 1 to September 30.

This information is also important for record keeping purposes.  At the end of the fiscal year after the business taxes have been filed, the tax auditors and your accountant will want to make sure that no changes can be made to the records for previous fiscal years.

Question: Why do I need to fill in my Street Address & Phone Number?

The street address and phone number will show up on the invoices you create for your customers.  You can fill in your address by clicking on the “Business Profile” link on your Dashboad under the “Set Up” option.

Logo

You can upload your company logo while setting up your business profile.  Your logo will appear on your pdf invoices.  If you choose not to add a logo at this time, you can refer to the help file “Uploading Logo to Invoices“.

Accounts

One of the key features that differentiates Clarity Accounting from online invoicing / billing applications is the ability to allocate income and expense records into specific Bank Accounts or Income Accounts.  This is important for the purpose of creating balance sheet reports and keeping accurate records that matches your bank / credit card statements.  Simply fill in your bank account, credit card, and income account information and it will make your experience with using Clarity Accounting much easier and smoother.

More Questions?

If you have any further questions regarding the set up process, please do not hesitate to contact us.