Getting started – switching from another bookkeeping program
Last updated 17 days ago
This guide is for companies that have prior bookkeeping history and are switching to NoCFO from another program. The most important thing is entering the opening balances correctly so NoCFO can continue the bookkeeping from where the previous program left off.
1. Add a bank connection
Add a bank connection right away, so the program starts fetching transactions automatically. You can process the transaction drafts later once the opening balances and chart of accounts are in order.
2. Adjust the chart of accounts to fit
Go through the chart of accounts and activate the accounts you use. A good approach is to look at the accounts used in your previous program — for example, the general ledger report or balance sheet shows which accounts were in use.
3. Enter the opening balances
Opening balances bring your existing bookkeeping status into NoCFO. The program continues the calculations from where the previous program left off.
Adding opening balances when you switch to NoCFO at the turn of the financial year
Adding opening balances when you switch to NoCFO mid financial year
4. Check the VAT period settings
Make sure the VAT period start date and length are correct. You can check your company's VAT period length in OmaVero.
5. Activate e-invoicing (if you send invoices)
If you plan to send or receive e-invoices, activate e-invoicing in the settings. Activation is a one-time step.
6. Update your subscription as needed
The Free plan includes 8 transactions per month. If you need more, upgrade your subscription to the Plus or Pro plan.
7. Download the mobile app (recommended)
With the NoCFO mobile app you can photograph receipts straight into your bookkeeping and process transaction drafts on your phone, anywhere.