What you'll learn

Finance Basic Setup Course

Overview

The Finance Basic Setup course provides a foundational understanding of how to establish and configure the core financial structure within the Onfinity system. Participants will learn how to set up the Chart of Accounts (COA), define financial groups, and configure opening balances to ensure accurate financial tracking and reporting. The course focuses on establishing a robust financial framework that supports daily transactions, financial controls, and reporting accuracy. Through practical demonstrations and guided configuration steps, learners will gain the skills necessary to build and maintain an effective financial setup aligned with organizational accounting standards.

Course Objectives

• Understand the key components and purpose of the Finance Basic Setup process.
• Configure and manage the Chart of Accounts (COA) structure within the Onfinity system.
• Create and link Financial Groups for categorization and reporting.
• Enter and validate Opening Balances to ensure accurate financial continuity.
• Establish a reliable foundation for financial transactions, postings, and reports.

Course Content

• Learn the purpose of financial setup and understand the main components needed for finance configuration.
• Create and organize accounts for financial transactions. Define account types such as assets, liabilities, income, and expenses. Set up account codes and categories.
• Create financial groups for better reporting. Link chart of accounts with financial groups and understand how grouping helps in financial reports.
• Learn what opening balances are and why they are important. Enter and upload opening balances in the system and check that balances match financial records.