⚙️ First-time Setup
Ready to get started? Setting up Versoll Books is a breeze. Follow these three simple steps to prepare your business for modern accounting. This should take less than 10 minutes!
⏱️ What you'll accomplish in this guide:
✓ Configure your business profile with legal details
✓ Set regional preferences for currency and dates
✓ Initialize opening balances from your previous system
🏢 Comprehensive Business Profile
Your business profile is the digital identity of your company. Every piece of information here is used for legal compliance and professional branding.
Deep Dive into Profile Fields:
- Legal Name & Entity: Must match your GST registration. Choose between Sole Proprietorship, Partnership, LLP, or Pvt Ltd. This determines the tax forms applicable to you.
- Address (Place of Supply): The full address of your primary place of business. This is used to determine whether to apply IGST or CGST/SGST on your sales.
- GSTIN Validation: Enter your 15-digit GSTIN. Versoll Books performs a format check to ensure it follows the
##AAAAA####A#Z#pattern. - PAN (Permanent Account Number): Crucial for TDS calculations. If your supplier doesn't have a PAN, the system will automatically apply a higher TDS rate (usually 20%).
- Digital Signature & Seal: Upload a transparent PNG of your authorized signatory and business seal. These will be automatically placed on your invoices for a professional touch.
⚠️ The Importance of Place of Supply: In the Indian GST system, your business address determines your "Home State". If you sell to a customer in the same state, CGST+SGST applies. If the states differ, IGST applies. Accurate address setup is the foundation of tax compliance!
🌏 Advanced Global Settings
Before you create your first transaction, you must define how the system behaves globally. Navigate to Settings > Global Preferences.
Automated Defaults:
- Auto-Numbering: Set your prefix and starting number for Invoices (e.g., INV/24-25/001). We recommend separate prefixes for different fiscal years.
- Credit Terms: Define default payment terms (Net 15, Net 30, Due on Receipt). These will be automatically applied to new customers.
- Inventory Method: Choose between FIFO (First-In, First-Out) or Weighted Average. Most Indian businesses prefer FIFO for accurate cost tracking.
- Rounding Preferences: Enable "Nearest Rupee" rounding for final invoice totals to simplify cash handling and payments.
Fiscal Year Transition
Versoll Books handles year-end closings automatically. When April 1st arrives, the system prepares your books for the new fiscal year while allowing you to finish pending audits for the previous year.
💰 Master Opening Balances
Migration shouldn't be scary. Your opening balance is a "Snapshot" of your business's health on the day you start using Versoll Books.
The Reconciliation Process:
- Trial Balance Upload: If you have a Trial Balance from Tally or Zoho, you can import it directly via CSV.
- Inventory Opening: Upload your current stock quantities and their purchase costs. This sets your initial "Inventory Value" on the Balance Sheet.
- Aging Receivables/Payables: Don't just enter a total amount. Enter the specific outstanding invoices from your previous system. This allows you to track payments against them later.
💡 Why it must balance: Double-entry bookkeeping requires that every debit has a credit. If you have ₹1,00,000 in the bank (Asset), it either came from your profit (Equity) or a loan (Liability). If your opening entry is out of balance, the system will place the difference in a "Temporary Opening Balance" account until you fix it.
🎉 Congratulations! Your business is now configured and ready to go. Next, we'll explore how your Chart of Accounts is organized so you understand where every transaction gets recorded.