In Business Details, you tell TrulySmall Accounting the high-level details about your business.
You can upload, change, or remove your "Business Logo". When you have one uploaded, your logo will appear on your invoices and other client-facing documents.
Additionally, this section enables you to change your legal company "Business Name", your tax-filing "Business Number", "EIN", or "Taxpayer ID" , your "Business Type", and "Industry".
Fiscal Year Start
It’s very important to set the right date for your "Fiscal Year Start" so it's best to find out before creating your business in TrulySmall Accounting. Changing your "Fiscal Year Start" date will have tax filing implications so carefully consider your decision to do so.
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 year. This is a discussion that is most suitable between you and your accountant / financial professional.
The "Transaction Start Date" determines how far back TrulySmall Accounting will store your business' accounting information. The implication of this is that if you’re trying to look up an old invoice or bill, you won’t be able to do it in TrulySmall Accounting. To find that information you’ll need to reference your old bookkeeping system. Knowing your fiscal year will help you decided what start date to you choose. You can choose either to start from one of two places:
The Beginning of the Fiscal Year
If you're within a few months of your fiscal year, this is the easiest and cleanest way to go. If you choose this option you’ll need to re-enter the transactions for the year into TrulySmall Accounting to ensure you have all your fiscal year data in TrulySmall Accounting.
Part Way Through the Fiscal Year
If you're more than half way through a fiscal year, the work to re-enter all the transactions may not be practical or desirable. So having a start date part way through the fiscal year is the best method.
It is recommended that you choose a start date that is the beginning of a month, quarter, or sales tax filing period. Choosing a start date in the middle of a month or tax filing period creates more work and potential issues with bank reconciliations and sales tax filings.
Your "Currency" is fixed when you first create your business and is not editable.
Once you have completed your changes, click on the Save Settings button. If you are making changes only to your logo, no saving is required.
To exit the Settings section at any time, click the X in the upper right.