Getting started questions, answered
Setting up fiscal50 means choosing your fiscal year and the date your books start, picking a chart of accounts, and entering opening balances as of the day before that date. Coming from QuickBooks, the Configuration Agent reads your exported chart of accounts and trial balance and imports them as one opening entry. This page also covers the Gusto payroll and Stripe integrations: which Gusto report to upload and how Stripe payments reach your books.
Setup and migration · Integrations
- Account Configuration
- Registration & Opening Entries Setup
- Import Chart of Accounts & Opening Balances (Configuration Agent)
- QuickBooks to fiscal50 Migration
- Gusto Payroll Integration
- Stripe Integration
Updated
Account Configuration
I don't have an organization. What do I enter as the organization name?
Enter your own name. fiscal50 uses this as the name on your account and your documents.
My business structure isn't in the list of organization types. What should I choose?
Choose Other / None. The organization type helps fiscal50 tailor your setup, so pick the closest match — it doesn't limit which features you can use.
Should I select Yes if I keep inventory?
Yes. Select Yes if you keep inventory, then pick an inventory type card, FIFO or LIFO. The cards only appear after Yes.
Should I choose FIFO or LIFO?
FIFO (First In, First Out) treats your oldest purchases as sold first; LIFO (Last In, First Out) treats your newest purchases as sold first. The right method depends on your business and tax situation — if you're unsure, ask your bookkeeper or accountant which method you currently use.
Registration & Opening Entries Setup
Do I have to fill in every row on the Opening Entries page?
Add the sections that apply to your business. Fiscal Year is completed by the questionnaire; the rest — bank accounts, partners, vendors, customers, assets, inventory, and other account balances — depend on what your business has. The status icon on each row shows what's complete (green check) and what's pending (yellow hourglass), so nothing gets missed.
What date should my opening balances be entered as of?
The day before your books start date. The note at the top of the Opening Entries page shows the exact date, and every balance you enter — bank, vendor, customer, asset, inventory, and other accounts — should be as of that date.
I didn't get the verification email. What do I do?
Check your spam or junk folder first.
Why don't I see the Organizations section?
The Organizations section does not appear for companies of type Corporation or S-Corporation. For those, capital is allocated to equity accounts (Retained Earnings, Common Stock, Preferred Stock, Treasury Stock) at the finalize step instead.
Import Chart of Accounts & Opening Balances (Configuration Agent)
Should I upload a trial balance or a balance sheet?
Upload a trial balance if you want to track Profit & Loss from the beginning of your fiscal year — it includes income and expense balances. Otherwise, either works.
QuickBooks to fiscal50 Migration
Do I need to reformat my QuickBooks exports before importing?
No. fiscal50 accepts customers, vendors, products/items, and the chart of accounts in the same format QuickBooks exports. Just select QuickBooks as the Template Type on the import screen and compare your file against the downloadable sample.
What file format do the imports expect?
An Excel file matching the sample for the selected template. Every import screen has a Download button that gives you an example file — the safest approach is to open it side by side with your export and confirm the columns line up before uploading.
Which order should I import in?
Chart of Accounts first, then customers and vendors, then products/items. Importing accounts first means the records that reference them land cleanly.
Can I use fiscal50's own format instead of the QuickBooks one?
Yes. The Template Type drop-down offers both. Choose fiscal50 if you're preparing files from scratch rather than exporting from QuickBooks, and download the matching sample file.
Gusto Payroll Integration
I uploaded the payroll. Why isn't it in my books yet?
Uploading saves the payroll. To post it to your books, open Pending Payrolls, click Record, and then Verify & Post.
I uploaded the wrong file. What should I do?
If the payroll hasn't been recorded yet, click Remove Payroll for it in Pending Payrolls, then upload the correct file.
What is the Bank Outgoing Clearing Account?
A holding account for payroll checks. Checks are credited to it when payroll is recorded, and cleared out of it when they clear the bank.
Stripe Integration
Which Stripe account will be connected?
The one you sign in to in the Stripe window. Use the email address of the Stripe account you want to sync with fiscal50.
What are recording preferences?
The accounts fiscal50 posts Stripe transactions to: an asset account for your Stripe balance, an expense account for Stripe fees, and an income account for Stripe income.
Why are some transactions pending?
They couldn't be posted automatically. Open the monthly summary with the Pending Transactions button and click Record pending Transactions for the month.
Related
Related pages
Setup and migration
A Configuration Agent that imports your QuickBooks accounts and opening balances.
Read moreIntegrations
Plaid bank feeds, Stripe payments and sync, Gusto payroll, QuickBooks and bank file imports.
Read moreConfiguration questions
Chart of accounts, settings, sub users, historical data, locations, closing, approvals.
Read moreAccounting questions
Journal entries, all transactions, fixed assets and depreciation.
Read moreDashboard and account questions
The dashboard, income dashboard, password, support, billing and subscription.
Read moreTry it in your own books.
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