Before creating any transactions in CifraHQ, complete the following Setup steps in order. Each step builds on the previous one — for example, you need a Tax Authority before you can create Tax Codes, and Tax Codes before you can correctly set up Products and Customers.
Define the fiscal calendar for your organization (e.g., 2025). CifraHQ blocks transaction posting unless an open period exists for the transaction date — so this must come first.
Set up the government entity to which you remit sales tax (e.g., DGI Panama). This links to the GL liability account where collected tax accumulates.
Configure your sales tax rates (e.g., ITBMS 7%). Tax Codes are assigned at the product level and the customer level — both must be set up for tax to calculate correctly on Invoices.
Define your Payment Terms — Net 30, Net 60, Cash, etc. These are assigned to Customers and Vendors and drive due date calculations on every invoice and bill.
Review and configure your general ledger accounts. CifraHQ ships with a default Chart of Accounts; work with your accountant to adjust it for your business. Includes Banking Setup for bank accounts, credit cards, and lines of credit.
Set up the warehouse or store locations where you hold Inventory. Every Inventory receipt and delivery must be assigned to a warehouse.
Import your closing balances from the previous fiscal year so your Balance Sheet and aging Reports start with accurate figures from day one.
Once the steps above are complete, add your core records in any order:
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