This Quickstart is a short tutorial designed to demonstrate how to extract IFRS compliant Financial Reports starting from a fresh registration on the microbooks platform.
The Quickstart Scenario #
For the sake of simplicity, this quickstart will attempt to cover the most common aspects of running a business without going into much depth. Once you have gotten familiar with the service using this quickstart you can into specifics by checking out the How To Guides.
The Business #
In this scenario, the business being accounted for will be Acme Inc, a limited liability company operating out of the European Union and therefore dealing in Euros, and has a financial year corresponding to the calendar year (i.e. starting 1st January until 31 December). The business is assumed to be a going concern, i.e. there will be balances carried forward from a previous reporting period. The details about managing business Entities can be found on their How To Guide pages.
The next step in the set up for the scenario will be the Chart of Accounts. An account will be needed for each section of the business covered by the quickstart. More details about the management of Accounts can be found in their How To Guid pages.
Now that we have the account set up we are in a position to record transactions. We will start with transactions outstanding from previous periods, which are taken care of by Balances. More details about them can be found in the Balances Section of the How To Guide.
The quickstart will only consider the most commonly used transactional taxation scheme VAT, both Input and Output variants. For other forms of transactional taxes please visit the Taxation How To Guide pages.
The transactions covered by the quickstart will touch upon all the sections of a typical business operation, i.e. sales, cost of sales, administration expenses, asset purchases and the acquisition of long term financing. The form of the transactions reflecting these sections will be distributed between credit and cash basis. Further details on Transactions, Line Items, Taxes and Discounts can be found on their respective How To pages.
The quickstart will deliver a set of the most basic financial reports namely the Income Statement, the Balance Sheet and the Statement of Cashflows. Information on how to generate other kinds of reports provided by the service can be found in the Reporting How To Guides.
Lets Begin.. #
Using the Microbooks service starts with creating an account that will allow you access to the API. How to achieve this is convered in the Authentication Section. Once registered, you can proceed to the Business Setup Section.