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Step 3: Tag Financials

Watch a video overview:

To access 'Tag Financials' > go to 'Setup' for a company > then 'Step 3'.

This is a very important step in the setup process. The correct mapping of each account to an appropriate classification is important to ensure the accurate calculation of many financial KPIs. 


Each account is required to have an appropriate primary and secondary classification. When examining each account classification it is important to consider what the nature of the account is. For example, when examining a REVENUE account – does this represent income from normal operating activities? Or is this interest income? Or is this abnormal income?  When examining the nature of a CURRENT ASSET account – does this represent trade receivables, cash on hand, inventory, work in progress or some other form of current asset?

View the tagging guidelines to see a detail explanation about each account classification.

When importing from Xero, MYOB or QuickBooks Online, a suggested primary and secondary classification is automatically provided. You simply need to review each classification and only make changes if required.

Any changes to tagging are saved and not modified as a result of the import of financial data in the future.

When changing a balance sheet item from a debit balance classification to a credit balance classification (or vice versa) - the balance sheet will remain in balance.

If required, you can return and make further changes to the account tags at any time in the future.

After you have reviewed the classification of each account, press save and proceed to ‘Step 4’