Take and keep a permanent backup at each stage.

This requires a great deal of thought, as it forms the starting point for setting up your System. If it is not well designed, it will make all subsequent work and usage far more difficult, and may well increase the size of your Data file unnecessarily.

The New Datafile Setup Wizard simplifies the creation of a basic Chart of Accounts, but you will have then to enhance this to provide your full working chart.

If you are using multiple currencies, you will also have to consider the implications of this when designing your Chart of Accounts.

The design of the Chart of Accounts, should be carried out in conjunction with the Analysis Codes.

You do not have to have one Nominal Account for each Sales or Purchase Analysis Code, as this would duplicate the Analysis available.

Rather than this one to one ratio, it is better to have a many to few, or even many to one ratio - you could have all your Sales and Purchase Analysis held in those Ledgers, and post all the Transactions to one Sales and one Purchase Nominal Account.

In practice somewhere between these two extremes is sensible. Some Analysis and Nominal Accounts will require a one to one basis.

If you are using the Auto Account feature, there is an option to create matching Analysis Codes, but unless this is required, it is better to set up the Analysis Codes individually and separately.

One criteria of the creation of a Nominal Account, is whether or not it will be an element in the Budget.

The use of Profiles can also be used to reduce the Analysis Codes needed, while providing proper analysis of such expenses as Telephone or Electricity. Their analysis in the Nominal enables Budget Comparisons, which are not available in the Sales and Purchase Ledgers.

If you are using multiple currencies, you will also have to consider the implications of this when entering your Country records.