In this article we run through the basics of getting you set up in the app with a handy step by step checklist:
1. Download the app and register ✅
Firstly, ensure you have the app installed on your device and that you have signed up to use the app by tapping 'Get started now'.
From here, simply enter your email address and mobile phone number and follow the prompts. Keep in mind that the mobile phone number you register with is the phone number you'll be using to login with moving forward.
With MTD ITSA approaching, it's important to select the right setup when you first register. You can learn how to identify the right setup for you whether you're a sole trader or landlord here.
During registration, you'll also be asked to set up a 5 digit passcode and will be sent a 6 digit verification code via text message, so you will need to be able to receive text messages. You can find out more about that here.
If you're having trouble registering, please see this article: Having Trouble Logging in to the App or Getting Started?
2. Connect your bank account(s) ✅
For a complete view of your business(es) across every account, you can connect your bank account(s) to Coconut using Open Banking. Simply head to your 'More' tab > Tap 'Bank Connections'.
It's really simple to connect your bank accounts and once you're connected, you'll be able to view all of your transactions in Coconut. We have a visual guide on how to do this here: How to Connect Your Account(s) to Coconut.
If you'd like to check which banks and credit cards we support, please head here.
💡When you connect a bank account, you'll be asked to select whether the account is a dedicated business account or if it's also utilised for personal use. Please note that what you select here will determine how Coconut treats your transactions, and that this selection cannot be undone or changed at a later time.
Here's a handy guide:
When would I use this?
How Coconut treats this
If you have a dedicated business account or the majority of transactions in this account are related to your self-employed income.
Coconut will automatically apply business categorisation to your transactions, and will suggest business categories.
A mix of business and personal
If you have an account that's mostly utilised for personal use and some of your self-employed income.
You can also add an account which is solely for personal use.
Coconut will not automatically apply business categorisation to your transactions, and will set all of your transactions to 'Personal'.
3. Add additional income streams ✅
If you have multiple self-employment or property income streams, you can effectively manage these by creating and assigning additional income streams. This allows you to keep on top of all of your self-employed income and expenses in one place. You can set these up in your 'More' tab > Tap 'Income Streams'.
Here's an article for further details on how to set up income streams and how they work.
💡You can come back later on to do this, or if you don't have multiple income streams, you can skip this step altogether.
4. Review your transactions ✅
We encourage you to review your transactions and ensure that the appropriate categories have been assigned to each transaction. This can all be done from your 'Transactions' tab.
While the app does have an enrichment process to assign categories, it is ultimately your responsibility to make sure that your records are accurate and that your transactions are categorised with the relevant categories.
Now that your bank accounts are connected and your income streams are set-up, it would be a great time to review your past transactions. This article provides guidance on how to categorise your transactions individually. If you'd prefer to bulk categorise, this article shows you how. You can also categorise your transactions individually or in bulk on Coconut Web.
💡Your monthly overview on the 'Home' tab
After you've reviewed and categorised your transactions, you'll notice that the figures in the bubbles of your monthly overview on your 'Home' tab will update.
This is a snapshot of what your month looks like, and if you swipe right, you'll be able to see previous months. This will automatically update as the month progresses.
It's worth noting that any transactions categorised as 'Personal' will not be taken into account here, and only transactions categorised with a business category are.
5. Upload your receipts/attachments ✅
If your pockets are over the feeling of being stuffed with receipts and your wallet is begging for some relief, why not upload your receipts? You can do this in your 'Transactions' tab > Tap the transaction > Tap 'Add attachment'.
You can snap for later while you're on the go or upload a receipt/attachment directly to a transaction. To save on time, you can also bulk upload over on Coconut Web.
6. Update your taxes tab ✅
In your 'Taxes' tab, you'll notice a saving for tax suggestion. This is a suggested amount for you to save for tax based on the rate you select, along with the income and expenses from your transactions that have been categorised as business income and/or expenses.
From here, you can select a rate or enter a custom rate, along with entering any other information in your taxes profile that you would like to keep note of.
7. Update your Business Profile and customise your invoices ✅
Before you send your first invoice, you may wish to customise your invoices by uploading your logo and ensuring your business contact details are correct.
You have two options for this, you can either update these details while you're drafting your first invoice, or you can update them in your Business Profile beforehand. Simply head to the 'More' tab > Tap 'Business Profile' to update your business profile.
When you're happy with this, why not send your first invoice from the 'Invoices' tab?
8. Invite your accountant ✅
Does your accountant want to review your transactions for you or check in to make sure that your books are accurate and up-to-date? We've got you covered! You can share access with your accountant to the Coconut Accountant Platform.
You can do this in the app by simply heading to your 'More' tab > Tap 'Share with Accountant' > Enter your accountant's details on the short form and the team will process your request within 1 business day and your accountant will receive an email from Coconut inviting them to sign up. It's free for them to sign up and it only take a couple of minutes to register!
💡Why not try Coconut Web?
Now that you're set-up in the app, you'll be able to log in to Coconut Web, our desktop version. From here, you can review your transactions, upload multiple receipts at a time, manage and send invoices and export reports, all from the comfort of your desk!
You can find more details about logging in to Coconut Web here. For all you need to know about using Coconut Web, please check out our collection of Coconut Web articles.