Account Opening Checklist
The final steps to open a customer account cleanly once checks are done — creating the record, loading terms, setting up payment and confirming everything is live before the first invoice.
What this checklist covers
- Confirm all onboarding checks are complete before opening
- Create the account record accurately
- Load terms, limit and payment setup correctly
- Confirm the account is live and ready to invoice
6 min
Before you start
Account opening is the moment everything you gathered becomes a working record. Confirm the groundwork is done so you are not opening an account on incomplete checks.
- A completed and reviewed credit application on file.
- Verified ABN and entity details.
- An approved credit limit and accepted trading terms.
- Any required security — guarantee, deposit or PPSR — in place.
Step 1 — Confirm the prerequisites
- Tick off that identity and ABN verification are complete.
- Confirm the credit check was run and a limit approved by the right authority.
- Check trading terms are accepted in writing.
- Confirm any guarantee or PPSR registration is signed or lodged.
- Resolve any open queries before you open the account.
Step 2 — Create the record
- Create the customer using the verified legal name.
- Enter the ABN, ACN, addresses and account type.
- Set the billing email to an accounts inbox.
- Record the accounts-payable contact details.
- Flag any purchase-order or special invoicing requirements.
Step 3 — Load terms and go live
- Set the payment terms, due-date rule and credit limit.
- Configure GST and tax settings to match the verified status.
- Set up the agreed payment method so the customer can pay immediately.
- Send a welcome note confirming terms, limit and the accounts contact.
- Mark the account active and ready to invoice.
Common mistakes
- Opening the account before checks and approvals are actually finished.
- Entering the trading name instead of the legal entity.
- Forgetting to set the credit limit, so there is no control in place.
- Skipping the payment-method setup, slowing the very first payment.
- Never confirming the account is live, so the first invoice stalls.
A clean opening means the first invoice goes out right and gets paid on time. The Merion tools help you keep the setup consistent. This is general information, not legal or financial advice — open accounts in line with your own policy.
Key takeaways
- Confirm every check is done before opening the account
- Always use the verified legal entity on the record
- Set the credit limit so a real control exists from day one
- Confirm the account is live so the first invoice flows
Frequently asked questions
What must be done before I open an account?
Identity and ABN verification, a credit check, an approved limit, accepted terms and any required security. Opening an account skips no steps; it simply turns completed checks into a live record ready to trade.
Should I open accounts for prepaid customers too?
Yes, a record is still worth creating so invoices name the right entity and history is captured. The difference is there is no credit limit to set, because a prepaid customer carries no credit risk.
Who should approve opening a credit account?
Someone with the authority defined in your credit policy, typically finance or a manager rather than the salesperson. Separating the person who sells from the person who approves credit keeps the control meaningful.
Work the checklist, then get paid
Use the free Invoice Generator, then let Merion recover anything that goes unpaid — commission-only.