Create your account and passphrase

Setting up Pennyweight takes two parts: you create your sign-in, then a short setup wizard asks for an encryption passphrase, an optional name for your books, a base currency and a saved recovery code. When you finish, you land in the web app, already unlocked.

New here? Start with Start here for the paths into Pennyweight.

How to do it

1. Sign up. Open the sign-up page and create your sign-in. When sign-up completes, you go straight to the setup wizard.
2. Step 1 of 3: create your passphrase. Type it in Passphrase, then again in Confirm passphrase. The meter under the field must read Strong or Very strong before you can continue. Several unrelated words work best. The eye icon shows or hides what you typed.
3. Name your books (optional). In Name your books (optional), type a name of up to 60 characters, or leave it blank and your books are called Personal. The name is encrypted in your browser before it's stored.
4. Pick your base currency on the same screen. It's the currency of your first ledger, so that ledger's totals use it. Totals that combine ledgers use your display currency, which starts as your base currency and can be changed later. See choose the currency for totals across ledgers. Choose from the list, or pick Other currency… and type a three-letter ISO code. It defaults to USD. See choosing your currencies before you decide.
5. Select Create passphrase.
6. Step 2 of 3: save your recovery code. The code appears on screen. Use Copy code to paste it into a password manager, or download pennyweight-recovery.txt. Then tick the box confirming that losing both your passphrase and this code makes your data permanently unrecoverable. Save your recovery code covers where to keep it.
7. Select Finish setup.
8. Step 3 of 3: finishing up. Pennyweight encrypts your keys and creates your workspace.
9. Choose how to start. The wizard asks "How do you want to start?". Choose Explore with demo personal data, Explore with demo business data or Use my own data. A demo choice first builds a ledger of fictional data. Then the wizard shows "You're all set" and takes you to the web app. See try Pennyweight with a demo ledger.

What you'll see

If your passphrase is too weak, you'll see "Please choose a stronger passphrase — aim for several unrelated words." If the two entries differ, you'll see "Passphrases do not match." After Finish setup, a short progress screen appears while Pennyweight creates your workspace, then the choice step. With Use my own data, your empty workspace opens without asking for the passphrase again. With a demo, a second progress screen appears while Pennyweight builds it, then the web app opens on the demo ledger, also without asking for the passphrase. If the demo doesn't finish loading, select Retry or Continue with my own data.

Good to know

• Your passphrase is not your login password. You sign in with your normal password day to day. You enter the passphrase only occasionally: on a new device, or after you lock or sign out. See lock vs sign out.
• We can't reset it. Your data is encrypted with a key derived from your passphrase, so Pennyweight cannot reset your passphrase or recover your recovery code. If you lose both, your data cannot be recovered. If you forget only the passphrase, see forgot your passphrase. What Pennyweight can see explains the encryption.
• Your base currency is permanent. The wizard says it "can't be changed later". You can still add accounts in other currencies.
• Going back makes a new code. If you select Back on step 2 and continue again, the wizard generates a new recovery code. Save the code shown when you select Finish setup, not an earlier one.
• No two-factor, bank or AI step yet. Setup doesn't ask for any of these. You'll need two-factor later, before you link a bank or connect your AI. See turn on two-factor and connect your AI.
• Your free trial starts here. The trial clock starts when setup finishes. See plans and pricing.
• Already set up? If your account already has a workspace, opening the wizard sends you to the web app or the unlock page instead. If you somehow complete the wizard a second time, nothing changes: you land on the unlock page with a notice, and the new passphrase and recovery code are not saved. Unlock with your original passphrase and keep your original recovery code. See unlock says the passphrase is wrong.