As a consultant, most of us get this initial task to set-up a new company with all the required details. This basic check-list will give you a better idea regarding this requirement
Suppose we have a new Demo Company as JAK Holding Pvt. Ltd.
General Ledger Setup – A DEMO Setup
- Create a new Company
- Organization > Run Number Sequences Wizard – Run the Wizard
- Go to GL
- Setup > General Ledger Parameters and set some parameters there
Batch Transfer mode > Synchronous
Ledger > Voucher > Accept duplicates.
- Create a new fiscal calendar first JAK Holding Calendar
- Create a new fiscal year for 1 or 2 years then.
- General Ledger > Setup > Ledger
- GL > Setup > Financial Dimensions. Create a new one.
- Create main accounts
- 101 Cash in Hand – Balance Sheet
- 102 Cash at Bank – Balance Sheet
- 103 Financial Inventory – Cement – Balance Sheet. Do not allow manual entry.
- 104 Financial Inventory – Steel – Balance Sheet. Do not allow manual entry.
- 105 Goods received – Balance Sheet. Do not allow manual entry. Category Inventory
- 106 Accounts Receivable – Balance Sheet. Do not allow manual entry. Category AR
- 107 Building – Balance Sheet . Fixed Asset Account. Other Assets
- 201 Accounts Payable – Balance Sheet. Do not allow manual entry. AP
- 202 Accrued Liability – Balance Sheet. Do not allow manual entry.
- 401 Rent Income – PandL Account. Income account.
- 501 Project Hours – PandL Cost of Goods sold account. Do not allow manual entry
- 502 Purchases – PandL Cost of goods sold. Do not allow manual entry.
- GL > Setup > Configure accounting structure
JAK Balance Sheet Structure and define a new rule to be between 101 to 399 only.
JAK Profit and Loss Structure and define a new rule to be between 401 to 599
- From GL > Setup > Ledger > Select the accounting structures created just now.
- Create a new ledger journal
- Same setup to be followed as that of Accounts Payable Setup
- Create posting profile, select default and create payment methods
- In Payment Methods – select payment status as received.
- Vendor Posting Profile Make a new one. Table and Select Accounts Payable Account in the Summary column
- Accounts payable parameters, and select the posting profile just created in Ledger and Sales Tax. Default Posting Profile
- Modify number sequence of Vendor Account if you want to have a meaningful . Add a contact V and remove company if you want that. Optional Step
- Setup > Payment > Method of Payment > create a new one. CASH. Payment Type > Other
Select Payment Status as Sent
- Another Payment Method > Check Method of Payment > Check and make it required in the payment options
- Make 1-2 new vendors in the system. Payment options make as check
- Parameters > Updates > Post product receipt to Ledger (Make it checked marked)
- Create bank account. Set main account as Cash at Bank. Define check method as fixed. Tab of Check at the top and set it to fixed.
- Create checks only. From Common > Checks > Create checks
A good reference from the following web-sites