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

  1. Create a new Company
  2. Organization > Run Number Sequences Wizard – Run the Wizard
  3. Go to GL
    1. Setup > General Ledger Parameters and set some parameters there
Settings specific for DEMO Purpose. Can be changed as per your needs.
Batch Transfer mode > Synchronous
Ledger > Voucher > Accept duplicates.
 4. General Ledger > Setup > COA
     Create a new COA – JAK JAK COA
  1. Create a new fiscal calendar first JAK Holding Calendar
  2. Create a new fiscal year for 1 or 2 years then.
  3. General Ledger > Setup > Ledger
Select COA, Fiscal Calendar, Currency
  1. GL > Setup > Financial Dimensions. Create a new one.
Create a Department and Cost Center Financial Dimensions.
  1. Create main accounts
General Ledger > Common > Main Accounts – Just for Demo Purpose.
  1. 101 Cash in Hand – Balance Sheet
  2. 102 Cash at Bank – Balance Sheet
  3. 103 Financial Inventory – Cement  – Balance Sheet. Do not allow manual entry.
  4. 104 Financial Inventory – Steel – Balance Sheet. Do not allow manual entry.
  5. 105 Goods received – Balance Sheet. Do not allow manual entry. Category Inventory
  6. 106 Accounts Receivable – Balance Sheet. Do not allow manual entry. Category AR
  7. 107 Building – Balance Sheet . Fixed Asset Account. Other Assets
  8. 201 Accounts Payable – Balance Sheet. Do not allow manual entry. AP
  9. 202 Accrued Liability – Balance Sheet. Do not allow manual entry.
  10. 401 Rent Income – PandL Account. Income account.
  11. 501 Project Hours – PandL Cost of Goods sold account. Do not allow manual entry
  12. 502 Purchases – PandL Cost of goods sold. Do not allow manual entry.
  1. 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

Also Activate the accounting structure.
Segments only created in Profit and Loss only.
Add segment > JAK Department Select it which is a new dimension created. Allow blank also in that.
JAK CC and allow blank as well.
  1. From GL > Setup > Ledger > Select the accounting structures created just now.
  1. Create a new ledger journal
GL > Setup > Journal > Journal Names
Create a new JV Journal Voucher Journal
Accounts Receivable Setup
  • 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.
Accounts Payable Setup
  • 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
For check use setup and select check – move it to the left and press okay. And select check in the Export Format.
  • Make 1-2 new vendors in the system. Payment options make as check
  • Parameters > Updates > Post product receipt to Ledger (Make it checked marked)
Product Information Management
Create a new product to be used in the system.
Cash and Bank Setup
  • 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
Human Resource
Another blog post having detailed information about Human Resources
Another blog post having detailed information about Payroll information References
A good reference from the following web-sites

Setting up a new Company with Dimensions and Business Units

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