Accounting System Set-Up

People's Choice for Windows Set-Up Guidelines

Accounting System Set-Up

1. Add new company using the new company Wizard feature

Enter the Company Code to use when identifying this company's data file

Verify the default drive and path of the data file is correct or change this information is necessary (Example: When installing People's Choice for Windows on a Network the data files ONLY are stored on the network drive)

Select to copy any of the existing company's information such as bank accounts, customers, inventory, suppliers (Helpful Hint: Leave the defaulted selections such as Transaction Types, Source of Order, etc. to copy from the sample company because these fields can be changed at any time and it could reduce the data entry time)

Add predefined chart of accounts, copy existing company's accounts (the company that was active when you initiated creating this company) or create a blank chart of accounts to be completed after the company is created.

Copy existing company's default information, budgets, and financial periods (only if appropriate)

2. Complete the Setup process using the "Company Information" option on Setup Tab by:

Entering company name, address, invoice and purchase order contact, bank account transaction types, customer list preferences, etc.

Entering sales & invoice defaults

Entering inventory and purchase order defaults

Assign default general ledger accounts for sales, purchases, inventory, undeposited receipts, etc.

Review & change invoice & bill of lading messages as needed (delete information if appropriate)

3. Create the appropriate Financial Periods for your business year by clicking on the Financial Periods icon from the Accounting Tab

4. Modify Chart of Account numbers by adding, deleting, changing, etc. accounts from the Chart of Accounts icon on the Accounting Tab

5. Add new warehouse records (if appropriate) from Purchases Tab

If you plan to use the Purchase Order function within People's Choice for Windows, you must add at least one warehouse record, which identifies your company's main mailing address. Enter the warehouse name (use something easily recognizable), address, and primary contact

6. Add new supplier records (if appropriate) from Purchases Tab

Enter company name, address, contact, default general ledger account, payment terms, comments, etc.

7. Add new customer records from Customers Tab

Enter company name, address, contact, pricing code, default sales person, shipping preference, payment terms, tax locations, multiple ship to addresses, etc.

8. Add new inventory records from Purchases Tab

Enter the pertinent item information including multi level pricing structures, assembly information serial numbers, style and/or color and which warehouse this item is stored in

Create service records by assigning either "Labor" or "Service" in the Class input field

Helpful Hint: Enter the same "Inventory" General Ledger account that is displayed above the "Inventory Adjustment Account" line when entering beginning balance inventory quantities

SPECIAL NOTE: It is imperative that you post any inventory adjustment transactions to the accounts specified so you do NOT duplicate beginning balances entered from your Trail Balance

9. Create Bank Accounts from Banking Tab

Assign a GL account to each new bank account added (use the "pencil" button to add an account on the fly if necessary)

10. Use the Enter Adjustments option from Banking Tab to create beginning checkbook bank balance

Select "Beginning Balance" as Transaction Type

Leave "Amount Withdrawn" and "Debit Account" fields blank

Enter beginning checkbook balance as "Amount Deposited"

Enter the General Ledger number that is assigned or related to this particular bank account as the "Credit Account"

SPECIAL NOTE: It is imperative that you post these transactions to the accounts specified so you do NOT duplicate beginning balances entered from your Trail Balance.

11. Enter unpaid sales (customer) invoices with a date prior to your General Ledger Account "BegBal as of" date

Helpful Hint: If you have many invoices to enter, you can change the system date on your computer to make the data entry go faster

12. Enter unpaid supplier (bills) invoices with a date prior to your General Ledger Account "BegBal as of" date

SPECIAL NOTE: After entering these invoices go to Accounting tab and select the Chart of Accounts icon then click the BegBal button at the bottom of the screen. Click the "Clear Prior GL Entries" button at the bottom of this screen. This action will clear any and all transactions that have a date prior to the "As of Date" at the top of the beginning Balance screen. This feature will allow you to start using the system right of away and enter the account beginning balance at a later date without any duplication.

13. Use the Batch Posting option to post unpaid sales and supplier invoices from the Sales and Purchases Tab

Press the Select All button then press the Post Selected Transactions button

Helpful Hint: Use the batch Post screen as a verification tool. If the total of the bill or invoice does not look correct, you can go to the source transaction by clicking on the "bill" or "invoice" button to the left of the line item. You can make changes to the bill and/or invoice prior to sending it to the General Ledger

14. Enter beginning trial balances using the "BegBals" button on Chart of Accounts screen from the Accounting Tab. Prior to entering your account beginning balances be sure to:

Verify the that each bank balance equals the corresponding cash account

Verify the total of all unpaid sales invoices equal the balance of the accounts receivable account

Verify the total of all unpaid bills equal the balance of the accounts payable account

Verify the total cost of all inventory items equal the balance of the inventory asset account (if appropriate)

Enter the date of the trial balance in the "As of Date" at the top of the screen

15. Enter revenue and expense budgets (if desired) using the "Budget" button on Chart of Accounts screen

16. Enter any open sales orders (if any)

17. Enter any open purchase orders (if any)

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