Company File Setup

This Support note is suitable for:

• ABSS Accounting
• ABSS Premier

Introduction

There are some items to consider when setting up your company file. This support note will brief you about these items, and guide you to set up your company file properly. 

What should I be aware of when setting up a company file?

Setting up your company file is a simple but important process. This support note helps you work systematically through this process to ensure you have your software up and running in the shortest possible time.

What information do I need to setup my company file?

Being prepared can reduce the time and effort needed to setup a company file.

The list below will help you to gather some of the information you will need.

1. A Balance Sheet or Trial Balance report as at your conversion date which is the date you commenced using your software. These reports will provide you with your chart of accounts and your ledger account Opening Balances.
2. Customers’ and Suppliers‘ details and trading terms.
3. Outstanding invoices and purchases dated prior to your conversion date.
4. Your employees’ details and their individual payroll balances (for products with Payroll).
5. Reconcile your cheque account(s) as at the conversion date. Doing this will provide you with your cashbook balance which is used for your cheque account Opening Balance. It will also provide you with a list of your unpresented deposits and withdrawals, which will also need to be entered.

What options do I select when setting up a new company file?

The New Company File Assistant window is automatically displayed when creating a new company file. This function provides a convenient means of entering the basic company file setup information.

The main sections that need to be completed are as follows:

Company information

Enter your company information in the relevant fields. By default the Company Name will be used when naming the company file. This can be changed when the file is saved to the computer's hard drive.

If available, also enter your software serial number.

Accounting information

• Current Financial Year - This is the financial year in which you want to enter your initial transactions. You will not be able to enter transactions dated in a financial year that is prior to the Current Financial Year.
• Last Month of Financial Year - Generally, the financial year runs from July to June, so June would be selected as the Last Month of Financial Year. A different month can be selected if necessary.
• Conversion Month - This option works in conjunction with the Current Financial Year. Initial transactions cannot be dated prior to the Conversion Month of the Current Financial Year. For example: If 2011 is selected as the Current Financial Year and December is selected as the Conversion Month, you will not be able to enter transactions dated prior to 1/12/2010.
• NOTE: Once your company file is created you CANNOT change the Conversion Month.
• Number of Accounting Periods - You can select either 12 or 13 accounting periods per year, with each month being counted as one period. By selecting 13 periods, you will be provided with an artificial period, which is ideal for entering end of year adjustments which would otherwise affect the June/July reporting period.
• After making your selections, click Next. Carefully read the confirmation window as once the setup is accepted, you will not be able to go back and change any of the Accounting Information settings.
• Accounts List - you will be provided with three options of setting up your chart of accounts. The first option allows you to select a chart of accounts tailored to your business type. If you already have an accounts list as a text file, perhaps from your accountant or previous business software, choose the second option. The Easy Setup Assistant will guide you through importing this file. If your accountant has prepared a Trial Balance or Balance Sheet report for you, then select the third option — I would Like to Build My Own Accounts List Once I Begin Using the software.
• Regardless of which option you select, your chart of accounts can be customised at any time.

Company file

Click Change if you want to change the name or destination of your new company file. Otherwise, click Next.

Conclusion

Click Setup Assistant if you want to continue customising your new company file. Alternatively, you can select Command Centre to start entering your accounting data.

If you select Command Centre, you can still access the Easy Setup Assistant. To do this, open your company file, go to the Setup menu and choose Easy Setup Assistant.

What else do I need to do?

Activate the company file

Activation is a process that verifies you have a legal installation of your Premier/Accounting software. You can activate your company file online or over the phone via an automated service.

Initial Bank Reconciliation

When setting up a company file, your cheque account's cash book balance is used as the account's Opening Balance. Your unpresented cheques and deposits are entered by allocating them back to the cheque account they are being written from. With the Opening Balance and unpresented transactions entered, reconcile the cheque account to the bank statement using the statement balance as at the conversion date. This is done by selecting as reconciled the deposit side of all the unpresented cheques, and the withdrawal side of the unpresented deposits.

Inventory Setup (for applicable software versions only)

There are two steps to setting up inventory: creating the items and then entering their opening balances.

Your inventory setup will depend on whether you are using a perpetual inventory system or a periodic inventory system. A perpetual inventory system is where your inventory quantities and values are updated with each purchase and sale. A periodic inventory system is where inventory quantities and values are determined through a stock take at the end of a period. Your accounting records are then manually updated with balance day adjustments.

Before setting up your inventory, you may want to ask your accountant which inventory system best suits your business.

To setup an inventory item:

1. Go to the Inventory command centre, click Items List then click New.
2. Enter the Item Number and Name.
3. Select the item settings that suit your inventory control method, then select the item's linked accounts.
4. If you selected I Buy This Item, then click the Buying Details tab and complete the fields in that window.

If you use the perpetual inventory system, you will need to enter your inventory opening balances. To do this, go to the Inventory command centre, click Count Inventory and then follow the on-screen steps.