Company Setup Checklist

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The following list identifies all entities in the system in implementation order to most efficiently setup a new company.

 

Signup

1.Fill out the Signup screens.
2.Setup Server information.
3.Login to ObjAcct.

 

1099 Setup (Optional)

1.If your company tracks and reports vendor 1099 information, you may need to setup additional 1099 boxes in 1099 Setup.  By default 1099 Setup includes entries for all 1099-MISC form boxes.  For example if you need to track 1099-DIV or 1099-INT amounts, you will need to define these in 1099 Setup.

2.    Default 1099 boxes can be setup for account and vendors.

 

Document Format Setup (Required)

1.The Document Format application is used to setup customized invoice and check report layouts.  By default a Standard Invoice and Standard Check layout is setup in Document Format and are the defaults for your company (Default Invoice Format and Default Check Format in Company Setup - Defaults).  If your company requires invoice or check formats that vary from the standard layout, you will need to setup entries for these customized report layouts. 

2.    Default invoice and check formats can be setup for in accounts, jobs and customers.  You can create entries for these various formats prior to completing the custom report development.  This will allow you to accurately assign default invoice and check formats while setting up your accounts, jobs, and customers.

 

Tax Form Line Setup (Optional)

1.To assist in tax preparation, you may use Tax Form Line to setup identifiers for specific line items on various tax forms and assign these identifiers to general ledger accounts that should be included in the total for a specific tax form line. 

2.    The Transactions By Tax Form Line report lists the transactions and totals for each tax form line.

 

Account Category Setup (Optional)

1.Use Account Category to setup and define groups of accounts with like account types that you wish to report transaction activity together.  See Transactions by Account Category.

2.    Account categories can also be used to require the entry of job information.  In Company Setup, if you check Require Job For Account Category, each time you enter an account with an account category assigned to it in Chart of Accounts, you will also be required to enter a job ID for the transaction.  See Job Activity by Account Category.

 

Chart of Accounts Setup (Required)

1.Get a chart of accounts from your prior accounting system.

2.    Use Key Segment Definition to define segments for your account ID to increase the efficiency of referencing and reporting information by allowing each segment to fulfill a specific record identification purpose. For example, accounts might be separated into two segments with one segment identifying the main general ledger code and the other segment identifying the department.  This 6-character account,  1200-01, represents the Accounts Receivable a (1200) for department (01). 

3.    Use Key Segment Validation to define valid values for each account segment defined in Key Segment Definition that you wish to validate or limit the entries for the segment.

4.Review the ObjAcct chart of accounts.
5.Add, edit or delete accounts as necessary in the Chart of Accounts screen.  The

     "3000  - Opening Balance Equity" account is required by the opening balance entry processing logic in ObjAcct and cannot be deleted.  However, the account ID can be modified.  See Enter Beginning Balances for additional information about the opening balance equity account.

6.Print a Chart of Accounts report and compare it to the report from your previous accounting system.

 

Class Setup (Optional)

1.Decide whether to use classes for departmental or location reporting. Classes are used in conjunction with accounts and can denote departments, divisions, sales regions or teams, cost centers or revenue centers.

2.    Use Key Segment Definition to define segments for your class ID to increase the efficiency of referencing and reporting information by allowing each segment to fulfill a specific record identification purpose. For example, classes might be separated into segments with each segment used to identify a particular aspect of sales.  This 7-character class,  02-550-DD, may be separated into three segments that identify a specific division (02), department (550) and location (DD).  

3.    Use Key Segment Validation to define valid values for each class segment defined in Key Segment Definition that you wish to validate or limit the entries for the segment.

4.Enter classes in the Classes screen.
5.Print and review Class List.

 

Account Class Validation Setup (Optional)

1.Use Account Class Validation to setup combinations of accounts and classes to be used for validation at data entry time. 

2.    In Company Setup - Account Class Validation Type you can specify whether all account class combinations must be validated against the Account Class Validation entries or class validation should only be performed for those accounts that have entries in the Account Class Validation list screen.

3.    Use Generate Account Class Validation to automatically generate entries in the Account Class Validation list screen.

 

Retained Earnings Account Mapping Setup (Optional)

1.Use Retained Earnings Account Mapping to setup the retained earnings account and class that specific income and expense account combinations should be closed to at year end.

2.    By default, the Close Fiscal Year process will use the Company Setup - Default Retained Earnings Account and Default Class if no entries are setup in Retained Earnings Account Mapping.

 

Distribution Template Setup (Optional)

1.   Distribution Templates is used to setup pre-defined destination account allocations.  These templates

     may be assigned to a source account(s) in Allocation Groups and are available during data entry for line

     item allocations.

 

Allocation Groups Setup (Optional)

1.   Use Allocation Groups to define the account class groups for performing general ledger account period to

     date balance allocations. An allocation group consists of one or more source accounts from which to

     distribute balances and one or more destination accounts to which the balances will be distributed.

 

Bank Fee Setup (Optional)

1.Use Bank Fees to setup interest earned and service charges that appear on your financial statements and assign a default general ledger account to these items for use in the Reconciliation activity.  If you do not wish to enter interest and other charges during reconciliation, you can simply enter a journal entry.

 

Budget Type Setup (Optional)

1.If your company prepares general ledger account or job budgets, use Budget Type to setup the identifiers for each budget model, such as "Original", "Revision 1", "Revision 2", etc.

 

Item Category Setup (Optional)

1.Use Item Categories to setup classifications of goods for tax and inventory purposes.  If your company collects or pays sales tax, you may need to setup item categories for specific taxes.  Individual taxes may apply to all types of items or only specific categories of goods. 

2.    Item Categories can also be assigned to Items and attributes for a given category can be define and captured for each item assigned to the category.  Examples of attributes are color, size, style. 

 

Sales Tax Setup (Optional)

1.Get a list of sales taxes from your previous accounting system.
2.Determine if each tax should be calculated on taxable amounts only or on taxable amounts plus other taxes.

3.    Determine what Item Categories the tax is applicable for and set the Item Category Rule and  Item

4.Click on the <New> entry in the Tax Authority drop down list to setup a new vendor for the sales tax.
5.Enter sales taxes in the Sales Tax List screen.

 

Sales Tax Group Setup (Optional)

1.If your previous accounting system allowed you to group sales taxes, get a listing to assist you in the entry of sales tax groups.
2.Identify logical groupings of sales taxes.
3.For each sales tax group, determine if taxes should appear on printed invoices as on summarized amount or detail lines for each tax in the group.
4.Enter sales tax groups in the Sales Tax Group screen.

 

Vendor Type Setup (Optional)

1.Decide whether to use vendor types to classify your vendors.
2.Enter vendor types in the Vendor Types screen on the Lists menu.

 

Terms Setup (Optional)

1.Enter terms given to you by your vendors and those you give to your customers in the Terms screen.
2.Print and review the Terms List.

 

Country Setup (Optional)

1.Use the Country List application to standardize the use of country names for all addresses used throughout ObjAcct.

 

Vendor Setup (Optional)

1.Get a vendor list from your previous accounting system.
2.Determine which vendors that you wish to transfer to ObjAcct.

3.    Setup a Default Vendor Terms in Company Setup to automatically assign the default to all new vendors.

4.Enter vendors in the Vendors screen and setup the applicable defaults.

5.    By default each Vendor has an Entity Address.  You can also enter one or more remit to or purchase from addresses for each vendor.  

6.    If you are calculating use tax, setup the default sales tax for each vendor and or each vendor address.

7.    You can enter the opening balance for each vendor at setup time or follow the steps in Enter Vendor Beginning Balances.  If you only have a single vendor bill or credit, you can enter an amount in Balance when you set up a vendor in the Vendor List screen.  You can only enter amounts in Balance if the Allow Entry of Opening Balances checkbox in the Company Setup screen is checked, the vendor balance is zero and there are no transactions for the vendor in the database.  If the following criteria are met, entering and saving a vendor Balance will automatically generate a vendor bill that can be paid later.  One side of the entry is made to the vendor's default Accounts Payable account and the other to Opening Balance Equity account. 

8.Print a Vendor List and compare it to the report from your previous accounting system.

 

Employee Setup (Optional)

1.Get a employee list from your previous accounting system.
2.Enter employees in the Employees screen.
3.Print an Employee List and compare it to the report from your previous accounting system.

 

Other Name Setup (Optional)

1.Get a list of organizations, individuals or entities that are not vendors, customers or employees from your previous accounting system.
2.Enter this information in the Other Names screen.
3.Print an Other Names List and compare it to the report from your previous accounting system.

 

Salesperson Setup (Optional)

1.Get a list of salespersons from your previous accounting system.
2.Enter this information in the Salesperson screen.  Each salesperson must also be setup as vendor, employee or other name entry.
3.Print a Salesperson List and compare it to the report from your previous accounting system.

 

Price Level (Optional)

1.Use Price Levels to establish various pricing categories for your products that are based on an increase or reduction from the standard price.  Price Levels can be assigned to Customers to allow you to provide discounted prices to specific customers or charge a premium to others, possibly based on volume of business.  Price Levels may also be assigned to Items for use in the Item Sale application.

 

Customer Messages Setup (Optional)

1.Enter and save customer messages. These will be listed as options in a drop down menu on the Invoice/Credit Memo screen, and will print on your customer Invoices.
2.Enter customer messages in the Customer Messages screen.

 

Customer Type Setup (Optional)

1.Decide whether to use customer types to classify your customers.
2.Enter customer types in the Customer Types screen on the Lists menu.

 

Customer Setup

1.Get a customer list from your previous accounting system.
2.Determine which customers you wish to transfer to your ObjAcct account.

3.    Setup a Default Customer Terms in Company Setup to automatically assign the default to all new customers.

4.Enter customers in the Customers screen and setup the applicable defaults.

5.    By default each Customer has an Entity Address.  You can also enter one or more bill to or ship to addresses for each customer.  

6.    If you are calculating sales tax, setup the default sales tax for each customer and or each customer address.

7.    If applicable, assign one or more salespersons to the customer.

8.    You can enter the opening balance for each customer at setup time or follow the steps in Enter Customer Beginning Balances.  If you only have a single invoice or credit, you can enter an amount in Balance for the customer in the Customer List screen.  You can only enter amounts in Balance if the Allow Entry of Opening Balances checkbox in the Company Setup screen is checked, the customer balance is zero and there are no transactions for the customer in the database.  If the following criteria are met, entering and saving an amount in Balance will automatically generate an invoice document that can be paid later through Customer Payment.  One side of the entry is made to the customer's default Accounts Receivable account and the other to Opening Balance Equity system account. 

9.Print a Customer List and compare it to the report from your previous accounting system.

 

Job Status Setup (Optional)

1.If you track information for jobs, determine the statuses that you wish to track for jobs and enter in the  Job Status List application.

 

Job Type Setup (Optional)

1.If you track information for jobs, determine the types or classification of jobs that your organization performs and enter in the Job Type List application.

 

Task Setup (Optional)

1.If you track task level information for jobs, determine the tasks that your organization performs and enter in the Task List application.

 

Job Setup (Optional)

1.Get a job list from your previous accounting system.
2.Enter jobs in the Job List screen.

3.    If you are using tasks, assign the applicable tasks to the job.

4.Print a Job List and compare it to the report from your previous accounting system.

 

Unit Setup (Optional)

1.Use Unit List to enter the standard basic measurements used to track the quantity of items in your inventory or the service items you bill to customers.

 

Item Setup (Required except for General Ledger and Payables)

1.Determine the products and services for which you will bill your customers.
2.Enter those products and services in the Items screen on the Lists menu.

3.    If you have stocked items, you must first check on the Company Setup - Use Inventory box before you will be able to enter "Stocked" type items.

 

Item Sales Price Setup (Optional)

1.If you provide discounted pricing for your customers, enter the pricing quantities and discounts in the

      Item Sales Price application.

2.    If you do not provide discounted pricing, the Unit Price setup for each Item is the default price for invoicing  and sales order processing.

 

Site Setup (Optional)

1.If you are storing, receiving or shipping inventory in multiple sites setup each site's information

      in Site List.

2.If you are using have multiple locations within each site, setup the locations in the Site Location Tab.

 

Payment Method Setup (Optional)

1.Add payment methods as necessary in the Payment Methods screen.

2.    If you print checks for your vendors, you must check the Include in Print Checks box for the payment method that you use in the Pay Bills application that you want to product checks for in Print Checks.

3.    You can define up to three reference fields that you would like to capture for each payment method.  Entry of these reference fields in available in Pay Bills and Customer Payments.

 

Reason Code Setup (Optional)

1.Use Reason Codes to enter identifiers for various business functions that can be assigned to documents such as journal entries, purchase orders and requisitions.

 

Shipping Method Setup (Optional)

1.Use Shipping Methods to define the modes of transporting goods that you ship and receive in your business.

 

Asset Type Setup (Optional)

1.Use Asset Types to define the categories of fixed assets in your organization. Examples of asset types are equipment, land, buildings, vehicles, and computers.

 

Asset Setup (Optional)

1.Get an asset list from your previous accounting system.
2.Enter assets in the Asset List screen.
4.Print an Asset List and compare it to the report from your previous accounting system.

 

Affiliate Companies Setup (Optional)

1.Use Affiliate Companies to setup entries for other ObjAcct companies that you wish to consolidate data and report with the current ObjAcct company data.

 

Company Setup (Required)

1.Review your address information and select the first month of your fiscal year on the Company Tab.

2.    Review the field documentation for the options on the General Tab and decide which ones you want to implement.

3.    If you have elected to use classes, decide if they are to be required or optional and if you want to validate account class combinations on the Class Tab.

4.    The document numbering and update options are defined in the Document Tab.

5.    The options for setting up inventory and selecting inventory storage and tracking options are on the Inventory Tab.

6.    If your company tracks job information, the implementation and setup options related to job costing are o the Job Tab.

7.    If you wish to assign batches to certain payables, receivables, inventory or general ledger documents turn on batches in the Batch Tab.

8.    Setup data entry defaults in the Defaults Tab.

9.    Load your company logo and other graphics to be included on reports in the Graphic Tab.

 

Setup Users and Security

1.Enter user information in the User Setup screen on the Company menu.
2.Denote which users are to be administrators by checking the Admin box.
3.Setup user screen access in the User Roles screen on the Company menu.