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The first time you login to ObjAcct you will have only the company information that you provided during signup and a skeleton chart of accounts. There are optional steps that you may complete before you begin regular operations.
These steps include the following:
| • | Confirm your company information. Company Setup contains the name and address information that you entered during signup as well other information and system defaults to ease your use of ObjAcct. Review the information entered, and correct it if necessary. Set any defaults that you think might be helpful. See Company Setup, for a discussion of your options. |
| • | ObjAcct uses an Opening Balance Equity account to offset opening balance entries for customers, vendors and accounts. The use of this equity account ensures that you can generate a correct balance sheet even if you have not completed the entry of all asset and liability account balances. |
| • | The general format of a balance sheet is as follows: Assets = Liabilities + Owners' Equity. Therefore, when you enter the balance for an asset account, ObjAcct will also increase the equity side of the equation by making an entry to the Opening Balance Equity account. Likewise, when you enter the balance for a liability account, an entry is made to decrease the Opening Balance Equity account. |
| • | Since ObjAcct makes all opening balance offsetting entries to the Opening Balance Equity account, you may need to transfer some of the balance of this account to other equity accounts using Journal Entry: |
See the following sections for a detailed explanation of entering beginning balances for accounts, customers or vendors:
Enter Account Beginning Balances
Enter Customer Beginning Balances
Enter Vendor Beginning Balances
Prevent Changes to Opening Balances - Once you are satisfied that your opening balances are complete, uncheck Allow Entry of Opening Balances in Company Setup to prevent accidental changes to beginning account, vendor and customer balances.
When you have completed these steps you are ready to begin using ObjAcct.
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