Once a new company has been created in the Integral Accounting Enterprise system, the next step is to set up the information in the system for that company.
IMPORTANT: Before entering any information into the Company Setup screen, you MUST read and complete the Setup Checklist.
Most of the tables in the Integral Accounting Enterprise system are linked together and much of the data is interrelated. This means that data entered in one place often supplies fields on several other screens, and if that data is not entered first, the other screens will not be displayed properly.
To get to the Company Setup screen, click System Setup from the main menu, then click Company Setup, and click Company Setup once again. A screen is displayed with the company that you are logged in under. Click the pencil next to the company name and a screen will come up that displays all the information for that company. The screen is broken down into several sections and each section represents a category of information about the company.
The main section of the company setup screen contains the basic information about the company.
In the corresponding fields, enter the company name, complete address, country, phone number, fax number, email address, and website address for the company.
In the Company Logo URL field, enter the URL (web address) where the company logo is stored. In the Company Logo Filename field, enter the actual filename of the company logo.
The Company Notes field can be used to collect any specific notes about the company.
The Defaults Section is where the default information about how your company does business is stored. Some of these fields, as noted below, are automatically completed based on data in other tables within the system. Therefore it is extremely important to enter the data as it is specified in the Setup Checklist. The fields listed in the Defaults Section specify the default values for how your company does business.
Currency ID: This field is a drop down field where the default currency for the company can be selected. This list is automatically populated from the Currencies Screen under Company Setup.
Bank Account: This field is where the main bank account for the company can be selected. This list is automatically populated from the Bank Account Screen under Company Setup.
Default GL Posting Date: This field is where the default posting date for GL transactions is specified. Enter a 1 if the company will post GL transactions by system date. Enter a 2 if the company will post GL transactions by the transaction date.
Default Sales GL Tracking: This field is where the default posting date for GL Sales Account Transactions is specified. Enter a 1 if the company will post GL Sales Account transactions by customer. Enter a 2 if the company will post the GL Sales Account transactions by item.
Default Terms: This field is a drop down field where the default terms for how the company bills customers can be selected. This list is automatically populated from the Terms Screen under Company Setup.
Age Invoices By: This field is where the default date for aging the company invoices is specified. Enter a 1 if the company will age invoices based on the invoice date. Enter a 2 if the company will age invoices based on the ship date.
Age PO By: This field is where the default date for aging the company purchase orders is specified. Enter a 1 if the company will age the purchase orders based on the purchase order date. Enter a 2 if the company will age the purchase order based on the receive date.
Finance Charge: This field specifies whether the company charges a customer a finance charge on an unpaid late balance by default.
Charge Handling: This field specifies whether the company charges handling on each order. Check the box if the company does charge handling on orders, leave it blank if the company does not charge handling on orders.
Handling Rate: This field specifies a flat rate that is charge for handling on all orders. In this field, enter either a dollar amount or a percentage, depending on how the company applies the handling charge.
Handling As Percent: This field specifies whether the handling rate will be charged as a percent. Check the box if the company will charge the handling fee as a percent, leave the box unchecked if the handling fee will be charged as a flat rate.
Default Inventory Costing Method: This field specifies the inventory costing method that the company uses. Enter one of three options: F, L or A. F stands for FIFO (first in, first out); L stands for LIFO (last in, first out); A stands for average.
The determination of the proper inventory costing method for a company to use should be carefully discussed with the management and the company's accountant(s). The inventory costing method selected has a significant effect on the costs and physical flow of inventory and should not be changed once it is selected and transactions have been entered.
IAS Compliance Note: If you use the LIFO Costing Method your system will no longer be IAS Compliant.
Default GL Purchase Tracking: This field specifies the default purchase order tracking method. Enter a 1 if the company will track purchases by vendor. Enter a 2 if the company will track purchases by purchase account.
The Accounts screen is where the individual default General Ledger Accounts for the company are specified. In addition to the Chart of Accounts, the accounts listed here are one of the most important parts of the system. These accounts represent the default accounts that are used for recording all the transactions in the system by the company. The accounts listed here are also used to create the Financial Reports, and for many other functions within the system. It is imperative that extreme care be taken when setting up this screen. Incorrect selection of an account can result in inaccurate reporting.
The drop down lists are populated from the Chart of Accounts. Therefore, it is extremely important that the Chart of Accounts be reviewed and/or edited if need be before selecting the General Ledger Accounts. Once the Chart of Accounts has been reviewed and reflects the existing chart of accounts that the company is using, then the default General Ledger Accounts can be selected on this screen.
IMPORTANT: Do NOT select the accounts on this screen until the preceding steps outlined in the Setup Checklist have been completed.
Select each default GL Account from the drop down list for each account. You must select an account from the list for EACH General Ledger Account.
The Periods Screen is where the Company's accounting periods are entered and recorded. Accounting Periods are the way a company divides their fiscal year into smaller portions. Some common accounting periods companies use are quarterly, monthly, and dividing the year into 13 equal portions. Integral Accounting Enterprise supports all of these common formats, as well as any other division with 14 or fewer periods. The 14th fiscal period is available as an "extra" fiscal period for entering adjusting entries, or end of year transactions.
Fiscal Start Date: In this field, enter the starting date of the fiscal year for the Company.
Fiscal End Date: In this field, enter the ending date of the fiscal year for the Company.
Current Fiscal Year: In this field, enter the current fiscal year for the Company.
Current Period: In this field, enter the current open fiscal period for the Company.
In the remaining periods, enter the ending dates for each fiscal period that the company has. The number of fiscal periods entered depends on how many fiscal periods the company has. Do not check off the boxes under each period date. Those boxes are automatically checked when each period is closed through the normal Year End Closing process