New Company Database - Financial Information

This is a part of the wizard for the creation of a new company database during the first time setup or when you create a new company database later on.

The information you enter here is determines how all accounting-related data is being handled by the program.

The Accounting year can be changed later on, but you need to enter which accounting year you are starting to use the program in. Also enter the month you start using the program in.

Note! Ensure that you enter the right month for your current accounting year as well as the right number of VAT periods. If you are uncertain of these, we recommend that you contact your auditor for help. These settings can be edited later under the Accounting Settings, but not once you have begun to make journal entries.

Chart of Accounts: As part of the program you also install a Chart of Accounts. Later on, this chart can be modified to match your program usage by adding or deleting accounts. Click on the Details link for a preview of the selected chart of accounts.

VAT: If your business is liable to pay VAT this has consequences for the calculation of product prices, invoice amounts and more.

No. of VAT periods: How often you settle your VAT payments with the authorities determines the number of periods you should select here. For example, if you settle your VAT payments once a year, you should enter a 1 into the field.

Company reg. no.: Enter your Company Registration Number into this field.

VAT number: Enter your allocated VAT number here if your business is registered to pay VAT.

Customer & Supplier Ledger is used: If you select this option you will be able to make your settings for payment reminders, debt collection, factoring and remittance at the next step. You can read more about these settings in Customer & Supplier Ledger Settings.

Common journal entry numbering across all journal types: The Accounting module contains a number of pre-defined journal types. Everything being posted in the Financials needs to be placed in one of these journal types or a journal type you have defined yourself. These can all share a number series if you select this here. You will still be able to identify the journal entries with the help of the journal types. What you ought to select here depends entirely on your routines, for example for how you archive journal entries. When applying a common number series, all journal entries will be archived chronologically. Other people prefer to archive journal types separately and might thus prefer to have a separate number series per journal type. You can read more in Journal Numbering .

Next step:

New Company Database - What does your company sell/invoice?