 |
|
Installation of Accounting Systems
- Consult your accountant!
- Decide on starting date, consider trial period.
- Set up nominal ledger accounts, Balance Sheet
and Profit and Loss Layout.
- Are departments required for sub analysis?
- Obtain starting trial balance.
- Obtain starting Sales and Purchase Ledger balances.
- Enter Trial Balance by journal entry.
- Enter Sales/Purchase account code, names, addresses, etc.
- Enter Sales and Purchase Ledger balances by posting directly to Sales/Purchase control account.
- Enter live data:
- Sales invoices
- Purchase invoices
- Cash received
- Cash paid
- Petty cash
- Continue to keep manual records for at least three months and Cash Book for a full year.
- Reconcile Bank Statements with Cash Book and Bank Control Account.
- Consider direct production of Sales Invoices.
- VAT? Accrued or Cash Accounting.
- Use a dummy company for practice (Multi-company systems only).
- Keep a backup disk for each of the five week ends. Keep a week-ending backup off the premises.
Benefits will be mainly a business that you manage -
instead of a business that manages you!
INSTALLING A COMPUTER SYSTEM WILL TAKE A GREAT DEAL OF TIME AND ENERGY. EXPECTATION MUST BE MATCHED BY COMMITMENT!
Contact Sanders & Shaw today to arrange a free meeting or to order the full copy of the New Business Kit.
|
|
|
