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Basic Assignments
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Options & Settings
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Main Time Information
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Sample Start-up Company 1. Initial investment of $10,000 and want to set up a new corporation - Set up new corporation - Set up new bank - $0 balance - Set up a balance sheet item(s) one for each investor o New chart of accounts – balance sheet – Equity – Capital Paid In (chart of account) - New balance sheet item with sub - Go right into a special deposit and tie it to the balance sheet item - New chart of account – balance sheet – Asset – Cash/bank balance - Once all is done fully owed equity goes up by $10,000 and the bank balance and assets goes up by $10,000 Accounting method: item was put in first and then the deposit was made. 1. Initial investment of $10,000 and want to set up a new corporation - Set up new corporation - Set up new bank, $0 balance - Make a deposit - Choose from deposit options: o Sales/invoice deposit o Transfer funds o Special deposit - Choose special deposit - Choose from a list of options: o Special orders – need to stock in a unit or need to create a PO for a part o Deposit on existing inventory – already in the system on an incoming PO o Refund – need to tie to an expense/receipt o Credit – could be money or other current asset form o Shareholder/investment – needs a balance sheet item o Loans – needs a balance sheet item o Donations – tie to invoice – long term liabilities o Sales – tie to invoice o General/Other – flexible and open - Choose shareholder/investment - Choose from existing balance sheet item or create new - Create new balance sheet item and sub - Finish up special deposit – ends up same as above – only difference, we hold your hand through the process Operations method: do a special deposit and let it prompt you to input the balance sheet item Use $6,000 to buy a delivery van – Paid in full - Set up a new balance sheet item and sub - Set up new chart of account o Balance sheet – Assets – Equipment –Delivery Van - Create a special expense/receipt and tie it to the van or balance sheet item - Create a new chart of account for the receipt – don’t want this expense type to go to the income statement – not sure what to do? o Balance sheet – Assets – cash/bank balance Accounting method: item is put in first and then paid for |