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 Overview

The General Ledger Setup Wizard provides several pages of questions and options that help you set up the General Ledger module for new companies; you must complete this wizard and additional procedures before using the General Ledger module to process your daily transactions.

 Before You Begin

Before beginning the General Ledger Setup Wizard, make sure you understand the following concepts:

• General Ledger Account FAQs

• Rollup Code FAQs

 

To set up the General Ledger module for a new company

1. Prior to completing the General Ledger Setup Wizard, assemble the following information and have it available for use before beginning the additional setup procedures:

2. Your General Ledger Chart of Accounts

3. A trial balance from the last completed accounting period

4. Copies of your company's latest financial statements, including the Income Statement and Balance Sheet

2. When you access the General Ledger module for a new company for the first time, the General Ledger Setup Wizard appears. Complete the General Ledger Setup Wizard.

3. Complete these additional setup procedures:

1. Review settings in the General Ledger Options window.

2. If necessary, Create an Account Group.

3. Verify that the current fiscal year is set up properly in Fiscal Year Maintenance, and if necessary, create future fiscal years. For instructions, see Create a Fiscal Year.

4. Create a Source Journal.

5. If you created rollup types, see Create Rollup Codes.

4. Based on the option you selected in the wizard, complete one of the following sets of procedures:

 If you selected the Create the Account Structure option in the Wizard:

1. Set up all main accounts (see Create a Main Account).

2. Set up all subaccounts (see Create a Subaccount).

3. Print the main account and subaccount listings, and check the accuracy of all values and descriptions. Verify the account group and account type information for each main account.

4. Create accounts (see General Ledger Account FAQs).

 If you selected the Create the Account Structure and Copy from a Sample Chart of Accounts option in the Wizard:

1. Set up all subaccounts (see Create a Subaccount).

2. Print the main account and subaccount listings, and check the accuracy of all values and descriptions. Verify the account group and account type information for each main account.

3. Create accounts (see General Ledger Account FAQs).

 If you selected the Create the Account Structure and Copy from Another Company option in the Wizard:

1. If you changed the account structure of the company you copied from, you may have to modify all main accounts (see Create a Main Account) and/or modify all subaccounts (see Create a Subaccount).

2. Print the main account and subaccount listings, and check the accuracy of all values and descriptions. Verify the account group and account type information for each main account.

3. Create accounts (see General Ledger Account FAQs).

5. Finally, complete the following to ensure that your account system is in balance:

6. If you are setting up the General Ledger module at the beginning of a fiscal year, enter beginning balances (see Enter Beginning Balances).

7. If you are setting up the General Ledger module in mid-fiscal year, enter beginning balances and then record activity for each closed period of the current year (see Enter Beginning Balances and Enter Data for Each Period).

The General Ledger module is set up for the new company and you are ready to process your daily transactions.

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