The following screen shots identify what is required to create a new financial entity and ledgers from enCentrals entity list. This is a 'one-off' task for any given entity, and subsequent financial periods are managed, in part, by the enAccount icon: Financial Years. For the second and subsequent periods, the start date is taken automatically from the preceding period.
Note: Before setting up the Accounting Entity with it's chart of accounts and control accounts, it is recommended that you review the Chart of Accounts, and if necessary update enVisuals list of available Chart Templates. In doing so the Wizard will help you painlessly create the accounting/ledger structure you require.
The explanation for each screen is displayed in the screen itself however brief descriptions follow:
Location within enAccount left side shortcut menu - Financial Entity Wizard
1: Select an entity, the entity must have been set-up in the contact manager
2: Create an accounting period and select the template of account you wish to use. You will notice some accounts on the template are already pre selected. This is because they are defaults for that template.
3: Set-up a bank account. This is not necessary at this stage as bank account can be set up at a later stage via Bank Account Maintenance.
4: Give you the option to change control and default accounts from those set up with the accounts template, to do this just click on the account and select from the list. At this stage you also need to select the security group you wish to give access to this client's ledger. To do this select the group from the Available groups box and click Add. You can add more than one group
Note: For the first period, the starting balances in the Nominal Ledger must be set up before trading begins. For subsequent years, the starting balances are taken from the closing balances from the previous period. So the periods must clearly be defined sequentially.