SetUp Accounts & Categories Checklist
(3487)
The most important objective, when creating a new Big Business Company file, is entering Beginning Balance information. SetUp is an opportunity to make one-sided postings. Once you enter Customers, Vendors, or Items you cannot return to the Accounts and Categories SetUp without deleting Customers, Vendors, and Items, whose entries create postings to the Accounts & Categories. Use the following checklist to ensure that you made no critical errors or omissions.
• Did you include unique account codes? Account Codes (e.g. 1100-Checking) are essential for identifying accounts, especially if you will be importing CheckMark Payroll information, which uses the code to identify the account.
• Are all of your Bank Account Types specified correctly? You cannot change a Category with postings into a Bank Account after Setup.
• Are Default Categories specified? You can specify new Defaults, and assign specific Categories (e.g. Baby Bell vendor uses Telephone Expense Category) once SetUp is complete. However, Defaults are required to begin.
If you entered or imported your own Chart of Accounts (instead of Selecting one):
• Is Undeposited Funds a Current Asset? You cannot re-select the Undeposited Funds Account later.
• Are all other Account Types correctly specified? Accounts with postings cannot be modified.
Related: