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Accounting
Setup:
Select
"2" Accounting Setup from the
configuration menu to define the numbering range for your
chart of accounts.
This screen
defines some important accounting dates, but we’ll
ignore them for now. Before we can set up a chart of
accounts, SNAP-2-IT needs to know the range of
numbers you will be using for each of the 5 major sections
(assets, liabilities, capital, income, and expenses).
Select
"3" Chart of Accounts to enter the chart
of accounts you will be using.
It’s a
good idea to set this up, even if you don’t plan to do
your actual bookkeeping in SNAP-2-IT. These numbers
can be defined and used to give you up-to-the-minute
information on your business, even if the actual
bookkeeping is done elsewhere.
At the very
least you should enter some income and expense accounts,
an accounts receivable and payable account and a cash
account for each of your banking accounts. Even if you don’t
plan to do your books with SNAP-2-IT, the
information that can be provided using these numbers will
be extremely helpful to you.
During the setup phase,
only enter "posting" accounts into the chart of
accounts. Don’t worry about formatting the chart of
accounts or other bookkeeping configuration during the
initial setup of a new company.
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