Checklists > New Company Setup Checklist

1.Start Pak Accounting by clicking on the icon. See User ID for more information on this box.

2.This will take you to the Splash Screen. Either enter in an existing company or create a new company.

3.Enter the information on the Company Master Maintenance screen. See Company Master Maintenance in General Ledger.

4.Set up Chart of Accounts. See Account Maintenance.

5.Set up Sub-Tables. See Sub-Table Maintenance.

6.Set up Sub-Accounts. See Sub-Account Maintenance.

7.Set up Journals. See Journal Maintenance.

8.Entering beginning balances. Now that the Chart of Accounts is set up, the Balance Forward amounts from the manual books/old software system need to be entered. Choose the Effective Date to be used for the entries. This date is typically the last day prior to going live on Pak Accounting. Good effective dates would be: End of the Year, or End of the Quarter, or even End of the Month. Print a Balance Sheet from the old software system (or hand written balances from a manual system) to be used as the input source document for entering the Balance Forward amounts. See Entering Journal Entries for how to enter the balances. See Beginning Balances for more step-by-step instructions on adding detail for AR and AP balances. Beginning balances are usually entered in Journal 100.

9.Set up your bank account information. This must be set up before you can write checks out of Pak Accounting. See Bank Account Maintenance.

10.Enter outstanding checks from old system. In Bank Reconciliation > Check History, enter checks still outstanding from your old system. This does not create any General Ledger entries, it only puts the checks into a history file so that you can reconcile your first bank reconciliation.

11.Set up Financial Reporting. Printing financial statements is the most important part of the General Ledger Module. The Financial Statements are completely user specific, although several generic financial statements' report definitions are provided and can be imported into the new company. See Financial Reporting.

12.Enter payroll historical information. How much detail you need to enter depends on when you first start on Pak Accounting. For example, if you start in February, then you have the choice of entering every payroll cycle or January as a whole month then start in February. If you are starting in July, then enter the first two quarters and start fresh in July.

13.Enter the historical information as a Payroll cycle with the Automatic post entries to G/L option in Master Files Maintenance > GL tab turned off. If your Social Security and Medicare numbers do not match to the penny, please contact your Customer Success Team.