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SUGGESTED START UP STEPS:
A) Chart & Company Options:
1) Set up your Chart of Accounts for Revenue / Billing
2) Fill out all the key company setup options.
Note: Using the Pak Accounting Quick Start gets you to this point.
B) Setup master files:
3) Set up Vendors (F12 – Table 20)
4) Set up Properties (From Check Stub or Revenue Billing menu)
5) Set up Owners (F12 – Table 101)
6) Set up Revenue/Billing DOI
7) Set up Purchasers in Check Stub
8) Set up Division Orders in Check Stub
9) Set up Overhead Maintenance
10) Set up all current AFE's If needed
11) Set up Investor Interface If needed
12) Set up Severance Tax if needed
C) Entering Data
13) Enter Beginning Balances -- at a minimum we suggest entering:
13.1 – Owner A/R beginning Balances (required if Joint Interest Billing and/or netting)
13.2 – Beginning Balance AFE prepayments (if needed – via CS Deposit entry). Step #10 must be done first.
13.3 – Open Item A/P – if you want to start paying bills. We suggest setting up a special account called "A/P-Beginning Balance". For instance, if you're A/P account is 2010, then set up account 2011. Assign no Sub-Table and use an account type of "L". Print a list of Open Item Accounts payable by vendor & invoice number from your old system. Enter them in the system via the Accounts Payable – "Enter Invoices to Pay" menu option. Code all beginning balance A/P to the 2011 account.
13.4 – Operating Cash Balance – if you want to start tracking cash
Note on Beginning Balances: Eventually you will need to enter all beginning balances into they system. The Accounts Payable control total from your old system's trial balance should be coded to the 2011 account. See example in 13.3 above. If you put in the beginning balances in partial segments, do not duplicate any balances already entered in step 13. Normally the Retained Earnings account is a good account to use for any offset when entering beginning balances in segments.
14) Enter A/P bills – You can start AFTER #4 above. However, If you need to code charges to AFE's, you must also do step #10.
15) Enter AR payments thru Deposit entries – You can start this after step #5
16) Enter CS deposits – you can start this after step #8. If you are entering AFE Prepayments, you will need to do step #10 also.
D) You are now ready to run your cycle
17) Extract Entries
18) Distribute/Combine / List and Hold Transactions
20) Checks
Also see Revenue/Billing