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1. Create a Company File

Before You Begin

Before you get started creating your new AccountEdge Company File, you should have a few things handy. Having this information on hand before you begin will help you complete the setup process faster.

Know Your Fiscal Year

This is the fiscal year for which you want to start recording transactions in your Company File.

A fiscal year is represented by the calendar year in which the fiscal year ends. For example, if your fiscal year ends in December 2016, your fiscal year is 2016.

If you want to start entering transactions from a previous fiscal year, make sure to enter that specific year in the Current Fiscal Year field.

Choose Your Conversion Month

This is the earliest month for which you want to record transactions.

Accounts List

Commonly referred to as a chart of accounts, this is a list of all your asset, liability, equity, income, cost of sales, expense, other income, and other expense accounts.

Customer List & Open Invoices (Accounts Receivable)

Gather a list of your customers, along with their addresses, phone numbers, and other contact information. We also recommend that you gather a list of all sales you've made to customers that still have a balance due, commonly known as an Accounts Receivable Aging.

Vendor List & Open Purchases (Accounts Payable)

Gather a list of your vendors, along with their addresses, phone numbers, and other contact information. You should also gather a list of all the purchases that you haven't fully paid off yet, commonly known as an Accounts Payable Aging.

Employee List & Payroll Information

Gather a list of your employees, along with their addresses, phone numbers and other payroll information.

Items and Services Information

Gather a list of your items and/or services offered with additional price details.

NOTE: We recommend speaking to your accounting professional and getting the latest set of financial statements, including a trial balance and the supporting detail for your open accounts receivable, accounts payable, inventory balances and mid-year payroll details. This will help you modify your chart of accounts and enter your opening balances accurately. Don’t have an accounting professional? View our list of AccountEdge Experts.

New Company File Assistant

The New Company File Assistant is designed to help you create a new AccountEdge Company File in just a few quick steps.

Want to watch a video instead? Click here.

To begin, launch AccountEdge and select Create from the Welcome Window to begin the New Company File Assistant.

Welcome Window

You can also create a new Company File from the drop-down menu on the bottom right of the Welcome Window, click the Company File Maintenance drop-down and select Create Company File.

Company Information

AccountEdge will use the contact information entered here for your default company information when printing or emailing your invoices, purchases, etc.

You can also enter your Federal Tax ID (US Only). Don’t have your Federal Tax ID handy? You can enter it at a later time by selecting Setup from the top menu bar and choosing Company Information from the drop-down.

Accounting Information

This is where you will choose how you want to set up your fiscal year in AccountEdge.

  • Current Fiscal Year - This is the fiscal year for which you want to start recording transactions in your Company File. If you plan to enter historical information (like open sales and purchases), your fiscal year should match the year of your oldest historical transaction.
  • Last Month of Fiscal Year - This is the last month in your fiscal year. For most businesses, the last month is December.
  • Conversion Month - This is the earliest month for which you want to record transactions into AccountEdge.
  • Number of Accounting Periods - You can choose to have 12 or 13 accounting periods. A 13th period is used to record entries which you do not want to be included in accounting reports for a specific month. For example, you can use it to record year-end adjustments that are attributed to all months.

NOTE: Your current fiscal year, last month in a fiscal year, conversion month, and number of accounting periods CANNOT be changed once you have completed the New Company File Assistant process.

Accounts List

This is where you will select your Accounts List, aka your chart of accounts, to use in your new AccountEdge Company File.

There are three different options for setting up your accounts list:

  • I would like to start with one of the lists provided by AccountEdge. AccountEdge will add an accounts list based on your business type that is commonly used by other similar businesses. If you do not have an existing accounts list, choose this option.
  • I would like to import a list of accounts provided by my accountant. You can import an accounts list provided by your accountant or from a previous accounting system. Your new file will be set up with the bare-minimum accounts required by AccountEdge. You will be able to import your accounts list after you complete the New Company File Assistant.
  • I would like to build my own accounts list. Your new file will be set up with the bare-minimum accounts required by AccountEdge. You will be able to add accounts as needed when you begin entering transactions.

NOTE: You can modify (add, edit, combine, or delete) your accounts after completing the setup of your Company File.

Company File

In this step you will confirm the name and location of your Company File.

If you want to change the location of your Company File, select Change and choose a new location to save your AccountEdge Company File to.

Once you confirm where you would like to save your new AccountEdge Company File, you have completed the New Company File Assistant.

The Easy Setup Assistant

After completing the New Company File Assistant, it’s time to set up your new AccountEdge Company File to suit your business. Setting up your preferences now will make your workflow easier and more efficient when you enter transactions later.

The Easy Setup Assistant will walk you through the process of choosing your AccountEdge system and Company File preferences. It will go over the key preferences for the five main areas of AccountEdge: Accounts, Sales, Purchases, Payroll and your Company File Preferences.

Easy Setup Assistant

The Easy Setup Assistant will launch automatically after completing the New Company File Assistant. You can also access this by going to Setup on the top menu bar and selecting Easy Setup Assistant from the drop-down.

NOTE: Do I have to set my preferences now? No, but we recommend you do, spending a few minutes choosing key preferences in AccountEdge will save you time in the future.

Customize

The Customize Easy Setup Assistant will help you personalize AccountEdge.

Want to watch a video instead? Click here.

Setup Customize

Data Entry

In this step, choose which of the data entry options you want to use.

You can have AccountEdge Easy-Fill, or auto-fill, your accounts, items or cards when you start to type text into certain fields.

Expandable Data Entry will help display long item descriptions on sales and purchases.

Record Selection

Choose how you want to select accounts, items, and cards by their name or number (or ID, for contact cards).

Multiple Currencies

If you select this option, you will be able to record sales, purchases and other transactions in foreign currencies, and track your gains and losses on the exchange rate.

NOTE: Once you turn multi-currency “on” and start recording transactions, you cannot turn it off. You should not select this option if you conduct all your business in your local currency.

Reminder Log

The Reminder Log is where you can view notes, transactions, and reminders. You can tell AccountEdge to automatically create a log entry each time you record a sale, purchase, or banking transaction. The log entry contains basic information about the transaction, such as the invoice number, check number, and the amount.

NOTE: Selecting these options will enable you to view a record of the transactions you make and the log entries you create in one window, however, your Company File’s size can increase significantly over time if you record a high volume of transactions.

Aging Options

You can choose how you would like to age the account balances of customers and vendors. You can choose to use daily aging periods (example: 30-60-90 days) or monthly aging periods (January, February, etc.).

The selection you make here will affect the way information is displayed in your Analyze Receivables and Analyze Payables windows, on statements and the following reports: Aged Receivables, Aged Payables, Receivables Reconciliation and Payables Reconciliation.

NOTE: Don’t track aging periods on your transactions? Set up the 30-60-90 day aging period by default, just in case.

View Options

The To Do list displays recurring transactions, which items need ordering, which payments are due, and any reminders you may have set for a specific date.

Accounts

Set up your accounts list and enter your opening balances.

Want to watch a video instead? Click here.

Setup Accounts

Before you continue with the Easy Setup Assistant, you should know how AccountEdge handles your chart of accounts. For more information about Accounts in AccountEdge, click here.

Accounts List

The Accounts section of the Easy Setup Assistant will help you create or modify your accounts list.

When you created your Company File using the New Company File Assistant you selected how you wanted to set up your accounts list in AccountEdge.

  • If you chose to start with an accounts list provided by AccountEdge, you can now review and modify the accounts list that was created.
  • If you chose to add or import your own accounts list, you can do this now by selecting New or Import.

For more information about Importing into AccountEdge, click here.

Opening Balances

Unless you have just started a brand new business, some of your accounts probably have existing balances. You’ve made sales, paid bills, perhaps bought inventory and conducted a variety of other business activities that would affect your account balances.

The balances you enter should be as of the date selected as your conversion month. You can find this information on a trial balance report, a balance sheet or a profit & loss report prepared for the period immediately before your conversion date in your previous system.

For more information about Opening Balances, click here.

If you imported your accounts list into AccountEdge, you might have included your opening balances in your import. Take this time to review the information and make sure everything is correct.

NOTE: We recommend speaking to your accounting professional and getting the latest set of financial statements, including a trial balance and the supporting detail for your open accounts receivable, accounts payable, inventory balances and mid-year payroll details. This will help you modify your chart of accounts and enter your opening balances accurately. Don’t have an accounting professional? View our list of AccountEdge Experts.

Sales

Set up default preferences about your customers and other sales-related information.

Want to watch a video instead? Click here.

Setup Sales

Layout

AccountEdge offers multiple layouts to choose from for entering a new sales transaction. Choose a layout that best fits your needs.

The layout selected will be set as the default for when you create a new sale for a customer. You can always change the layout selection when creating a new sale.

Selling Details

The details you enter here will be applied to all new contact cards for your customers and leads. Set a default price level for items, income account, and customer credit limit. You can modify these options later for specific contacts after your customer list is set up.

Sales Tax

Enter in the sales tax codes that you would like to use for sales transactions.

When you create a tax code, you need to select which type of tax it is. There are three tax types you can choose from; the table below describes what each tax type is for.

Tax Type Description
Sales Tax This tax type is associated with the tax recorded on sales and purchases of goods and services.
Consolidated This tax type is used for taxes that are made up of two or more tax codes or sub-taxes. You would use this code. For example: if the 8% tax rate you record on sales is the combined total of a 5% state sales tax rate and a 3% city sales tax rate you would set up a consolidated tax.
Duty Tax This tax type enables you to set up tax codes for import duty relating to goods that are brought into the United States.

NOTE: Import duty tax codes are assigned to line items on purchase orders, but the tax amount won't appear on the purchase orders since the import duty is payable to the government, and not to the vendor. Instead, the import duty will be tracked using the linked account you specify in this window. You can make a payment to the government based on the balance of your linked account. Consolidated tax codes are created from existing individual sales tax codes entered into AccountEdge.

Payment Information

The details you enter here will be applied to all new contact cards for your customers. You can change these options for specific contacts after your customer list is set up.

Linked Accounts

In this window, select the account where your customer payments will be deposited to. You also need to choose an account into which all undeposited funds will be recorded until you record a bank deposit.

When you receive a payment from a customer, you can choose to deposit it into the account for customer receipts or the account for undeposited funds.

For more information about Linked Accounts, click here.

Customer Cards

In this step, you can add contact cards for your customers. You can add your customer information one at a time or via import.

For more information about Importing into AccountEdge, click here.

Historical Sales

Enter information about any sales that your customers haven’t paid in full as of your conversion month and fiscal year selection.

NOTE: If the total of all historical sales does not equal the opening balance of your receivables account, an out of balance amount will be displayed. Ensure that you have entered all historical sales correctly and that the opening balance of your receivables account is correct.

Purchases

Set up default preferences about your vendors and other purchase-related information.

Want to watch a video instead? Click here.

Setup Purchases

Layout

AccountEdge offers multiple layouts to choose from for entering a new purchase transaction. Make sure you choose a layout that best fits your needs.

The layout you choose will be the default selection when you create a new purchase for a vendor. You can change the layout selection when creating a new purchase.

Buying Details

The details you enter here will be applied to new contact cards for your vendors and will be used when recording purchases. You can change these options for specific contacts after your vendor list is set up.

Sales Tax

Enter the sales tax codes that you normally pay when purchasing from your vendors.

Payment Information

The details you enter here will be applied to all new contact cards for your vendors. You can change these options for specific contacts after your vendor list is set up.

Linked Accounts

In this step, select the default account for paying vendor bills. This should be the account you will make most of your vendor payments from. You can change this account when you record the vendor payment.

For more information about Linked Accounts, click here.

Vendor Cards

In this step, you can add contact cards for your vendors. You can add in your vendor information one at a time or via import.

For more information about Importing into AccountEdge, click here.

Historical Purchases

You can enter information about any purchases that you haven’t paid in full as of your conversion month and fiscal year selection.

NOTE: The total of all historical purchases should equal the opening balance of your payables account. If it does not, an out of balance amount will appear. Ensure that you have entered all of your historical purchases correctly and that the opening balance of your payables account is correct.

Payroll

Enter information about the payroll taxes your company pays, the current payroll year and the accounts you want to use to track payroll information about your employees.

Want to watch a video instead? Click here.

Setup Payroll

NOTE: If you do not plan to process payroll from within AccountEdge, you can skip this section.

Tax Tables

Payroll taxes are amounts that are calculated and deducted from employee paychecks according to the rules established by the federal, state/province and local government taxation authorities.

In AccountEdge, these calculation rules are stored in a tax table file that you need to load directly into your Company File.

NOTE: If you would like to receive payroll tax updates as they change during the year, you should enroll in the AccountEdge Payroll Tax Service. You will also receive any upgrades to AccountEdge that are released during your enrollment term.

Payroll Year

In this step of the assistant, you will enter your current payroll year. Your payroll year is always 12 months long and ranges from January to December.

NOTE: Since your payroll year is always January through December you may have a few months that your Fiscal Year and Payroll Year are different within AccountEdge.

Payroll Information

Use this window to enter general information that’s required by AccountEdge to process payroll for your employees. You will be able to define how many hours make up a typical work week. You can also add your Federal Tax ID, Federal Unemployment Tax Rate, and select your state/province tax.

Linked Accounts

In this step, select the default accounts that will automatically be used for your payroll transactions.

For more information about Linked Accounts, click here.

Payroll Categories

Use this window to review your payroll categories.

Wage categories include hourly and salary payments that you make, such as salary, bonus, salesperson commission, vacation pay, sick pay, and overtime.

Some other forms of payment, such as employee benefits, are also considered wages for tax purposes and are referred to as non-cash wages. Non-cash wages are forms of payment not actually distributed as money by an employer, but included in an employee's gross pay total so the wages are subject to deductions and withholdings. Company car benefits, excess life insurance and incentive travel costs are all examples of non-cash wages.

Payroll Categories Description
Wages All money paid to an employee for labor or services rendered on an hourly or salary basis.
Accruals Items such as vacation and sick leave, which employees accrue under the terms of their work agreement.
Deductions Money withheld by the employer and paid to other organizations on behalf of the employee, for example: union fees.
Employer Expenses Employer-paid benefits, for example: medical insurance.
Taxes Amounts withheld by the employer from the employee’s paycheck and paid to a federal, state/province, or local government.

Employee Cards

Use this step in the Easy Setup Assistant to add cards for each of your employees. Manually enter your employee contact information, or import an existing employee list.

For more information about Importing into AccountEdge, click here.

Timesheets

On this window, select if you would like to use timesheets to track employee time for payroll. Timesheets enable you to track the hours worked by your employees and can help you calculate payroll more accurately.

Additional Settings

Now that you have finished the Easy Setup Assistant, there are a few other preferences to set for how you want to use AccountEdge in your business.

AccountEdge offers several options to help you maintain security, manage backups and control access to your file.

You can access your AccountEdge preferences from Setup on the top menu bar and then Preferences from the drop-down.

Preferences

The following are important preferences we suggest to set in AccountEdge before you begin entering transactions.

Security Preferences

From the Preferences window, select the Security tab.

Transactions CAN’T be Changed; They Must be Reversed

If you want to prevent transactions from being edited or deleted once they have been recorded, select this option. If a change needs to be made to a transaction, you will need to record a reversal transaction.

Prompt for Data Backup with Closing

If you want to be reminded to back up your Company File every time you close your Company File, select this option. We strongly suggest that you choose this option to automate your backup process.

Use Audit Trail Tracking

If you want to maintain an audit trail of the changes made to your Company File over time (for example: changes to transactions, tax codes, accounts, and preferences) by a user, select this option. The Audit Trail report lists the changes that have been tracked, the dates and the user IDs that made the changes.

Setting up User IDs

When you created your Company File, a user ID called Administrator was automatically created. Anyone who signs on with the Administrator user ID will have complete access to all command centers, functions, and windows.

User IDs

By default, the Administrator user ID does not have a password assigned to it. To set your Administrator password, go to the Security tab on your preferences window and select User IDs from the bottom of the screen. Select Administrator from the list and choose Edit, now you can set a new password.

If your business has multiple employees accessing AccountEdge throughout the day, you should create a unique User ID for each employee. You can create a new User ID by selecting New.

NOTE: Need to install AccountEdge on multiple computers in your office? Increase work efficiency and productivity by allowing installation on multiple computers with Additional Workstation Licenses.

You can use User IDs to specify which windows and functions each user can access. You can select broad restrictions, such as disallowing access to the employee card file, or you can set specific restrictions, such as viewing employee banking details. Just click next to the function that you would like to restrict from that employee's User ID.

NOTE: Do you have several employees that require the same restrictions? You can copy restrictions from an existing User ID when you create a new User ID.