Intermediate level · Module 3: Accounting Systems and Month-End Close · Lesson 1 of 3
Setting Up Accounting Software
Create an accounting file with the right structure from the start.
In this lesson you will
- Configure a chart of accounts in software
- Enter opening balances and recurring contacts
Key concepts
company fileaccount hierarchyopening balancescustomers and suppliers
The lesson
Start with the organisation's details, financial year and currency, then import or create the chart of accounts with a clear hierarchy.
Enter opening balances from the last balance sheet, and check the opening trial balance agrees.
Set up customers, suppliers and recurring items so daily entry is quick and consistent.
Step by step
- Create the company file.
- Build the chart of accounts.
- Enter opening balances.
- Check the opening trial balance.
Practice activity
Set up the business's accounting file.
Expected result: A configured file with an opening trial balance that agrees.
Check your understanding
-
Where do opening balances come from?
Show answer
The last balance sheet.
-
What should be checked after entering opening balances?
Show answer
That the opening trial balance agrees.
Taught live by an instructor — online or in person. Free course lessons are for self-study and do not lead to a certificate — see registration options.