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Phreebooks Company setup
 Company Setup
 Chart of accounts
There are files at /modules/install/charts/ Edit one for your starting set of accounts. Be sure to remove any backup files.
Typical account numbering account numbering
 Account types in Phreebooks
|Assets||Things we have or are owed to us|
|Cash||Bank accounts, liquid funds|
|Accounts-Receivable||Invoices due us|
|Inventory||Product on hand for sale|
|Other-Current-Assets||Prepaid expenses, Short term investments|
|Fixed-Assets||Land, Buildings, Machinery, furniture, tools. Long-term Assets|
|Accumulated-Depreciation||The most complicated account type - used as a negative asset to offset the value listed for fixed assets as they age. Instead of making individual corrections of value for each fixed asset, a total of depreciation is entered once a year. If a fixed asset is thrown-out, a gl transaction can be entered between the fixed-asset account and the accumulated-depreciation account for the original value of the item.|
|Other-Assets||Intangibles: Patents,copyrights, goodwill, trademarks. Longterm Prepaid expenses, Long term receivables|
|Liabilities||Things that we owe; Debts, Obligations|
|Accounts-Payable||Bills we owe|
|Other-Current-Liabilities||Other short term debts, Payroll taxes owed,|
|Long-Term-Liabilities||Debts with a future of over one year.|
|Equity||Equities = Assets - Liabilities|
Sometimes thought of a special liability so that
|Equity-gets-closed||Might be used to distribute Dividends.|
|Equity-Doesn't-get-closed||Opening balance - what the company starts off with. Stock|
|Equity-Retained-Earnings||There should be only one of these accounts|
This represents all earnings-losses from prior years. Normally you won't ever make entries directly to this account.
|Income||Money coming in|
|Income||Sales revenue, Interest earned, Fees charged|
|Expenses||Money going out|
|COGS||Cost of good sold |
This is generated as an invoice is saved.
|Expenses||Money paid for services and consumables|
 Sub Accounts
Sub accounts can be set up as deep as necessary. Pulling up the information into reports will need a 'special report' similar to what is there for invoices and P&L reports.
 Setting your logo
You will want to change the file in:
Where company_name is the name of your company, to your own logo.
 Setting Defaults
You will find the fields to set your companies identity - most are self explanatory, but a few need comment.
- Address line 2 - just leave it blank if you don't have one.
- Company ID - you will want to keep this short so it fits on forms well
- Switch To Default Language Currency ???
 Company/Customer Defaults
- Default GL Cash Receipts Account This will most often be your checking account, the account where you deposit customers payments
- Payment Terms ???? defaults to 1 - not sure??
- Use Credit Limit Probably a true false - where it is one to allow.
 Company/Vendor defaults
- Default Item Purchase Account This is an inventory account that holds the value of what you have in stock.
- Default GL Purchase Account Most often will be 'accounts payable'
- Default GL Cash Payments Account The account you most often pay your bills from
 Company/Inventory Defaults
- Stock Item GL Inventory Default Account Most likely your inventory account
- Stock Item GL Costing Method Default Here you have a choice of f - FIFO, l - LIFO, a - Average - most companies will use FIFO
The next are item types -
- Master Stock Item Items with attributes (color, size etc)
- Item Assembly Items that make up a larger item - you may sell a computer that is made of different items.
- Serialized item Items that have a serial number that you track.
- Non-stock item Items that are expensed, like office supplies, production supplies (perishable material).
- Service item A non inventory item - a cost item on invoice. For example a delivery charge, where the rate is typically flat.
- Labor Item item Labor, service and chare item are very similar. LAbor was meant for charges like in a auto repair shop where an hourly rate is charged.
- Activity Item This was intended to be used for manufacturing work orders, functionality to be determined.
- Charge Item Miscellaneous cost item. Could be used for charge for disposal fees, recycling charge, shop supplies, etc.
 Company/User Account Defaults
 Company/Shipping Defaults
 Company/E-Mail Options
 Company/Credit Cards
 Setting Starting numbers
By editing the current_status table You can set the starting Sales order, Invoice, Purchase order, Check, Deposit, and quote numbers
- Continue to Phreebooks User setup