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Phreebooks Company setup

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[edit] Company Setup

[edit] 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

[edit] Account types in Phreebooks

Account type Description
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
Assets = Liabilities

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

[edit] 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.


You will want to change the file in:


Where company_name is the name of your company, to your own logo.

[edit] Setting Defaults

[edit] Company/my_company

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 ???

[edit] 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.

[edit] 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

[edit] 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.

[edit] Company/User Account Defaults

[edit] Company/Shipping Defaults

[edit] Company/E-Mail Options

[edit] Company/Sessions

[edit] Company/Credit Cards

[edit] Setting Starting numbers

By editing the current_status table You can set the starting Sales order, Invoice, Purchase order, Check, Deposit, and quote numbers

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