Accounting Manager Software Set-up Plan
Chapter 1:
Initial Setup
Add new business
Enter “Peak Performance”
Enter business details
Enter:
"123 Main Street
Anytown, PA 12345
Phone: 610-555-1234, Fax: 610-555-2345
peakperformance@snapgram.com"
in the Address field, the click Update.
This brings you back to the Settings page
Set base currency
Type a $ in the Symbol box, then click Update
All defaults for Date and Time are fine.
(skip Making a Backup, for now. We will back up after entering transactions)
Click on Settings and click on Chart of Accounts
Notice there is a Balance Sheet side, and a Profit and Loss Statement side.
Profit and Loss Statement is the same as the Income Statement.
On the Balance side, click on New Account.
Add all the Asset accounts and account numbers from the Chart of Accounts for
Peak Performance: (be sure to click Create & add another until all accounts are entered)
Name:
Code:
Group:
Debit or Credit:
Cash
110
Asset
Debit
Petty Cash
120
Asset
Debit
AR - Skiffton University
130
Asset
Debit
AR - Valley College
140
Asset
Debit
Supplies
150
Asset
Debit
Prepaid Insurance*
160
Asset
Debit
* Click on left menu Settings after the last Asset account is entered
and click on Chart of Accounts.
Now add all the Liabilities accounts, using the same process as above.
Name:
Code:
AP - Dakota Supplies
210
AP - Seaside Supplies*
220
* Click on left menu Settings after the last
and click on Chart of Accounts
Group:
Debit or Credit:
Liabilities
Credit
Liabilities
Credit
Liability account is entered
Now add all the Owner’s Equity accounts:
First - Edit Retained Earnings and change it to Jasmine Quinn, Capital 310
Name:
Jasmine Quinn, Drawing
Code:
320
Group:
Equity
Debit or Credit:
Credit
You will NOT need to add Income Summary!
On the Profit and Loss Statement side, you will enter the Revenue and Expense accounts
Remember, Profit and Loss is the same as Income Statement
First, Edit Sales and enter the account number 410, and click Update.
On the Profit and Loss Statement side, click on New Account.
Add all the Expense accounts and account numbers from the Chart of Accounts for
Peak Performance: (be sure to click Create & add another until all accounts are entered)
Name:
Code:
Advertising Expense
510
Cash Short and Over
520
Insurance Expense
530
Miscellaneous Expense
540
Repair Expense
550
Supplies Expense
560
Utilities Expense*
570
* Click on left menu Settings after the last
and click on Chart of Accounts.
Group:
Debit or Credit:
Expenses
Debit
Expenses
Debit
Expenses
Debit
Expenses
Debit
Expenses
Debit
Expenses
Debit
Expenses
Debit
Expense account is entered
Delete all other accounts on this side by clicking on Edit, then click Delete.
Check your Chart of Accounts to make sure all accounts are there, all account names are
correct, and all account numbers are correct, on both the Balance Sheet side, and the
Profit and Lost Statement (Income Statement). No Income Summary account!
If accounts are not in order, click on the up/down arrow to move them.
In Settings, click on Start Date, and enter: August 1st, 2021
You are now ready to begin recording transactions!