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Set up a new company end to end · presentation 5 of 8 · for the whole-system operator — you run the books Read the transcript · Back to the series

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Set up a new company end to end · presentation 5 of 8

Ledgers, a set of books and the fiscal year

You can give GadgetSphere the primary ledger that every default GL code mapping hangs on…

Step 1 — Create the primary ledger before anything else here

The next lesson will be possible.

  • Open the company under Companies and go to its Ledgers tab
  • Confirm it is there, give it a code and name you recognise…
Screen capture pending the demo tenant

Chart of Account applet, Companies, the Ledgers tab of your company

Step 2 — Do not create it as secondary

You will have avoided a rework that is easy to walk into.

What you do
  1. Create the wrong type and the tab simply is not there — which reads…

Step 3 — Create a set of books and put the ledger in it

Month-end will have something to run against.

What you do
  1. Create it, then open its Ledgers tab and link your primary ledger — and…

Step 4 — Create the fiscal year and check its periods

Documents can be dated.

What you do
  1. Open the year afterwards and look at the Fiscal Period tab…

Step 5 — Use the four period locks deliberately

You can protect a closed month without freezing the business.

What you do
  1. Open means anything goes
  2. Save lock all for after audit sign-off

Step 6 — Know exactly what the locks do not stop

You will not mistake a lock for a guarantee.

Where this step sits
    flowchart TD
  s1["1. Create the primary ledger before anything…"]
  s2["2. Do not create it as secondary"]
  s3["3. Create a set of books and…"]
  s4["4. Create the fiscal year and check…"]
  s5["5. Use the four period locks deliberately"]
  s6["6. Know exactly what the locks do…"]
  s7["7. Enter the opening balances on the…"]
  s1 --> s2
  s2 --> s3
  s3 --> s4
  s4 --> s5
  s5 --> s6
  s6 --> s7
  classDef here fill:#1e40af,stroke:#1e40af,color:#ffffff,font-weight:bold;
  class s6 here;

Step 7 — Enter the opening balances on the primary ledger

GadgetSphere's history is in the ledger and you can prove it in one screen.

What you do
  1. Open the primary ledger under Companies and use its Opening Balance tab…
  2. Read two things on that view

NarrationSlide 1 of 8

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