Basic setup of ActiveBooks

1. Setup a new company or your existing company in activebooks.

Follow the below step by step process to create a new company.

Home > Accounting > Company

Basic Details need to be provided to create the company

1. Name

2. Abbreviation (Can choose or System will create automatically)

3. Default Currency

4. Country

By ticking 'Is Group', You can create the new company as a parent company.

It is made simple to create subsidiary in activebooks via enabling 'Is Group'. System will show a list to choose a parent company.

To specify in which sector company is operating. There will be some default sectors in the activebooks. In addition to that we can create required sectors using the option 'Create a new domain'.

1.1 What is company tree?

Use this feature to manage multi company structures.

i.e., sister companies, parent-child companies, or a combination of both.

Select 'Tree' to see the multi company structures

Here you are able to see the overall view of the companies

1.2 How to create the Chart of Accounts (CoA)?

ActiveBooks will maintain the master for chart of accounts for each company seperately.

It is easy to import the chart of accounts using the Chart of Accounts Importer.

When creating chart of accounts two options are available in ActiveBooks.

• Standard Chart of Accounts

• Based on Existing Company's Chart of Account

1.3 Do you know the default settings in ActiveBooks?

When you create a new company default chart of accounts and default cost center are created automatically.

The following defaults can be set for a company:

• Default Finance Book

• Default Letter Head

• Default Holiday List

• Standard Working Hours

• Default Terms and Conditions

• Country

• Tax ID

• Date of Establishment

2. Features Available in ActiveBooks

2.1 Monthly Sales Target You can set your monthly sales target, for example, $15,000.00. Total monthly sales will be shown when transactions are made.

2.2 Account Settings Following accounts will be set default when you create a new company in ActiveBooks. You can also create other accounts as per the necessity. You can view these accounts in the chart of accounts. You can change these values later if needed.

• Default Bank Account

• Default Cash Account

• Default Receivable Account

• Round Off Account

• Round Off Cost Center

• Write Off Account

• Discount Allowed Account

• Discount Received Account

• Exchange Gain / Loss Account

• Unrealized Exchange Gain/Loss Account

• Default Payable Account

• Default Employee Advance Account

• Default Cost of Goods Sold Account

• Default Income Account

• Default Deferred Revenue Account

• Default Deferred Expense Account

• Default Payroll Payable Account

• Default Expense Claim Payable Account

• Default Cost Center

• Credit Limit

• Default Payment Terms Template

2.3 Stock Settings Perpetual inventory system is adopted by ActiveBooks to record stock transactions. This will impact the company's books of accounts. Following accounts are created by default

• Default Inventory Account

• Stock Adjustment Account

• Stock Received But Not Billed

• Expenses Included In Valuation

2.4 Fixed Asset Depreciation Settings You may need following accounts to manage assets in the company. Most of them will be created by default.

• Accumulated Depreciation Account

• Depreciation Expense Account

• Series for Asset Depreciation Entry (Journal Entry)

• Expenses Included In Asset Valuation

• Gain/Loss Account on Asset Disposal

• Asset Depreciation Cost Center

• Capital Work In Progress Account

• Asset Received But Not Billed

2.5 HRA Settings (HRA - Health Reimbursement Arrangement) It is a special feature available in ActiveBooks specifically for Indian users. This will help to calculate Employee Tax Declaration calculations, especially for HRA exemption amount. Following fields are available in ActiveBooks to enter HRA details.

• Basic Component

• HRA Component

• Arrear Component

2.6 Budget You can see the below field here. Exception Budget Approver Role : The role you select here can change the predefined budget limits.

2.8 Company Information Details given here can be used as a reference about the company.

• Date of Incorporation

• Phone No

• Fax

• Email

• Website

• Address

• Registration Details

Remember: Make sure when setting address, tick the 'Is Your Company Address' checkbox.

2.9 Deleting all company transactions You can delete all the transactions (Orders, Invoices) of a company. Once you delete the transactions, it cannot be recovered.

Below requirements need to be met to delete the transactions.

• The User has to be a System Manager

• The User has to be the creator of the Company

  Steps need to be followed

  1. Click on the Delete Company Transactions button

  2. Verify your password

  3. Enter Company name for confirmation

What will be affected?

• Sales/Purchase Orders/Invoices Receipts/Notes will be deleted

• The monthly sales and sales history will be cleared

• All notifications will be cleared

• Lead Addresses to which the Company is linked will be deleted

• All communications linked to the Company will be deleted

• All naming series will be reset

• Stock Entries linked to a Warehouse of this Company will be deleted

Thank you..!!!