The Check-List

The prior sections have covered the basics of operating CAPITAL GL Controller. Adding, edit and deleting chart of account codes, adding and editing batch journals, posting to the GL master file, and printing a trial balance report. For further information on the capabilities of this program consult the Reference section.

Examine the following check-list which is a suggested setup guide for running the general ledger program. Except for point 1, you need not carry out these tasks in strict sequence, but the suggested sequence is nonetheless highly recommended.

Setting up your General Ledger - A Check-List

1.      Establish the type of chart of accounts you wish to use. This may be one of the sample charts provided, or you may wish to modify a sample chart, or transfer part of an existing chart from CAPITAL Office, or enter a new chart from scratch. If you are not qualified to decide the best approach consult with your accountant. Remember that you can always add more chart of account codes in the future. Later on you can also remove chart codes that you have never used. In other words, the structure of the chart need not be absolutely final, but the overall structure should be in place.

2.      Once you have established the chart of accounts, edit or delete any existing chart codes and enter your new chart codes if required. Refer to section: Entering account codes for information on entering chart codes. Learn about and use the General Ledger Tools utility if your chart of accounts is complex and contains many similar groupings of accounts. It can save you a great deal of time.

3.      Go to general ledger set-up and select general operation. Enter your company details, and enter the account code for your retained earnings account and main/miscellaneous suspense account. If you do not have account codes for these accounts you should go back and create them.

  1. Make a back-up. Keep this for future reference. Ensure that you have plenty of disks or tapes for further back-ups.

    1. Enter your opening balances for the year. Establish whether you will be entering balances starting from period 1 (recommended) or if you will be entering balances from the prior period only. Consider the implications of either approach as described in "entering opening balances".

      1. Post your opening balances.

        1. Print a trial balance.

          1. If you need to, enter any correcting balances.

            1. Repeat step 8 until your opening balances are correct.

              10.      File the trial balance for future reference.

              11.      Make a back-up. Keep this for future reference.

              12.      Optionally enter your last year balances if you wish to print this year/last year comparative reports. See: Last Years Balances for information on how to enter prior year balances.

              13.      Optionally enter your budgets if you wish to print reports that compare actuals to budgets. See: Budgets for information on how to enter budgets.

              14.      Make a back-up.

              15.      If you intend to connect CAPITAL Office to CAPITAL GL Controller and operate them as an integrated system, be sure to read Connecting to CAPITAL Office. Carry out the check-list tasks mentioned in this section.

              16.      You may have to redefine or adjust your financial formula group codes if you have made changes to the chart of accounts. See: Financial Formulas for information on this topic.

              17.      You may have to create new reports using the Quick Report Writer and/or the Report Writer/Editor if you have modified any of the supplied charts of accounts. Consult either: The Quick Report Writer or see: the Report Writer/Editor for more information on this topic.

              18.      Carefully check your financial statements. Make sure the columns add up correctly and that the internal calculations on your reports are correct. This is a critical point. Do not assume CAPITAL GL Controller's reports are correct if you are not using the sample reports or if you have made changes to the chart of accounts.

              19.      If the financial reports are not correct, edit/correct them. Repeat step 18.

              20.      Optionally set-up the security system if you require security.

              21.      Select Clean Maintenance from the maintenance menu and then select account integrity. There should be no errors reported. If there are errors reported, re-print and re-check the trial balance once the "repair" is complete. Depending on the nature of the problem you may need to re-check your reports.

              22.      Do a back-up. The set-up of your system is complete.


Contents