Next, we’ll set up a new company, or ‘set of books’ in the Abio Demonstration Company. Navigate to [i] Administration, then [b] Books.
Use Add action to add a new set of books.
Give your new set of books a name, and tell Abio when the fiscal year begins for this set of books. In this example, we’ll set up books with a May year-end.
G/L records will be created, starting in June 2020. Your G/L accounts will be displayed with June as the starting month.
This will be the fifth set of books in the Abio Demonstration Group.
G/L account
On this screen the G/L account is information only. However, when you set up inter-company invoicing, the vendor that represents this company will use the same G/L. We keep a record of it here to enable the Shared Audit Reports to track payments between companies.
Division Account Floor
Large organizations may have several divisions. For reporting purposes, you can require that any postings to G/L accounts also specify the corporate division the material, billing, timesheet, or journal entry pertains to.
The account floor specifies that divisions must be assigned to any postings to general ledger accounts above this value.
Standard G/L
Ideally, in a corporation with multiple set of books, all the companies will use the same set of G/L accounts. In Abio, you set up standard G/L accounts and each new company selects which of the standard accounts they’re going to use. Set this field to ‘Y’ for this book to use the standard set of G/L accounts.
You can choose to use different G/L accounts in each of your companies. There may be historic reasons why a G/L is set up differently from one company to another. If that’s the case, set this field to ‘N’ to set up your G/L accounts manually.
Payroll Settings
These fields control how payroll behaves in this set of books.
default 1-1/2 hrs to spot OT
Some companies build scheduled overtime into their project bids. If your collective agreements dictate that benefits are payable on scheduled hours, it’s important to correctly differentiate between scheduled and non-scheduled, or ‘spot’ overtime when you’re recording labour hours.
Set this field to ‘Y’ if time and a half hours are not normally scheduled. Set it to ‘N’ if you want time and a half hours to default to scheduled overtime. You can override the setting.
Default over hrs to spot OT?
As with the previous field, set this field to ‘Y’ if overtime hours are not normally scheduled. Set it to ‘N’ if you want overtime hours to default to scheduled overtime. You can override the setting when adding a payroll timesheet.
Show $ on cheque amount?
Use this to control how cheque amounts display on printed cheques. If your cheque stock already shows a ‘$’ symbol on the cheque amount field, set this field to ‘N’ so the symbol isn’t duplicated.
Other Settings
share data?
Are the operations for this set of books confidential? Or should detailed financial information from this set of books be included in cross-company reports and dashboards. Access to the Shared Reports can be limited to trusted staff and upper management.
Additionally, the Time and Materials will look at unbilled jobs in all the books that share data when select outstanding items to include for a job’s daysheet.
Set this field to ‘Y’ if it should be included in the Shared Reports. Set it to ‘N’ if the books are confidential.
standard units?
When you enter material invoices and purchase orders, and when you set up centres, you identify the units the amounts represent. Is it a linear foot? A cubic foot? A single item? For clarity, you can set up a list of units to use in these situations. Set ‘standard units?’ to ‘Y’ for this option. Or, you can allow users the freedom to enter any four characters to identify the units. Set ‘standard units?’ to ‘N’ for this option.
safety award data?
Does your company use Simply Safety? And should this set of books be included in the export to Simply Safety? If so, set this field to Y. The Simply Safety export is located under Shared Reports.
And allows you to export three types of employee activity: New hires, terminated employees, and all employees.
yyyymm invoice ageing
The client and vendor aged invoices report shows invoices that are past due, and categorizes them by how many days they are overdue. Use this setting to control whether ageing is based on the invoice date or the G/L period.
include in duplicate person report?
If you select this option, employees from this company will be included in the Staff Retention Report and the Employee Most Recent Assignment report. These reports look at employees across all sets of books that have this option set.
Adding a New Set of Books
The following fields only display when you are creating a new set of books. They control the kinds of information that gets copied over to the new set of books. The books you are currently in will be the source of the records that get copied over.
copy users?
Select Y if you want the same users to have access to the new books as have access to the current set of books.
copy divisions?
Select Y if you want the new set of books to be set up with the same set of corporate divisions as the current set of books.
copy accounts?
Select Y if you want the new set of books to have the same G/L accounts as the current set of books. They’ll be set up for the fiscal year you specify for the new set of books.