To use the New Company File Assistant

To use the New Company File Assistant

If you haven't already read the overview information, see Creating a New Company File Overview.

Introduction. Once the New Company File Assistant is displayed on your computer screen, it might help you to become familiar with the components of the assistant. Read the Introduction window of the assistant, then click the Next button at the bottom of the window to display the Company Information step of the assistant.

Company Information. In the Company Information step of the New Company File Assistant, you can enter some basic information that should be easy to provide -- your company's name, address, fax and phone number, and email address. The company's name, address and phone number will appear in many places throughout the MYOB AccountEdge system. Your company's name will appear at the top of all AccountEdge Command Centers, and, if you wish, you can also print your company name on your AccountEdge reports. The mailing address, phone number, fax number and email address you enter here can be printed on your AccountEdge sales, purchases and other documents, as well.

These entries are optional, and you can change them at a later time using AccountEdge's Company Information window.

When you're finished with this step, click the Next button at the bottom of the window to continue.

Accounting Information. In the Accounting Information step, you need to enter some important information about the structure of your company's fiscal year.

In the Current Fiscal Year field, enter the fiscal year that you want to start recording your day-to-day accounting entries. The year you enter here isn't necessarily the current calendar year. In AccountEdge, and according to the standard used by most accountants, fiscal years take the name of the calendar year in which they end. For example, your fiscal year might run from May 2001 to the end of April 2002. Since the end of the fiscal year falls in 2002, the fiscal year is referred to as "fiscal year 2002." Be sure you enter the correct current fiscal year.

From the Last Month of Fiscal Year list, select the last month in your fiscal year. Most businesses' fiscal years end in December, but if your company has a different fiscal year, you'll need to select another month.

Note: If you're setting up your company file for use in a fiscal year that is not your current fiscal year

If you're setting up your company file so that you can start using AccountEdge to record your day-to-day accounting information at the beginning of the next fiscal year, be sure to enter that fiscal year in the Current Fiscal Year field.

If, on the other hand, you want to start recording accounting entries as of a previous fiscal year, be sure to enter that year in the Current Fiscal Year field.

From the Conversion Month list, select the month you want to start making day-to-day entries in AccountEdge. This month will be used as the starting point for all your financial activity in AccountEdge. The month you choose here doesn't have to be the current month. If you want, you can start recording your day-to-day information as of the first month of the fiscal year or any other month in the fiscal year you entered in the Current Fiscal Year field.

Next, you need to answer another question about the structure of your fiscal year: How many accounting periods do you plan to use in your fiscal year?

In AccountEdge, you can have either 12 or 13 accounting periods in your fiscal year. If you select 12 periods, one period will be used for each month of the year. If you select 13 periods, you will still have 12 months in your fiscal year -- one period will be used for each month of the year, and you will have one extra period which can be used for year-end adjustments (adjustments that aren't meant to affect any particular month's accounting figures).

Note: Choose 13 periods if you're not sure

If you choose 13 periods, you won't be required to use the 13th period if you don't want to. However, if you choose 12 periods and later decide you wanted 13 periods, you won't be able to add the 13th period until the next time you start a new fiscal year in AccountEdge.

When you're finished with this step, click Next to continue.

Please Confirm Your Accounting Information. You get another opportunity to review -- and change, if necessary -- the entries you've made in the past few windows before making any new ones.

The entries you made in the Accounting Information window -- Current Fiscal Year, Periods per Year and Conversion Month --are displayed in the window. Review these selections carefully, and make any necessary changes.

Warning: These entries MUST be correct!

Once you create your company file, these entries can't be changed, and your company's accounting information won't be structured the way you want it if your entries here aren't correct. Be especially careful when you review the answers you've provided here before you continue.

When you're certain that the answers you've given are correct, click Next to continue.

Build Your Accounts List. Now you need to select the accounts list upon which you'll base your own company's accounts list. You can choose among three ways you can accomplish this:

I would like to start with one of the lists provided by MYOB AccountEdge.

You can select a list for your company from over 100 typical accounts list.

Mark this selection and click the Next button to open the Select Your Accounts List window where you can select one of the accounts lists provided by MYOB AccountEdge.

I would like to import a list of accounts provided by my accountant after I'm done creating my company file

Mark this selection if you intend to work with your accountant to import a accounts list specific to your business. When you make this choice, MYOB AccountEdge will provide you with a few required accounts to provide a framework; you'll add all of the other accounts you need to track your business with the import.

I would like to build my own accounts list once I begin using AccountEdge

If none of the business types in the list seems acceptable for your company, mark this selection. When you make this choice, MYOB AccountEdge will provide you with only a few required accounts; you'll need to add all of the other accounts you need to track your business at a later time. Because this option requires additional work, we suggest that you choose to build your own accounts list only as a last resort.

Note: You can change these lists

Keep in mind that the accounts list you select in this window can be modified when you begin using AccountEdge. Choose the accounts list that most closely matches your business; you can add, change and remove accounts later.

When you've made your selection, click the Next button. If you selected the first option (use a list provided by MYOB AccountEdge), the Select Your Accounts List window opens. If you selected either of the other two options, the Company File window is next.

Select Your Accounts List. You can select a list for your company from over 100 typical accounts lists.

Select from the Industry Classification list the general category (Agriculture, Manufacturing, Retail, Service or Other) that most closely fits your company. This selection determines the list available in the Type of Business field. If you want to see every type of business, select All.

Select from the Type of Business list the type that most closely matches your company.

The sample accounts list is based on the selection you make in the Type of Business field. Scroll through the list to preview the accounts that will be included in your accounts list. You can also click the Print button to print the sample accounts list that is displayed.

If you don't find your exact business type in the list, try to find a similar business type. You'll be able to add, edit and change the accounts in the list to suit your business's specific needs after your company file is created.

If you don't find a suitable accounts list, click the Back button to return to the Build Your Accounts List window where you can make one of the other two selections.

When you're satisfied with the selection you made, click Next to continue to the Company File window.

Company File. The name and location of your company file are very important. Each time you start MYOB AccountEdge, you'll need to know the name and location of your company file so you can open it and enter information in it.

Your new company file will automatically be named the same as the company name you entered in the Company Information window of this Assistant. The file will be saved in the same location as your AccountEdge program. The location and name are displayed here.

If you have little experience with computers, or even if you're knowledgeable about computers, we recommend that you accept the suggested name and location. By doing so, you'll ensure that finding your company file will be much easier when you need it.

If you would like to change the name of your new AccountEdge company file, its location, or both, click the Change button. Your computer's Save dialog window appears; make your changes here and then click the Save button.

Note: For those who plan to keep books for more than one company

You can't use the suggested name more than once. Enter a different name for your additional companies' company files. If you use the suggested name a second time, all the information for the first company you set up will be lost.

Click the Next button. The New Company File Assistant takes a few moments to create your company file.

Conclusion. Once your company file is created, the final window in the New Company File Assistant appears. At this point, the new company file doesn't contain much information about your company. Your next task should be to set up and customize the company file so it contains all your company's existing business information. To help you with this important task, MYOB AccountEdge provides another assistant, the Easy Setup Assistant, which can be started by clicking the Setup Assistant button.

If you prefer to get right to work and begin entering transactions, click the Command Center button to open your MYOB AccountEdge application. You can open the Setup Assistant from the application at another time to complete the setup and customization.

To quit the assistant and AccountEdge: Click the Cancel button. The Welcome to MYOB AccountEdge window will appear; click AccountEdge Exit.

Congratulations! You've created a new company file!

To use the New Company File Assistant