General Setup/Module B - Create Company and Setup
CREATE COMPANY DATA FILES
Solace accounting start by prompting the company list screen offers a menu to manage companies or when already opened, use the open button in the main toolbar to access this screen.
Each company is displayed in a block according to the location of the data file. All data file located on the local machine will be listed in “My Computer” and all company located on the network are listed under “Network places”. Each company button has 3 lines of information helping identify the company.
| Note: You can search for a company by typing the company name when this screen is displayed. |
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To Create Network Connections
From this Select Company screen click on Data Servers button
Click on the green cross button and select new connection in the list
Fill in the connection parameters in the right panel. Server Address, User Name and Postgres SQL server Password. If the connection is actually the local machine then tick On this Computer
Click on the Save Button with a diskette image.
Click on Done Buttonwhen completed.
To Create Company
Solace Accounting offers 5 methods to create a new company. To get to the creation menu do as follows
From this Select Company screen click on Create Company button
Create Company by using existing
With this method, solace will copy the entire existing company and let you chose what to do while reading existing data. An assistant screen will guide the creation with more details on each step.
Start new Company
Using this method, solace accounting will create an empty data file and let you create and setup completely everything. Using this method suggest that you have mastered Solace Accounting settings and concepts and you also have mastered bookkeeping and accounting principles. In short, this method is reserved to Solace consultant and accountants and Solace advanced users.
New Company Assistant
Using this method, Solace Accounting will assist you all the way with a detailed assistant.
Converter Assistant
Solace Accounting can convert from other accounting packages to help migrate from existing packages to Solace Accounting. Follow the detailed assistant to convert your existing data ton Solace Accounting
Restore From Backup
This method give the ability to create a new company by restoring from Solace Accounting backup, if the company already exists and not in use, solace accounting will overwrite the existing by coping the entire company from the backup file.
ENTERINGCOMPANY PARAMETERS
When the company is created, few more settings and information still need to be added or changed. All the settings and company parameters and location in the Control Panel screen of Solace Accounting accessible from the main menu on the left side. This will show in detail how to change most of the information and settings.
To enter and set Company information
Double click on Company Parameters to open the parameters screen
On the new screen company settings click on the first button Company info. Most of the info are relatively easy to fill.
If you are registered company, a close corporation or a non-profitable organization, the relevant Business Registration must be entered.
If you are registered as a VAT/GST/Sales Tax Vendor, the Tax Registration must be entered.
To Setup Multi-Currency
From the Company Settings screen click on Multi-Currencies menu button
This screen allows you to setup home currency and foreign currency parameters
Options Section
| Home Currency symbol | Type in your home currency symbol. The symbol will be used in reporting whenever needed |
|---|---|
| Use Multi Currency | Tick this option is the company is trading with foreign suppliers or customer. When ticked, the next section is enabled |
| Currency Variance Entry Type | Select the journal that will record any variance in currency valuation |
Currency Section
Click on the green + to add new currency
Select the Revaluation account for selected currency and the bottom
Click on Save button to Save the new currency Description.
Select Currency on the list then change the “Amount format”
| Currency Symbol | Same as Home currency symbol. |
|---|---|
| Decimal symbol | By default, Solace Accounting will fill this operating system decimal symbol. Depending on you country metric system fill in the decimal place that will be used by Solace Accounting |
| Decimal Digits | Most of the time only 2 digits are needed to display currency amount but any positive value can be use |
| Debit / Credit Symbol | Select from the list your symbol of choice. The most used one is +/- |
| Grouping Symbol | Also called thousand separators is to help display big numbers in much readable format. The most used is space |
| Symbol Position | Depending on your country metric system select the position the currency symbol will be placed. Leading will put it in front of the value and trailing will put it at the end of the amount value. |
| Sample Number | This is a sample of your selection and is not directly editable box but reflect all your selection for this current format |
-To Setup financial categories
Financial categories are primarily used to classify accounts for the balance sheet report and any financial report related to the balance sheet like the “Revenue Statement”. The system predefine all financial categories and you can only change the wording according to your business and financial institution recommendations. Category code from 100 to 250 are balance sheet type and 300 to 370 are income expense type. This is explained more in detail in “Module A Setting up Accounts”
-Other General settings
In General Procession tab, you can setup loan module. The loan module consist of tracking loan to customers and if your business is to give money with interest to customers, Solace will help manage easily the installments and repayments schedule. The settings here is simple
-Loan Settings section
| Next Number | Define the next loan reference number. Solace Accounting will automatically pick next number when creating a new loan project |
|---|---|
| Loan Account | This account is used to register all load transaction. It is used to evaluate and control the loan value. |
| Interest Account | This Account will register all the interest payed by customers |
| Installment Entry Type | This is the journal that will record all load transaction. This will help trace load transactions. |
-Tax Processing
The Tax processing setting tab helps manage all tax types. Solace accounting is using one Tax Control Account attached to types. Tax types are not sub accounts of the control account. Type 00 is reserved to not tax transactions and the description will always be empty. There is no need to specify Sales tax (Output tax type) and purchase Tax type (input tax type) only one type (standard Vat with normal rate), Solace will detect automatically the type by transaction type and print tax report correctly.
-Internet Settings
The Solace Accounting System has the capability of sending email directly to any email address recorded or not. There are 2 types of email processing, sending with your default mail client and sending with Solace Accounting Internal Email module. We recommend the second one as some Email clientdo not allow the external application sending email and some require confirmation before sending or display a warning that need to acknowledge before send another email. This can be dompting if sending bulk emails. To setup the internal module selects the option “Send Directly to Mail Server”.
Fill in all parameters from your SMPT server of ISP (Internet service provider).
The email signature can be defined in simple text or in html format. This will be added to the footer of all outgoing emails.
-To setup logs
Solace accounting give has two types of logo, the screen logo and the report log. The screen logo will be displayed on the main screen at the bottom right corner and the report logo will be displayed on statement and accounts (Suppliers and Customers) documents.
To load a logo, click on “Load” button and to remove the logo click on “Clear” button. the logo options give selective choices for display.
-System Parameters
Under this tab, you can change the way numbers and date are displayed on screen and printed on reports. You can also change the system language and others. The “Amount Format” is like the multicurrency tab and please refer to that tab. The date format block is much simpler to set as it has a sample showing your final date format.
If the company uses digital cards for customers, this can be enabled and set so that customer card can be swiped to lookup for customer account especially when invoicing.
-Interfaces
Interfaces are mostly serial ports and USB ports that the system can use. It is much easier for an advanced technician to setup the serial interface and let the user select it when needed. These is more used by the Point of Sales (POS) module. Refer to POS module for more details.
SETING COMPANY BRANCHES
Solace Accounting is a multi-branch system. It is necessary to create all the company branches consolidate your data and have a good control of your company finances. Solace Accounting is a multi-user system and can work in locale are network (LAN) or Wide Area Network (WAN). But also Solace Accounting system is designed to work on Distributed DataNetwork (DDN) which is also called peer-to-peer. In DDN, each branch hosts the data and Solace Accounting Replicated Data to all other branches (Nodes) using peer-to-peer model. This is more technical and will be detailed only to technicians and Installers.
The Info tab is a replication of “Company Parameters” “Company Info” tab, All report will print page header details from this branch screen.
-Bank details
Solace has 2 bank details section; the first section is used on invoice layout to inform customer’s payment point.
RUN YEAR ENDASISSTANT
Solace account keeps history indefinitely and works with financials periods. At the end of the financial period, a new period need to be created and balances be rolled to next year. This is done automatically by the system with the help of the year end assistant. It is strongly recommended to make a backup of your data before this process.
The year-end procedure will create new periods then transfer all the balance sheet account closing balances to the new financial year and update the revenue account with the net-profit (or Net-loss)
This will not close the current year for posting, after the process transactions can still be processed to last year and Solace will report correctly balanced to new year and future years.
-To run Year-End
Double-Click on “Run Year-End” and follow the Assistant.
The last section of Control Panel is the Tools section. All tools a quite simple to use and present a simple screen with a process button.
WERE FROM HERE
Solace accounting has more settings and parameters that are explained in other modules. We recommend studying all the modules relevant to your type of busyness to learn more on the control panel.