The Details tab on the Company>Setup screen enables you to view, enter, or edit basic information about a client's company, including:
Client Information: Displays information such as the company's name, address, phone and fax numbers.
Note: These details are entered and maintained on the Client Setup screen in the Administration module.
Contact Information: You can enter specific contact information for an employee of the company.
Business Activities: You can enter entity type and federal EIN (Employer Identification Number), and describe the type of business in which the company is engaged.
Accounting Periods: You can enter information about the company's accounting periods.
Period Status: Displays information about the status of specific periods (whether a period is open or closed).
To set up specific contact information for an employee and business activity information:
Go to the Company>Setup screen. The Details tab is selected by default.
Verify the name, address, and telephone number displayed for the company. (To edit the company information, go to the Client Setup screen. To access the Client Setup screen, select Administration from the Launcher on the right side of the screen.)
Verify, edit, or enter:
A contact name for the company
The contact's mobile number for text alerts (To receive text alerts, go to Company>Setup>Preferences and select Send Text Alerts to Clients in the Company Settings section of the Preferences screen.)
An email address for the contact
A Website if applicable
Use the drop-down list in the Entity Type field to select whether the entity type is: Corporation, S-Corporation, Partnership, LLC, Sole Proprietor, or Non-Profit.
For Partnership, S-Corporation, or LLC: The system displays the Capital Allocations tab on the Company>Accounts screen, on which you can enter partners or shareholders and generate their capital, contributions, and distributions accounts automatically.
For Non-Profit: The system displays the Funds tab on the Company>Setup screen and sets up the Unrestricted Net Assets, Temporarily Restricted Net Assets, and Permanently Restricted Net Assets funds into which revenue and expenses are booked. These funds are automatically matched to Capital accounts (Retained Earnings class) of the same names when you set up the Chart of Accounts.
Enter the company's Federal EIN (Employer Identification Number) for printing on Forms 1096 and 1099-MISC.
Note: Federal EIN format is xx-xxxxxxx. When this format is entered, this number appears in Box 1 of the 1096 and 1099-MISC. If the Federal EIN is entered in Social Security number format (xxx-xxx-xxx) the number appears in Box 2 of Forms 1096 and 1099-MISC.
Specify whether the company supplies a product or a service in the Business Type field, and use the drop-down list in the Business Description field to indicate the line of business in which the company is engaged.
To set up Accounting Periods:
Select the number of periods for printing accountants reports from the Number of Periods drop-down list. Select:
1 - Annual - to print accountants reports on a yearly basis
2 - Semi-annual - to print accountants reports two times a year (once every six months)
4 - Quarterly - to print accountants reports four times a year (once every three months)
12 - Monthly - to print accountants reports once a month
13 - 4 week - to print accountants reports once every 4 weeks
12 - Period (4-4-5) - to print accountants reports after 4 weeks, again after 4 weeks, and again after 5 weeks
12 - Period (4-5-4) - to print accountants reports after 4 weeks, again after 5 weeks, and again after 4 weeks
12 - Period (5-4-4) - to print accountants reports after 5 weeks, again after 4 weeks, and again after 4 weeks
Note: If you select 13 - 4 week, 12- Period (4-4-5), 12 - Period (4-5-4), or 12 - Period (5-4-4), the Book Year Begin field appears. Enter the date your book year begins.
Specify the Book Year End to indicate the ending date of the first year for which you intend to enter transactions (by default, the last calendar day of the current year).
For example, to enter data for 2018, enter 12/31/2018 as the Book Year End date. Entering this date automatically creates open periods for both this year and the year following.
Important! If necessary, you can change Book Year End date to an earlier period as long as you have not closed any years on the system. For example, if you entered a Book Year End date of 12/31/2018 and entered transactions for 2018, you can, if necessary, change the Book Year End date to 12/31/2017 to enter transactions for 2017.
You can keep up to three years of data open for transaction entry. If you have three years open, to advance to the next year, you must close the first open year. You can enter a date up to three years earlier than the current one, but this is not recommended as these prior years are assumed to have already been closed.
Tip: You can enter year-end trial balances for up to four earlier years to run comparative financial statements without affecting your Book Year End date.
If you need to change the number of periods, select a period from the Change Number of Periods drop-down list, and click Change.
Click Short Year and select a new year end date from the Ending drop-down list for the short year if the company is changing its fiscal year. (For example, the company could be changing to a calendar year.)
Important! Do not select Short Year for companies in the first year of business. The Ending drop-down list is not enabled unless you select Short Year. Your fiscal year end is automatically changed to the new year end date when you close the year.
Note: You can reverse the Short Year option selection as long as the year is not closed. To do so, deselect Short Year. The Ending field becomes inactive.
Review the information displayed in the Period Status panel. This panel displays which of your active periods are open and which are closed, and indicates the current open period.
Click Save to save your changes and apply them to the company.
You must save your entries on this tab before moving to another tab of the Company>Setup screen.