How do I Set Up a New Company or Corporate Entity?

Instructions for Setting up a New Company in the System.

Written By Gerry Mckeown ()

Updated at November 8th, 2021

1.    Introduction:

This facility is in a part of the system known as the “Administration Layer”.  Normally it is only relevant to Accounting Firms, Franchise Owners, Group Companies and Outsource Service Providers - all of whom have a number of entities (companies) to setup and maintain. If you are an individual Company user of the system, your System Provider will have already undertaken this process for you and you should carry on as outlined in Section 3. below.  Note also that you can only access this part of the System if you have the appropriate level of Permissions.  More about the Administration Layer in the Article entitled “How does the Practice/Franchise/Group Company Administration System Layer Work?

In order to facilitate the rapid setup of new Corporate entities in the System a number of standard “Templates”, which basically are boiler-plate company databases, have already been set up for you to copy and subsequently modify when setting up your “New Company”.  For example, you can choose a U.S. Corporate template, a UK Sterling Company template or a European one.  If you choose a U.S. template then the date formats and the language subsequently used will be American English.  Tax details, computations and the Reports will be those that you would normally expect to see for a U.S. based company.  Similarly, if you choose to set up a U.K. Company based on its template, then, on subsequent operation of the company, you will be presented with the VAT sales taxation system and the UK formats, reports and language.

Having selected the appropriate template to create your new Company, and after you have modified it to your own requirements and then set up the basic tables relating to Tax, Products, Customers, Suppliers (Vendors), Company Sub-Structure Analysis, and so on (and, also, if you wish, the End-Users and their Access and Control Permissions – see the Article entitled “How do I use the Administration System Layer to Add End Users and Control their Permissions?”), you can also subsequently save it as a new self-nominated Template. This template can then be used for further replication if you have other similar companies to be set up and which require inheritance of these data and tables in order to ensure exact compliance with the first company.  This is particularly important to Franchisers and Group Companies who wish to ensure that all companies in the family or group have exactly the same analysis coding for Profit & Loss Reporting, Sales Analysis, and so on.  Of course it is also of importance to those Accounting Firms and Practices who deal with Industry verticals such as Catering, Retailing, Services, etc.  For more information on these features see Section 4. below.  

2.    Setting up the first New Company:

Having logged into the system with “Administration Privileges” (you will not be able to see the screen below unless you have these privileges) Go To > Clients > New Client;

This will then bring up the first screen in the Company Setup process;

If this is the first Company you are setting up you must choose an existing “Standard Template Company” as there are no existing companies already set up which you might use as a template for the set-up of further companies (See 4. below).  In this instance the “Copy Options” on the right hand side of the screen do not function. Proceed to “Next Step >>”.

Here you should set up the details and particulars of your Company which will be used on this Company’s printed Invoices, Statements, etc.  In addition you should also browse to an appropriate location in order to upload the Company’s Logo for subsequent inclusion on these documents.  When this information is complete you should proceed to “Next Step >>”;

Your System provider will have explained the various Editions, their functionality content and pricing.  Under “Current Edition” you must select the level of functionality you wish this particular Client Company to have and then fill in the remaining fields before proceeding to the “Next Step >>” where you can use the drop down List to create the Financial Calendar before proceeding to the final step.

You must now Click on “Create Company” at the bottom right hand corner of this screen;

Which will then go on to create your new Client Company Database with its new Company ID;

This is the Company ID which the New Company’s own End-Users will use to access it subsequently, along with their own Logon Username and Password (after these have been set-up).   See the Article “How do I use the Administration System Layer to Add Users and Control their Permissions” article as to how to do this.

3.    Populating the Basic Tables:

The New Company is now somewhat ready for use.  When the new company database was created it was populated with a comprehensive standard set of General Ledger Codes and their Categories and Sub-Categories, and also reserved General Ledger Codes for System Accounts.  Other tables for Currency Codes and Rates, Codes for Sales Analysis purposes (e.g. Areas, Regions, Customer Type, Sales Reps., Product Groups, etc.) are largely empty.  These Codes, and other basic Company information need to be set up first before the system is fully ready for use by the Company’s end-users.  The exception being, in the case of European Euro and UK Sterling companies, the Tax Tables are already populated with the requisite Tax Codes.  This is because these Tax Codes have business Rules attached to them that determine how transactions carrying these Codes will be treated in the preparation of the statutory VAT Tax Returns.  In this case, all you need to do in regard to this Table is to ensure that the Tax Rates are up to date.  For further derails consult the Article entitled “How does the System Facilitate VAT Management (UK & Ireland)?”.

Log in to your newly created company by clicking on the highlighted company name (shown circled in Red above) – (also, if you are presented with a screen about Default Settings, ignore this for the moment by clicking on “Close”) and Go To > Setup;

Here you can revisit the Company Details and Settings screen that you have just set up, in case you have any further changes.  More importantly however, you now need to set up the appropriate entries in all of the following tables;

These tables should be comprehensively populated in order to get maximum benefit from the System and the many Sales Analyses Reports that the system has to offer.  The contents of most are self-explanatory – but are explained in detail in the Article “How do I Use Code Maintenance to Control the Behaviour of the System?.

You should also visit the “Default Settings” facility in order to set up defaults to be used when subsequently setting up new Customers, Suppliers (Vendors), Items and so on.  This will ensure that important common fields are automatically inherited by new Customers, Suppliers (Vendors), Products, Banks, as they are set up in order to ensure a high degree of accuracy throughout the operation of the system.

The system also provides extensive facilities for the establishment of the Company’s Sub-structure – i.e. its Branches, Departments, Divisions, Locations, etc.   Should you wish this company (and its successors – see 4. below) to include such analyses then Go To > Analysis;

Here you can set up the relevant Analysis Groups (Branch, Department, Activity, etc.) and the members of each one.   Refer to the Articles entitled “How do I Implement Extended Business Analysis?” and “How do I Implement Job or Project Analysis?” for further information on these system features.

Finally, you should review the standard package of General Ledger Codes and Categories/Sub-Categories to ensure that they fully match your requirements for subsequent reporting.  Please refer to the following two Articles to assist with this; “How do I Modify or Re-Design the P & L Reports?” and “How do I Setup and Maintain General Ledger Accounts?

Then, using Client Company facilities you can now input Customer, Supplier (Vendor) information, Product Information, etc., or, if this information is subject to import from elsewhere, then your system provider will provide the necessary assistance with this importation task.

4.    Setting a Client Company as a "Template" Company:

After setting up your Company, you can then choose to deploy it and all its Master Data Tables as a Template for use in the creation of additional similar Companies. This is obviously of benefit to Franchisers, Group Companies and Companies in the same industry sector (e.g. Pharmacies, Sports & Fitness Centres, Pubs/Bars, Hotels, Restaurants, etc.) all of whom have similar Charts of Accounts, Analysis requirements, Stocked Items and/or Suppliers – all of which can be set up, in advance, in the template company.

The great benefit of this facility is that it not only considerably reduces the time taken to set up additional Companies of a similar nature, but it also ensures a very high degree of commonality and accuracy across all companies in the family.  You can copy, from the Template Company (which is also a fully functioning company in its own right), all of the tables that you have so carefully set up in Section 3. above to each new Company.

In the Administration Layer (if you are still in the Company layer then just Log Out and this will return you to the Administration layer), and click on the Company No. you wish to use as your template from the list presented. 

This will bring up the following screen;

Tick the “Use as Template” Check Box followed by “Process” to complete the action.  

When you next go to the Client (Company) Setup and you select an existing Company as a Template, you will find that that the Right Hand Pane becomes active whereupon you can copy, in addition to General Ledger Codes,  Currency Codes and Rates, Sales Analysis Codes, etc. (i.e. all the Tables under Codes Maintenance in Section 3. above),  additional information such as Extended Business Analysis Codes, Suppliers (Vendors), Customers, etc. when creating and populating a new Company Database.