MoneyWorks Manual
The Setup Account
The pre-supplied charts of accounts have a special account with an account code of SETUP. This account is intended to be used in setting up your opening balances.
The setup account will receive:
- opening receivable (debtor) and payable (creditor) balances;
- opening bank balances, and adjustments for unpresented items;
- opening stock;
- opening GST adjustment.
The balance of these will be journalled out when the opening balance sheet is entered. Once the setup is complete, the SETUP account can be deleted (for information on how to delete an account —see Deleting an Account.
There is only one setup account supplied with the standard accounts. If your setup looks to be complicated, you might consider creating additional ones for each of receivables, payables, stock and GST (you can do this by simply duplicating the existing SETUP one, and call them SETUPR, SETUPP and SETUPS). The pre-supplied SETUP account is required by MoneyWorks for the automatic entry of the bank balances.