What information do I need to set up a new company in Cashbook?
Opening bank statement balance for the start of the financial year (i.e. closing bank statement balance for the end of the previous financial year.)
Note : If you are starting Cashbook part way through a financial year and do not intend on adding data from the start of the financial year, you will require opening balances etc., from the date you intend to start entering data for.
A list of any outstanding payments or receipts as of the start of the financial year. You will find this from your final reconciliation from the previous financial year.
Assets & Liabilities
Balance Sheet from last financial year (ask accountant) - to enter opening balances of Assets and Liabilities.
Opening livestock numbers as of the start of the financial year for trading account setup.
Decide what stock valuation method you will be using e.g. average cost or market value. We recommend you speak to your accountant before choosing which method to use.
Have an idea of the types of income and expense categories you require, so you can select the chart from the list that best suits your needs.You will be able to preview the charts before you select.