Company Setup Wizard
After completing the required step of the Company Setup Wizard and saving your company file, you can begin using Office Accounting 2007. However, it is recommended that you first complete the setup of all accounts, customers, vendors and items. This article will teach you how to set up your vendors.
The company setup checklist shows you the sections of the Company Setup Wizard that you have completed, in addition to the sections you still have to complete. At any point in time, you can exit the wizard by pressing Close. If you return to it later (by selecting Company Setup in the File menu) Office Accounting will keep track on your progress.
Company setup checklist in Microsoft Office Accounting 2007
This screen can be used to launch wizards to help you complete the setup of accounts, customers, vendors, employees, items, integration with Outlook with Business Contact Manager as well as business services.
Vendors
The Vendors section of the company setup wizard enables you to set up your vendors with details and opening balances. Vendors are sometimes known as suppliers.
Setting up Vendors
Click Next to see the list of vendors that exist for you company. This list will normally be empty, except if you have online integration enabled (in which case a Paypal vendor has been created).
Vendors and opening balances
To set up a new vendor press New. To edit an existing vendor, select the vendor on the list and press Edit. To delete a vendor, select the vendor on the list and press Delete. You cannot delete vendors with an opening balance.
You can see that the list of vendors has a Balance column and an As of column. This enables you to set an opening balance for each vendor as of a specific date. As default the starting date of the company is provided.
When setting up a new vendor, you only have to provide the vendor name in order to save the vendor. All the other details may be provided later:
Adding a new vendor
A vendor may have up to 8 addresses (business, bill to, ship to, warehouse, home legal postal and other) and as many contacts as desired.
The Account no. field of the vendor is your (customer) account number with the vendor (usually found on the bills and statements from the vendor).
Use the Expense account field on the Details tab to specify if bills and checks to this vendor should be defaulted to a specific financial account, such as utilities.
The five tab-pages of the vendor form (General, Details, Financial Summary, Financial History and User-Defined Fields) will be described in more detail in the Using the vendor form article.
When you have completed editing the list of vendors, click Next.
Vendors completed
Click Finish to complete the Vendors section.
Company setup checklist with accounts, customers and vendors completed
Related articles
Below you can find links to related articles on setting up your company in Office Accounting 2007:
The accounts section of the startup wizard enables you to add or edit new financial accounts as well as setting their balance as of the start date of the company.
The Customers section of the startup wizard enables you to set up your customers with details and opening balances.
Office Accounting 2007 uses items to keep track of goods and services that your company sells. The Items section of the startup wizard enables you to set up your Items with details and quantity on hand.
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