1. Chart of Accounts Design:
- Define a three-segment account structure: Fund (1 digit), Cost Center (3 digits labeled “Program”), and Object Code (4 digits).
- Create two Funds: 1 – Unrestricted and 2 – Restricted.
- Create three Cost Centers: 100 – Administration, 200 – Youth Services, and 300 – Adult Education.
- Create essential Object Codes, making sure to assign the proper Account Types (e.g., Bank for Checking, Payables for AP, Receivables for AR).
- Use the Chart of Accounts Linker to link your Funds, Cost Centers, and Object Codes into valid account strings.
2. Beginning Balances:
- Navigate to the Chart of Accounts Beginning Balances screen.
- Enter an opening debit balance of $50,000 in your main Checking Account and an opening credit balance of $50,000 in your Unrestricted Net Assets account.
- Save and lock the beginning balances.