Computerized Accounting Tutorial for Small Business using BlueOcean Accounting Software - Part 2

Setting up of starting balances.

Unless you are starting a new business, else you will have some existing transactions. Just get a copy of your latest Trial Balance.

This is my Trial Balance as 31 August 2012.

Trial Balance - As at 31-August-2012
Name	Debit	Credit
STOCK IN TRADE	6350
DEPOSIT-RENTAL	16000
DEPOSIT-ELECTRICITY	710
CASH AT BANK	17951
CASH IN HAND	600
ACCRUALS		1408
SALARIES & WAGES	151855
ELECTRICITY & WATER	36912
PURCHASES	239196
CAPITAL		75000
PROFIT & LOSS ACCOUNT	108842
BANK CHARGES	61
INSURANCE	300
POSTAGE & TELEPHONE	1950
RENTAL	51000
SUNDRY EXPENSES	180
LEGAL FEES	8117
OFFICE SUPPLIES	601
PRINTING & STATIONERY	889
VEHICLE RUNNING EXPENSES	4310
LICENCE FEE	600
DEPRECIATION OF FIXED ASSETS	2300
REPAIR AND MAINTENANCE	2133
FURNITURE & FITTING	18000
ACC. DEP- F & F		16130
EQUIPMENT & MACHINERY	132600
ACC. DEP - EQUIPMENT & MACHINERY		123060
RENOVATION	12200
ACC. DEP - RENOVATION		12173
SALES		581546
ACCOUNTS PAYABLE		29340
ACCOUNTS RECEIVABLE	25000
Total	838657	838657

AP Listing As At August-2012
Name			Balance
AB S/B			5066
FUNG YEE TRADING			918
SUPER SUPPLY			2972
LAM HONG SDN BHD			788
SO LUCKY STORE			9330
LEECO ENTERPRISE			1987
MARK & CO			175
DEPHOON SDN BHD			150
HIGHLAND SDN BHD			3309
SO SWEET CO			1660
TUK SDN BHD			1207
TRANSPACIFIC SDN BHD			189
WILSON SDN BHD			489
YOU LOVE ME SDN BHD			1100
Total			29340

AR Listing As At August-2012
Name			Balance
GLORY SDN BHD			2500
HITECH SDN BHD			3000
DIGIT REAL SDN BHD			4500
LONGTERM SDN BHD			1200
WETLAND SDN BHD			5500
EAGLE FLY ENTERPRICE			5300
WANGA SDN BHD			3000
Total			25000

Once you get ready of your Trial Balance, You can now setup your Account Balance.

Just click at Setting/Account Balances - Step 1. You will see a list of Accounts. Check and see if any of your Trial Balance Accounts is not in the list. Then go to Setting/Chart of Account and add it into the list.

I found that my RENOVATION and LICENSE FEE Account was not in the list. So i have to create these accounts.

At the Chart of Account Page, just click at Add New Record.

Give your account a code number (e.g mine is 111000 of course it can alfa numeric). Then click Submit.Next key in the account name, which is RENOVATION. next select the Account Type of Fixed Asset. Click Submit to save.

Since RENOVATION is of account type Fixed Asset Account. I will create an RENOVATION - PROVISION FOR DEPRECIATION account again to record the accumulated depreciation.

It is important to code your provision for depreciation account with the same account code as the fixed asset account, (RENOVATION 1110000) with a  post-fix of 1(a/c code 1110001 a/c name RENOVATION - PROVISION FOR DEPRECIATION a/c type Fixed Asset).

Next setup the Customer and Supplier Accounts.

After setting up the Customer and Supplier Account, we can proceed to setting up the Starting Balances.

Go to Setting/Account Balances -Step 1.

Since my Trial Balance is As At 31 August 2012, so i key in 2012 and the year field and select August for the month. Then just key all the balance as appear at the Trial Balance to the respective accounts.

After completed Account Balances -  Step 1, proceed to Account Balances - Split Accounts Receivable - Step 1.2  to setup your Customer's unpaid Invoices.

Next, proceed to Account Balances - Split Accounts Payable - Step 1.3  to setup your supplier's unpaid bills.


Computerized Accounting Tutorial for Small Business using BlueOcean Accounting Software - Part 1
Computerized Accounting Tutorial for Small Business using BlueOcean Accounting Software - Part 2
Computerized Accounting Tutorial for Small Business using BlueOcean Accounting Software - Part 3