Setup Chart of Accounts

a. Create Default Accounts: The default chart of accounts button will quickly generate a chart of accounts based on the entity type (C-Corp, S-Corp, Partnership, Sole Proprietor, Individual) selected at the company setup screen. After the default accounts have been created additional accounts can be added, current accounts can be changed and even deleted before transactions are posted. To Create the Default Chart of Accounts select the Setup menu; Chart of Accounts and then click on the Create Default Accounts button. You will notice the Tax Type is setup for you based on the entity type you selected at the company setup screen. This tax type is what TaxSlayer Books uses to transfer the tax return data to TaxSlayer Pro at year end.

b. Copy Existing Accounts: The copy existing accounts button will quickly copy a set of accounts from a company which already exists in TaxSlayer Books. This option will work if the company copying from has the same Entity Type as the New Company being created.

c. Create your own Chart of Accounts:

1.) Type in the Account Number you would prefer to use in the Account Number field.

2.) Enter or Tab to the next field and enter the Account Name for that Account Number.

3.) Select the appropriate Account Type and Tax Type. Be sure to select the correct tax type for each account based on the entity type you have selected. This is what TaxSlayer Books uses to transfer the Tax Return into TaxSlayer Pro.

4.)  Select a Rollup account if appropriate.

5.)  Enter the beginning balance date and beginning balance amount.

6.) SAVE

d. List/Edit Accounts: This button will view the chart of account generated. Another option to view the chart of accounts is REPORTS > CHART OF ACCOUNTS.

e. Department Setup: TaxSlayer Books allows as many departments as the company may need. First decide how to identify the department by selecting either Alpha or Numeric characters. After a Department identifier has been established then enter the Description of the Department (i.e. Department: M Description: Maintenance Division). Then Save the New Department. After the departments have been created, the next step is to assign a General Ledger Account to each Department. So if Sales/Fees needs to be in each Department they will need to establish a separate Revenue account for each department. Type in the new account number in the Account Number field (40001) the system will ask if you want to create a New account, click on YES. Type in the Account Name (Sales). Account Type, Income. Tax Type, I-Gross Receipts or Sales. Rollup to Account Number, (40000). Departmental Assignment, (M). Establish a separate General Ledger account for each department.

f. Payroll Defaults: It is important to establish the company defaults (other withholdings and other additions as well as default payroll accounts) before the employees are setup. Click on the Payroll Default button. The default payroll accounts were generated when the Chart of Accounts was created. Verify that the General Ledger accounts selected are correct for tax purposes (i.e. account 79000-Salaries & Wages - Officers may need to be changed to 79500 Salaries & Wages - Other).

g. Budget Allocations: First select the Account number on the Chart of Account Setup screen that will need a budget. For example, select 40000 Sales/Fees and click on Budget Allocations. To allocate the same amount each Reporting Period then enter the amount to allocate in the amount field on the first line and click Same. To allocate a different amount to each Reporting Period enter the amounts in the Amount field that corresponds to the appropriate period.

h. Check Printing Info: When the Cash Account is selected at the Chart of Accounts Setup screen the Check Printing Info button will appear. This option will print checks on blank check stock. The user will need to know the Banks Routing Transit Number, Bank account number, Bank name, city, state as well as the Business name, address, city, state, and zip code. There is also a fractional transit number found at the top right hand corner of the blank check stock that will need to be entered as well. Once this information is saved the user can print Payroll and Vendor checks on blank check stock.