Overview

Setting up your company is the first key step to ensure smooth financial and operational workflows. A proper setup supports accurate accounting, inventory control, and transactions. This article walks you through each step—from basic info to advanced settings.

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1. Introduction to Company Setup in iVendNext

In iVendNext, a Company is a legal business unit with its own finances, inventory, and transactions. A default company is created during setup, and you can add more if your business spans multiple entities or regions.

Use the Company Master screen to manage company settings—organized into sections like accounting, sales, HR, and POS.

2. Steps to Create a New Company

2.1 Navigate to the Company Master Screen

To create a new company, follow these steps:

1. Go to Home > Accounting.

2. Under the Accounting Masters section, click on the Company shortcut.

3. This will open the New Company screen, where you can enter the necessary details.

2.2 Enter Basic Company Details

The Details section is where you enter the basic information about your company. This includes:

• Company Name: Enter the legal name of your company.

• Abbreviation: A short form of your company name (e.g., "LT" for "Looney Tunes"). This abbreviation is used in various accounts, cost centers, and templates.

• Default Currency: Select the primary currency for your company’s transactions.

• Country: Choose the country where your company is based.

• Is Group: Check this box if the company is a parent company with subsidiaries.

• Parent Company: If this is a subsidiary, select the parent company from the dropdown.

• Date of Establishment: Enter the date when the company was established.

2.3 Configure Accounting Settings

The Accounts section is where you set up the financial configurations for your company. Key settings include:

• Create Chart of Accounts Based On:
  You can choose to create the Chart of Accounts (CoA) based on a Standard CoA or an Existing Company’s CoA. If you select a parent company, the CoA will be based on the parent company’s structure.

• Default Accounts:
  Set default accounts for various transactions, such as:

• Default Bank Account

• Default Cash Account

• Default Receivable Account

• Default Payable Account

• Default Cost of Goods Sold Account

• Round Off Account:
  Specify the account where rounding differences in invoices will be recorded.

• Exchange Gain/Loss Account:
  Set the account for recording gains or losses due to currency exchange rate fluctuations.

2.4 Set Up Buying and Selling Settings

The Buying and Selling section allows you to configure settings related to purchasing and sales:

• Default Buying Terms: Define the standard terms for purchasing goods from suppliers.

• Default Selling Terms: Set the standard terms for selling goods to customers.

• Monthly Sales Target: Enter your company’s monthly sales target to track performance.

• Default Warehouse for Sales Return: Specify the warehouse where returned goods will be stored.

2.5 POS Invoice Posting Settings

For businesses using Point of Sale (POS) systems, this section allows you to configure how POS transactions are recorded:

• One to One - Real Time Posting: Enable this to update the ledger in real-time as POS transactions occur.

• One to One - On Shift Closure: Update the ledger when the POS shift is closed.

• Rollup Posting - On Shift Closure: Consolidate multiple sales into a single invoice at the end of the shift.

3. Advanced Configurations

3.1 Multi-Currency Accounting

If your company deals with multiple currencies, you can configure multi-currency settings in the Accounts section. This includes setting up foreign currency accounts and defining exchange rates.

3.2 Tax and Compliance Settings

Ensure that your company is compliant with local tax regulations by setting up:

• Tax ID: Enter your company’s tax identification number.

• Registration Details: Save tax, cheque, and bank numbers for reference.

3.3 Financial Year and Accounting Periods

Define your company’s Fiscal Year and Accounting Periods to ensure accurate financial reporting. This is especially important for compliance with tax regulations and financial audits.

4. Importance of Accurate Company Setup

A well-configured company setup is essential for:

• Accurate Financial Reporting: Proper setup ensures that all financial transactions are recorded correctly, leading to accurate financial statements.

• Compliance: Configuring tax and legal details ensures compliance with local regulations.

• Operational Efficiency: Clear settings for buying, selling, and POS operations streamline day-to-day business processes.