By: John-Michael Davis CEO, Business One Training

 Basic Chart of Account structures  Editing your chart  G/L determinations: they must be right!  G/L-affecting documents  Tax postings: they can be easy!  Inventory as a driver of postings  Journal vouchers are your friend  Posting Periods and End of Month / Year  Time Permitting: Cost Accounting – it’s awesome!

 Segments or Reporting?  Segment caveats

 How is the chart structured? In Drawers, of course. Each Drawer typically contains one type of account for easy reference.

 Account Details Under Account Details we can add a variety of fine- tuning measures including the all important ‘Inactive’ flag.

 Detailed selections for easier manipulation.  Trial Balance style detail with multiple drawers displayed

 These must be right!!!

 No really, these must be right! Absolutely, fine- tooth-comb-analysis right.

 Business One is an Inventory-driven system. If our Items are right, our end of year will be right.  Warehouse, Item Group and Item Level posting divisions give us flexibility.

 Journal Vouchers give us a trial posting that can be evaluated in the system financial reports.  These are not permanently committed yet, so we can still fix our mistakes.

 Journal vouchers are entered just like journal entries.  Remember to double update!

 Seriously… don’t forget. You will lose all of your work!

 Creating new periods is easy. If you set your delivery and document dates a few months into the next year here, it will help around end-of- year.

 The full list of periods will continue to grow and will always have the newest periods at the bottom.

 Once they are posted, these are permanent.  Check your dates. Date mismatches are the most common type of error!

 Year End is easy. Really really easy.  Confirm all periods for the year are not in the locked status.

 Confirm your P&L values and hit execute.  Adjustments can be made via journal and the utility rerun to make the adjustment in equity.

 Step 1. Define our jurisdictions. These are the sub-elements that make up our final tax rate.

 Populate our jurisdictions.  Hint: If your sub-codes match the Taxing Authority Codes it can make bulk uploads much easier.  Be sure our posting accounts are correct.

 Build out the tax codes that users will be able to utilize.  Postings will be pulled from the jurisdiction and will be handled automatically based on the document type.