9 from the main menu
It is recommended that you set up your general ledger chart of accounts in FocalPoint. This is so you can track revenue and expenses by general ledger account and use FocalPoint's posting code functionality. If you don't want to track revenue and expenses by general ledger account, then you probably would not need to set up your general ledger chart of accounts. The exporting functionality and reports, however, will not be useful if there are no general ledger accounts set up in FocalPoint.
Under normal circumstances, Visum will assist you in setting up your general ledger chart of accounts in FocalPoint. Typically we will be provided with your chart of accounts exported from your financial software package, and this file would consist of the account number, the account name, and the account type (asset, liability, income, or expense). This conversion of your chart of accounts is normally done free of charge. Allowing Visum to convert your chart of accounts is recommended in order to establish a reliable link between your accounting software and FocalPoint.
To add general ledger accounts to FocalPoint manually, go to '9' from the main menu. Simply click on the "Add New Account" button and enter the account number, account name, and select from the available account types. If you do not use account numbers, you will be required to "make up" account numbers in FocalPoint. In these cases, FocalPoint will rely on the account NAME to establish a reliable link to your accounting software.
Before you submit your chart of accounts to Visum (if you choose to do so)
If you intend to submit your chart of accounts to Visum so that we can convert the files for you, it may be beneficial for you to review your chart of accounts before you export them into a spreadsheet so that we can convert all of your accounts at one time. Please read the following recommendations below prior to submitting your chart of accounts to Visum (For all recommendations below, the naming you choose is up to you, but both your accounting software and FocalPoint accounts need to have the same descriptions):
Accounts that QuickBooks™ will not allow you to import in to
Because the standard “Accounts Receivable” account in QuickBooks requires transactional details that FocalPoint can’t provide, we require that you create another “Accounts Receivable” account just for the FocalPoint data, as well as another “Sales Tax Payable” liability account. Journal entries cannot be imported directly in to the Accounts Receivable or Sales Tax Payable accounts in QuickBooks.
As such, you will have to create two accounts in QuickBooks:
Accounts Receivable-FP (as an Other Current Asset account)
Sales Tax Payable-FP (as a Other Current Liability Account)
The ability to import this information into accounting software packages other than QuickBooks varies. Once you have completed the setup guide, Visum will review your set up and help you determine if these additional accounts need to be set up.
Deposits
Because FocalPoint does not recognize revenue until a rental contract is closed, you may need to set up a "Deposits Liability" account in your accounting software. The concept of such an account is described further in the posting code set up section of this guide. For now, suffice to say that a "deposits liability" account can be interpreted as a "money on open orders" account. You may need to add an account to your accounting software to hold this information that is being tracked in FocalPoint if you do not already have a holding account for this kind of information.
Please consider adding the following account to your accounting software:
Deposits Liability (as a Other Current Liability Account)
Additional revenue accounts
FocalPoint can track revenue in as many different "revenue streams" as you choose. Please review your chart of accounts, and consider adding the following revenue accounts in your accounting software if they do not already exist:
Fuel Revenue
Delivery Revenue
Cleaning Revenue
Damage Waiver Revenue
Once you have your chart of accounts set up as they need to be, please contact Visum if you need assistance exporting them to a spreadsheet to that we can convert/import them into FocalPoint. Once this is done, please move on to the next chapter.
