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Setup Guide

After initially registering with Yendo there are a number of steps which you need to carry out before you can start using Yendo. You can familiarise yourself with the basic steps to setting up your organisation on Yendo by using the Tutorial functions on Yendo and following the Basic Set Up Video or using the Set Up Wizard.

Start Date

The date you start using Yendo should be the date which best suits your organisation. Usually this is the first day of the organisations new financial year.

However the date you start using Yendo can be different from your financial year end and you can input the data from the start of the financial year to the date you start using Yendo.

Organisational Details

These details are filled out on Yendo on the screen called Your Company under the Settings link. The organisations name, address, contact details and the year end date needs to be filled in.

The Lock Date is the date before which all transactions are locked. Typically this is set to your previous year end date.

The Lock Older Than is the number of days before which all transactions are locked. All transactions older than a certain number of days will be locked. This defaults to 90 days but more typically is set at 30 days.

Both the Lock Date and the The Lock Older Than can be adjusted at any time if required.

Also important to fill in is the timezone and currency. The Tax Reference and Company Reference details are optional.

Contact List

Contacts are your organisation’s Customers and Suppliers.

Before you can start inputting invoices into Yendo you need to enter the details of all your contacts. These contacts can be entered using the Contacts link. You can Import Contacts from a CSV file or Add a New Contact.The relevant information for each contact can be entered on this screen.

Tax Codes

Each Country/City state have various tax codes therefore it is important to set up the relevant tax codes on Yendo. Yendo automatically defaults to a zero tax code. By using Settings link and Tax Codes several tax codes can be added depending on where you are trading and who you are trading with.

Bank & Cash Accounts

All bank accounts held by your organisation willl need to be added to Yendo. This includes petty cash and credit card accounts. However in order to get started using Yendo you could just set up your current business account and other bank accounts can be set up at a later date.

Bank Accounts are set up on Yendo by going into Bank Accounts under the Settings link. Select Add a Bank Account. The details of the bank account can then be filled in on the screen. The Status of the Bank Account is Approved/Active and the opening bank account balance is entered. If the balance is not known at this stage zero can be entered and this can be adjusted later. Click on Save Bank Account at the bottom of the screen.

Other Bank Accounts can be entered at a later date by again going into Bank Accounts under the Settings link and clicking on the plus icon to add more bank accounts.

An opening Bank Account Balance can be adjusted using Bank Account Transactions under the Tasks link. Select the appropriate bank account and the transactions on the account should appear on screen. Using the edit function to the right of the specific transaction you can select the opening bank balance entry and change the amount /details. The details of any bank account transaction can be changed in this manner.

Chart of Accounts

This is the list of the account names that Yendo uses to complete your accounts and the account names that would appear on Yendo’s trial balance/balance sheet. These accounts should be reviewed and edited to suit your organisation. The names of these accounts can be edited or new account names can be entered. This is done by using Settings and Chart of Accounts. This list of account names can be edited by using the edit function to the right of the screen or a new account name can be added by using the plus icon.

Outstanding Balances

The list of balances outstanding on your accounts at the end of the last financial year is required so that Yendo reflects accurately the organisations financial position.

These balances can be added after you have started using Yendo to record your current sales and purchases invoices. Your outstanding balances can be added to Yendo at a later date.

These balances can be obtained from your accountant, from a trial balance or from a Balance Sheet as at the end of the last financial year.

The list of balances which you require are:

Schedule of Fixed Assets

Individual fixed assets need to be recorded on Yendo. This is done by carrying out the following steps:

Firstly, the asset itself is recorded. The opening balance on the fixed assets is recorded using the Opening Balances in the Settings link.

The Opening Date is the date from which you want the asset recorded. This is usually the first day of the new financial year.

The details are then entered under the Add a New Opening Balance heading as follows:
Account: This is the account that you want the asset included in eg Computer Equipment or Office Equipment etc. which can be selected from the list of accounts which appear.

Type: Select Debit (it is an asset).

Net Amount: This is the cost of the fixed asset.

All the individual opening fixed assets can be added in this way.

The opening accumulated depreciation can also be entered in this way:

Account: This is the Less Accumulated Depreciation of the relevant asset. This account can be selected from the list of accounts which appear.

Type: Select Credit (it is reducing the value of the asset to reflect its current value)

Net Amount: This is the opening accumulated depreciation per the organisations trial balance/balance sheet as at the end of the last financial year.

A list of the opening balances entered can be seen at the bottom of the screen and deleted if necessary.

If a new asset is purchased when using Yendo this purchase is entered using the same links to add any purchase invoice. You use the Add Purchase under the Purchases Link.

Secondly, the details of all the fixed assets need to be recorded in the Fixed Asset section under the Tasks link in order to calculate the depreciation. Use the plus icon to complete the details of all the assets held.

Purchase Date: This is the date you purchased the asset and is included to facilitate the calculation of depreciation.

Purchase price: This is the net amount the asset was purchased for.

Account (Fixed Assets): This is the account in the balance sheet that you want the fixed asset to appear in.

Asset type: is a description of the asset.

Rate %: is the rate at which you want the asset depreciated at. Account (Expenses)..Select Depreciation. This is the account you want the depreciation to appear in your Profit & Loss Account.

Depreciation Method: you can either select declining balance or straight line.

Declining balance calculates the depreciation by multiplying the depreciation rate by the current value of the asset (Cost of the asset less accumulated depreciation to date). The depreciation amount charged to the profit and loss account will reduce each year.

Straight line method calculates the depreciation by multiplying the depreciation rate by the cost of the fixed asset. The depreciation amount charged to the profit and loss account will be the same each year.

Accumulated Account: Select Less Accumulated Depreciation on....This is the account in the balance sheet that reflects all the depreciation charged on the fixed asset to date.

Accounts Receivable

The Accounts Receivable figure is the total amount owing to your organisation by your customers as at the date you are starting to use Yendo.

You therefore need a list of the individual invoices making up the total Accounts Receivable figure.

These sales invoices are entered using the same method to input all sales invoices.

Using Add Invoice under the Sales link in Yendo each of the unpaid invoices are entered. The date of the invoice can be the first day of your new financial year. If you have not previously entered the contact you can do so by using the plus icon on the Invoice screen or using the Add New Contact under the Contacts link. It is important to add a description, the account which the invoice relates to and the tax rate associated with the invoice. The invoice can then be saved.

These outstanding invoices will automatically be included in your balance sheet/trial balance as accounts receivable until the payment is received. When a payment is received it can then be matched to the correct invoice.

When a payment is received for one of these outstanding invoices the payment received is entered the same way all sales invoice receipts are recorded....using Invoice List under the Sales link on Yendo. All the sales invoices are listed and the relevant invoice is selected by clicking on the invoice number. Add a Payment to the right of the screen can then be completed with the payment. It is important to fill in a narrative opposite Notes and/or Reference as this narrative appears on the Bank Account on Yendo.

The Bank Accounts can be viewed on Yendo using Bank Account Transactions under the Tasks link. The appropriate bank account can be selected and viewed. Each transaction can be edited if required.

Accounts Payable

The Accounts Payable figure is the total amount of unpaid suppliers as at the date you start to use Yendo. You therefore need a list of the individual suppliers making up the total Accounts Payable figure.

These supplier invoices are entered using the same method to input all purchases invoices on Yendo.

Using Add Purchase under the Purchases link on Yendo each of the unpaid suppliers invoices are entered. The date you enter on Yendo for the outstanding suppliers invoices can be the first day of your new financial year. If you have not previously entered the contact you can do so by on the plus icon beside Contact on the Invoice screen or using the Add New Contact under the Contacts link. It is important to add a description, the account which the invoice relates to and the tax rate associated with the invoice. The invoice can then be saved.

These outstanding suppliers invoices will automatically be included in your balance sheet/trial balance as accounts payable until they are paid. When a payment is made it can then be matched to the correct invoice.

When a suppliers invoice is paid the payment is entered using the Purchases List under the Purchases link on Yendo. All the purchases invoices are listed and the relevant invoice is selected by clicking on the invoice number. Add a Payment to the right of the screen can then be completed with the payment. It is important to fill in a narrative opposite the Notes and/or Reference headings as this is the narrative that appears on the Bank Account on Yendo.

The Bank Accounts can be viewed on Yendo using the Tasks and Bank Account Transactions function. The appropriate bank account ca be selected and viewed. Each transaction can be edited if required.

Opening Sales Tax Balance

The opening Sales tax payable is entered on Yendo using the Opening Balances under the Settings link.

Account is Sales Tax Type is Credit.

Amount is the amount of tax owing.

Other Opening Balances

Any other opening balances (eg Retained Earnings or Income Tax payable etc.) which are on your Trial Balance or Balance Sheet can be entered under the Opening Balances of the Settings link. A list of the opening balances which you have created are listed at the bottom of the screen.

If you only enter your Bank Account Balances, Accounts Receivable and Accounts Payable on Yendo your opening Balance Sheet/Trial Balance will not balance. The difference can be included as a Historical Adjustment figure and can be entered as an opening balance.