Prepare the first accounting period

Continue the Acme case

Acme Workshops starts October with $20,000 in its bank and no opening supplier or customer debt. Use the same company and identities as the Core lessons. This training branch starts before the real purchase; the earlier Core coordination exercise is evidence of a practice decision, not a duplicate purchase to post.

Role and prerequisites

The operator has installed the available Accounting Product through Account. A GL accountant prepares accounts and journals; the controller oversees the period. An independent authorised person decides the opening journal in Core My work. A person assigned only an approval does not need access to Accounting preparation pages.

Establish the accounting basis

1. Open Accounting with Acme selected. Prepare an open October period and the approved reporting basis and account mapping.
2. Configure labelled accounts for Bank, Capital, Supplier payables, Customer receivables, Equipment acquisition clearing, Equipment, Accumulated depreciation, Sales and Payroll expense/payable. Account codes come from Acme's accepted chart; the labels below describe their purpose.
3. Prepare an opening journal: debit Bank $20,000, credit Capital $20,000. Attach the opening-balance evidence and business purpose.
4. Start its supported journal workflow. The independent reviewer checks the pinned dossier; Core executes the posting after the permitted decision. Do not treat a draft as a posted balance.
5. Check the trial balance and reopen the posted journal. Both sides equal $20,000 and retain their source.

Verify the saved result

There is one opening posting, not another journal for every retry. Acme's October period is open and the chart has the required classifications. No invoice, asset or payment exists yet. If the account selector is empty, configure the approved chart first; changing the period or company requires rechecking dependent choices.

Existing businesses should follow the controlled migration lesson instead of copying these opening amounts into production. Next, release the project budget.