Autumn 2001 Edition This is the first edition, of what we hope will be many, of the General Ledger. We want to make this an informative and fun publication, something you will keep for a few days or maybe a few weeks. A lot has happened this year, a new Provincial government, a changing economy, and the devastation in New York. I believe that we will persevere and become stronger, although changed somewhat. The thing to remember is to continue your business as usual. Don't put off things, don't cancel that trip, and never let yourself get down. We must continue as normal so that people like the terrorists do not win. There are going to be challenges over the next few months, but if we keep a positive attitude and look for opportunities then we will become better people. I am looking at expanding my business by building strategic alliances. You have heard this term "strategic alliance" before but what exactly does it mean. I believe it means setting up alliances with key businesses that can complement your business, and provide services that can benefit your clients. An example would be aligning myself with Chartered Accountants or Certified General Accountants. They may need someone who can provide bookkeeping services, and I can provide my clients with professional year-ends and tax planning. Strategic alliances are just one of the many tools you can use to promote your business. I hope you enjoy this issue, and look forward to more to come. Here's to a great Autumn season. Organizing is what you do before you do something, so that when you do it, it is not all mixed up - A. A. Milne Setting up your books It is very important that you set up your books correctly from the start. Most programs have a wizard that helps you set up the chart of accounts. What is a chart of accounts? A chart of accounts is the accounts that make up your assets, liabilities, equity, revenue and expenses. They are usually numbered: Assets start at 1000, Liabilities at 2000, Equity at 3000, Revenue at 4000, and Expenses at 5000. Expenses can be further broken down into Cost of Goods Sold, Sales & Marketing Expenses, Payroll, and General & Administrative Expenses. You need to be careful when setting up these accounts so that you leave enough room to add accounts later and still keep them in order. If this all leaves you in a haze, then perhaps you should think about letting a professional bookkeeper set up your chart of accounts. The bookkeeper can design a chart of accounts that best suits your company and leave enough room for expansion. After the chart of accounts is finished, there are some accounts that need to be linked so that certain tasks are done immediately. What account links will depend on the module. Payables needs a link to your bank, payables, GST paid out, freight paid, and late charges. If you don't link the accounts properly your financial statements will not be correct. Inventory and payroll have very important links. If these are not done correctly your inventory will be out of balance and you won't have correct employee information for remitting to the government. This is the start for a basic chart of accounts for most businesses. If you are an existing business, then you have more work to do. You must set up your vendor, customer, employee and inventory information. This consists of entering vendor name and address, other pertinent information and outstanding invoices and payments (amounts outstanding prior to conversion to computerized books) It may be tempting to do this yourself, but history information must be entered correctly or your individual customers balances will not match the main account on the balance sheet (i.e.., Your Receivables sub-ledger will not match the Accounts Receivables balance on the chart of accounts). Some programs are not very forgiving if you make mistakes. Getting your chart of accounts set up right from the beginning will relieve a lot of problems in the future. You will have enough accounts or at least the space to add them and all the information necessary to get started will be there. Fortress Web Design Fortress Web Design has been in the Internet business since 1991. Back then they were designing websites without images and backgrounds because those "big advancements" hadn't come into play yet. Since that time the Internet and Fortress has grown and expanded to include the whole range of graphical design formats and services like security and e-commerce. Fortress has a unique focus on design and layout over and above many web design companies. Designers first, and programmers second, every site in the Fortress portfolio features a totally unique look and style. No images or designs are ever re-used in subsequent projects, but everything is custom created to match the client's unique focus and vision. Expansion over the years has meant bringing in additional people under the Fortress umbrella. With a compliment of over 10 writers, editors, programmers, designers, artists and photographers, Fortress is able to handle any sized project with confidence. Despite the growth, a strong desire to serve the needs of the small and home-based business person remains the focus. This is seen in the promise to offer the best designs possible at very reasonable prices. And above all, Fortress strives to offer the best in personal friendly service to all clients. Visit Fortress Web Design on the Web at: www.fortressweb.com TIP! If you're not networking, you should be. A networking group, chamber of commerce or Toastmasters is a good way to network and a great way to practice how you present yourself and your business. Pumpkin Pie "Golden and creamy, just right with spice" (For Nine-inch Pie) Ingredients: 1 1/4 cups cooked or canned pumpkin (well drained) 3/4 cup brown sugar 3/4 teaspoon ginger 1 1/4 teaspoons cinnamon 4 teaspoons light molasses 3/4 teaspoon salt 3 eggs, beaten slightly 3/4 teaspoon nutmeg 2/3 cup milk 1 cup evaporated milk Preparation: Prepare pasty shell. Chill. Preheat oven to very hot, 450 F. Combine well drained pumpkin with sugar, salt, spices, and molasses. Beat eggs, add milk and evaporated milk. Combine thoroughly with pumpkin mixture. Pour into chilled unbaked pastry shell. Place pie on lowest rack in oven preheated to 450 F. (Very hot oven). Bake for 10 minutes; then reduce oven temperature to 350 F. (Moderate oven). Bake until pumpkin custard is set or until silver knife inserted in centre comes out clean (approximately 50 to 55 minutes). Cool before serving. Garnish with sweetened whip cream, spiced whipped cream or ice cream, if desired Welcome Feature Article: Setting up your books Client Profile: Fortress Web Design Recipe: Pumpkin Pie W