Company Setup

A company is a legal entity made up of an association of people for carrying on a commercial or industrial enterprise.

In OneHash, the first Company is created when an OneHash account is set up. For each Company, you can set a domain as manufacturing, retail, or services depending on the nature of your business activity.

If you have more than one company, you can add them from:

Home > Accounting > Company

Creating a New Company

Go to the Company list, click on New.
Enter the name, abbreviation, and default currency for the company.
Save.
The abbreviation for your company is created by default. For example, FT for Frappe Technologies. The abbreviation also appears in various accounts, cost centers, taxes templates, warehouse, etc, of your company. You can also attach a company logo and add a description for the company.



Company Tree

Let's assume you run a group of companies, some may be larger companies and some may be smaller that are a part of the larger companie(s). In OneHash CRM, you can set up multiple companies. The company structure can be parallel, i.e., sister companies, parent-child companies, or a combination of both. A parent company is a larger organization which consists of one or more child companies. A child company is a subsidiary of a parent company.
The company tree view displays the overall structure of your companies.

Once you build a company tree, OneHash CRM will validate if the accounts of the child companies match the accounts in the parent company. All the accounts can be combined in a consolidated chart of accounts statement.



Other Options:

• Domain: The domain of work the company is into. Eg: manufacturing, services, etc. Choose one when setting up your account.
• Is Group: If checked, this becomes a parent company.
• Parent Company: If this is a child company, set the parent from this field i.e., select a group company this company belongs to. If a parent company is set, the chart of accounts for the new company you're creating will be created based on the selected parent company.

Chart of Accounts:

This allows you to maintain separate accounting for each company as per the legal requirements. OneHash CRM also allows you to import the chart of accounts. You can also import chart of accounts using Charts of Accounts Importer



OneHash has localized Chart of Accounts readily available for some countries. When creating a new Company, you can choose to set up the Chart of Account for it from one of the following options.

Standard Chart of Accounts
Based on Existing Company's Chart of Account



How to import the chart of accounts?

Select the Company for which you want to import the Chart of Accounts.
Click on "Download Template" button on the top right corner to download the template. The template you have downloaded will look as follows.
Once you download the template, fill in the details in the template as shown in the screenshot below. Please make sure to make accounts for account types "Cost of Goods Sold", "Depreciation", "Fixed Asset", "Payable", "Receivable", "Stock Adjustment". Root types for these accounts must be one of Asset, Liability, Income, Expense, and Equity.
Click on "Attach" to upload the template.
Now you'll be able to see the preview of the Chart of Accounts in the Chart Preview section.
If everything seems correct in the preview, click on "Start Import" in the top right corner and the accounts will be created.
To verify the created accounts you can go to Chart of Accounts and see the newly created accounts for that company.

Defaults:

Within the Company master, you can set many of the default values for masters and accounts. These default accounts will help you in the quick posting of accounting transactions, where the value for the account will be fetched from the Company master if provided. As soon as the company is created, a default Chart Of Accounts and Cost Center is automatically created.

The following defaults can be set for a company:

• Default Finance Book
• Default Letter Head
• Default Holiday List
• Standard Working Hours
• Default Terms and Conditions
• Country
• Tax ID
• Date of Establishment

Features

Setting monthly sales target: Set the monthly sales target number in the company currency. To know more click here.

Account settings: Some of the following accounts will be set by default when you create a new company, others can be created. The accounts can be seen in the Chart of Accounts. These values can be changed later on if needed.

- Default Bank Account
- Default Cash Account
- Default Receivable Account
- Round Off Account
- Round Off Cost Center
- Write Off Account
- Discount Allowed Account
- Discount Received Account
- Exchange Gain / Loss Account
- Unrealized Exchange Gain/Loss Account
- Default Payable Account
- Default Employee Advance Account
- Default Cost of Goods Sold Account
- Default Income Account
- Default Deferred Revenue Account
- Default Deferred Expense Account
- Default Payroll Payable Account
- Default Expense Claim Payable Account
- Default Cost Center
- Credit Limit
- Default Payment Terms Template

Stock settings: Perpetual Inventory feature would lead to Stock transactions impacting the company's books of accounts.It is enabled by default.

Default Inventory Account
Stock Adjustment Account
Stock Received But Not Billed
Expenses Included In Valuation



Fixed assets depreciation settings: For managing fixed assets in a company, the following accounts are needed. Most of them will be created by default. They can be seen in the Chart of Accounts.

- Accumulated Depreciation Account
- Depreciation Expense Account
- Series for Asset Depreciation Entry (Journal Entry)
- Expenses Included In Asset Valuation
- Gain/Loss Account on Asset Disposal
- Asset Depreciation Cost Center
- Capital Work In Progress Account
- Asset Received But Not Billed



HRA settings: Set the default Component for the following Salary Components.

- Basic component
- HRA component
- Arrear component

Bank remittance settings (For India only):

Using the Payment Order feature (in Accounts), you can give a single document of transfer for multiple bank transfers. Updating value in the following fields will help you generate Bank Remittance in a format which can be accepted and can be also uploaded on the bank's portal.

Payment order allows a user to combine several payment entries/payment requests into a single document. Bank Remittance allows a user to send that single document to the bank as text format, this text format can be manually uploaded to Kotak bank payments platform.

Client Code and Product Code are codes given by the bank to you. This is required to be added in the text file as per the format specified by Kotak bank.

Budget

Exception Budget Approver Role: The role selected here can bypass the set budget to approve expenses.

Company info: Certain info about the company can be saved in OneHash CRM for reference.
 - Date of incorporation
 - Phone no.
 - Fax
 - Email
 - Website
 - Address
 - Registration details

Note: When setting the address here, it is important to tick the 'Is Your Company Address' checkbox.



For India, different addresses can be added with different GSTIN numbers if the company has multiple locations.
On saving a company, the following details/actions will be visible in the dashboard:



Registration Details : Here you can save various tax/cheque/bank number for reference.

Deleting all company transactions: You can delete all transactions (Orders, Invoices) of a Company. Use with caution, transactions once deleted cannot be recovered.

Requirements
The User has to be a System Manager
The User has to be the creator of the Company

Steps:
Click on the Delete Company Transactions button
Verify your password
Enter Company name for confirmation


And you're done. The master data like Item, Account, Employee, BOM etc. will remain as it is

What is affected?

- Sales/Purchase Orders/Invoices Receipts/Notes will be deleted
- The monthly sales and sales history will be cleared
- All notifications will be cleared
- Lead Addresses to which the Company is linked will be deleted
- All communications linked to the Company will be deleted
- All naming series will be reset
- Stock Entries linked to a Warehouse of this Company will be deleted
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