Get to know everything about setting up a company in OneHash CRM
A business is a legal organization formed for commercial and industrial objectives with an alliance of individuals of a similar mindset.
In OneHash, the first Company is created when an account is set up in our system. You can set a domain for your Company, like 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, and click on New.
Enter the Name, Abbreviation, and Default Currency of the company.
An abbreviation for your company is created by default, for instance, FT for Frappe Technologies. The abbreviation will also appear in your company’s various Accounts, Cost centers, Taxes Templates, Warehouses, etc. You can also attach a company logo and add a description of your choice.
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 ones. In OneHash CRM, you can set up multiple companies under one name. 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 that consists of one or more child companies. A child company is a subsidiary of the parent company.
The company tree view displays the overall structure of all your companies.
Once you build a company tree, OneHash CRM will verify if the accounts of the child company match the accounts in the parent company. You can also combine all your accounts in a consolidated chart of accounts' statements.
Domain: Choose the domain of your company when setting up your account. Eg. Manufacturing, services, etc.
Is Group: If ticked, this becomes the parent company.
Parent Company: If the registered company is a child company, set the parent from this field i.e., select a group company the child 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:
For each Company, the master for Chart of Accounts is maintained separately. This allows you to maintain separate accounting for each company as per the legal requirements. You can also import chart of accounts using the Charts of Accounts Importer
OneHash has a localized Chart of Accounts readily available for some countries. When creating a new Company, you can choose to set up the Chart of Accounts for it from the existing 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" in 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 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 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 the Chart of Accounts and see the newly created accounts for that company.
Within the Company master, you can set a lot of 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 provided Company master. As soon as the company is created, a default Chart Of Accounts and Cost Center is automatically generated.
The following defaults can be set for a company:
Default Finance Book
Default Holiday List
Standard Working Hours
Default Terms and Conditions
Date of Establishment
Set monthly sales target: Set the number of monthly sales targets in the company’s currency. To know more click here.
Account settings: Some of the following accounts will be set by default when you create a new company. 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.
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 that can be accepted and uploaded on the bank's portal.
A 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 in text format, this text format can be manually uploaded to the 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 the bank.
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.
- 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 on the dashboard:
Registration Details: Here you can save various tax/cheque/bank numbers 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.
The User needs to be a System Manager
The User needs to be the creator of the Company
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
Change Parent Company
You can change the Parent Company of an existing company. Go to the Parent Company field, select the Company from the list, and save the form.
Setting Up Taxes
Chart of Accounts Importer
Users and Permissions
How to add Users?
How to create a Letter Head?
How to create and configure the Email Account?
Updated on: 26/03/2023