In the Master Company:

Initial Set-up and maintenance of this company is KEY. Here are suggested order list

Chart of Accounts

  1. Owners
  2. Properties
  3. Purchasers
  4. Division of Interest TYPES
  5. Master Defaults in Each Module
  6. Bank Codes (even if they are different banks)
  7. State Tax Set Up
  8. Custom LOS and maybe Custom Financials
  9. All changes to any of the above are to be maintained for accuracy.

In the Individual Partnerships:

To initialize each additional company/partnerships


  1. Create the Partnership database tables
  2. Backup the MASTER company and RESTORE it to the new Partnership database.
  3. Check COA for any changes
  4. Check the Master Defaults in Each Module
  5. Bank Codes, set up the running balances
  6. Division of Interests for Properties (you will know immediately if your properties need work too!)
  7. Verify the Purchasers for that Partnership
  8. Verify the State Tax for that Partnership
  9. AP Vendor Master entry, anyone other than owners.  Remember if we pay both AP and RD type checks to anyone, the codes and Tax ID should match for single 1099, if desired.
  10. Enter Beginning Balances for the Partnership.
  11. Run first reports to match financials to audit of any financials from previous system
  12. MAKE A BACKUP of the database to save for archival.

You should be ready for your first input in the new company/partnership!