 We are in our custom zero home page going into the new company file. We started up in a prior presentation. That being get great guitars continuing on with our process of entering beginning balances as well as setting up our file to make the normal data input and the normal accounting cycle as easy as possible. Jumping over onto our beginning balances. These are the items that we're adding into our system as of the end of last year. We're going to say December 31st, 2022 so we can start the new data input for the current year going forward in 2023 of January. We're starting off with some of the more difficult accounts to be entering instead of entering just one big journal entry recognizing that some accounts have more needs and therefore we're entering them one at a time. The other side going to an equity account which we will then adjust at the end of the process and it should all work out. Alright, so now we're going on to the accounts payable like the accounts receivable the accounts payable is an accrual type of account. So it's a deviation from a cash based type of system and it has a sub ledger not by customer now but by vendor that we need to be tracking. So a quick look on our flow chart if we jump on over to our flow chart this is the QuickBooks desktop flow chart but it's a good just flow chart to see how the process flows here. We're on the money going out cycle now the accounts payable cycle or the expenses cycle and the easiest thing for a lot of small businesses on the expense side is just to pay things as they become due possibly with the bank feeds and in that system if you don't have accounts payable you would just basically be paying things and as they come through the bank feeds then you would be recording them to the applicable usually expense account at that time now sometimes when you get into more money management strategies then you would like to be setting up your payment so that you can pay them as late as possible this becomes more and more important as the companies get larger because that small time difference between like 15 days of paying today or later becomes significant when you have either large dollar amount transactions or transactions that just a lot of transactions and therefore using the accounts payable and managing exactly when you're going to pay them towards the end of the payment process becomes more valuable so with our beginning balances then we're going to say that we have an accounts payable on the books so like with the customer side of things we're going to add the contacts this time basically a vendor contact some that someone that we are going to have to owe money to and we want to put it on the books not just as a journal entry because one zero probably wouldn't let us do that without a vendor or contact because it needs to tie us to the who we owe the money to so it can make the sub ledger and to because I want it on the books in a format that I can do my normal accounting process going from this point forward meaning I would like it in there basically as a bill so that I can show it as the bill being paid that's the normal accounting process when we have an accounts payable so let's go on in and say well how can we do that on over here let's open up a couple tabs to put our reports in first off and then we'll do the do the new stuff so let's right click on the tab up top and do it I'm going to put two new tabs and open our reports this will be the process that will do most of the time every time we go into the system as we go forward back to the middle tab and let's open up our accounting reports because we want to see the financial statements as we do stuff I'm going to open up a balance sheet and then as that's thinking I'll go to the right and then accounting and this time open up the income statement otherwise known as the profit and loss statement and then let's just the date range now notice in two thousand twenty three there's no activity but we might see activity in two thousand twenty two last fiscal year as we did with the income side of things and that's okay because it'll roll into the balance sheet and so we'll see that as we get a data input back to the prior tab December 31st two thousand twenty two this is what we have thus far now we're going to be putting on this accounts payable let's go ahead and just mark off the ones we've done shall we I could say it let's make that one is boom done shock a locker that one and now we're working on the accounts able that's the one we're on right now so fifteen thousand we're going to say it's epiphone is our vendor now this time we only have one vendor so I'm not going to do an import we'll just add the one contact so I'm going to go to the first half we're going to go to the contacts and we can look at all contacts or the suppliers and then we can add a new contact so when we add the new contact just like we saw with the customers we got a lot of contact information noting that a lot of times when a company deals with customers they want like a lot of information because you might be dealing with customers in a more personal way and therefore you want a lot of contact information and what not if you do and repeat business with a customer although some other businesses they don't do a lot of business with any one particular customer they have one off transactions like if you have a Shopify store for example you probably don't have a lot of personal contact with the customers you're just selling you're trying to sell a lot of merchandise or something like that and then on the vendor side of things the people that you're paying oftentimes most of your vendors you have very minimal information you need from them in your accounting system you pay the utility bill you don't need much from them to pay the utility bill I just needed to know who to pay how I'm going to pay it but you might have some vendors that you do a lot more interactions with us on a more personal level such as if you buy inventory your primary vendors that you buy inventory from for example so then you might want more detail as you enter the information into into your your new contact information now note that I could import it just like we did before if we had a lot of contacts we can import it just like we did with the customers and we would download the template and populate the template in a similar fashion also just realize that if you're moving from another accounting system into the current accounting system it might be the case that you have a whole lot of contacts in a prior accounting system because everybody that you have paid has a contact with it but but you might not want to import all of the different contact or vendors because because you may not need them all and it's pretty easy to populate the vendors as you do transactions a lot of small businesses when they have bank feeds when you first start doing the bank feeds that will often help you to facilitate the contacts that you're going to set up and it might be a good opportunity if you're if you're starting a new accounting system to try to make those contacts as custom and current as you can and so it might actually be easier not to pull in all of the other contacts and just as you do financial transactions and pay bills you add those particular contacts so just you know keep that in mind because there could be a contact is one area on the vendor side and the customer side depending on your circumstances they could get bloated and have more information than you need you could go in there and clean them up any case we have our one