Entering Organizational and Startup Costs into Lonewolf for Canada
Note: Do not enter amounts as opening balances.
Entering the Owner investment (paid in capital)
- Create a Paid in Capital and an Owner Distribution Account for each investor. See the chart of accounts for valid account numbers. Refer to F.F. 2 to Edit GL accounts.
- Create a journal entry to Debit the appropriate cash account and credit the appropriate paid in capital account. F.1.1
- Select the Add button from the options
- Select an account for posting from the dropdown menu. Click the Look-Up icon to select. It will only be to the General 1010 account or to the Depository 1020 account as a debit (deposit) entry.
- Add a second account for the reason of the deposit – selecting from the dropdown list of GL accounts.
- Write a brief description in the Note field below.
- Enter in the amount, Debit (+) Credit (-).
- Continue selecting accounts until the balance of Debits and Credits equals zero.
- Select the Store button to save this entry.
- While storing, the system will require you to enter in a description for performing this Journal Entry. Type in the description.
Entering Cheque from the bank statement that have not been posted.
- In Lonewolf, navigate to 5.2 – Cash Payment Entry.
- Click the Look-Up icon to select One Vendor/Supplier if Vendor is entered into 5.8.1 previously or post as Miscellaneous Payment on Tab 3 below.
Miscellaneous Payment – Tab 3
To issue a cheque right away without entering an invoice into Accounts Payable, record the amount on the Misc. Payment tab.
- On the Misc. Payment tab, click the Add button .
- Enter an Account, Invoice #, Amount, and G/L Note. Add tax if applicable.
- Click the Apply button.
- Click the Return To Payment Screen button
- Click the E.F.T.button to process payment electronically as cheque has already cleared the bank
Note: Be sure you pay from the correct bank account before you click the E.F.T. button.
Recording Deposits from the Bank Statement that have not been entered into Lonewolf
Note: To receive Commission Payments go to the Trade 2.1 or Agent Expense Payment go to 8.4.4
To post any deposits that are on your bank statement that are not for a trade or Agent expense, go to 4.2. A/R Account Cheque Posting – Miscellaneous Cash Receipt.
Check Received From allows you to input the originator of the cheque you have received.
Cheque # is the Cheque number of the check you have received from the outside party. This is important as it enables you to reference this cheque later if necessary.
Date Of Receipt refers to the actual deposit date. If you intend to make your bank deposit tomorrow or at some future date, change this date to coincide.
Bank Account refers to which of the General Type bank accounts Operating or Depository - where these funds are being deposited.
Click the Add button next to the grid at the bottom of the screen to enter the General Ledger Account you would like the system to Credit for this Deposit.
As with most accounting entry screens, the system displays entries that will be performed when this deposit is stored. You can edit this entry prior to storing it if necessary by highlighting the entry and clicking the Edit or Delete buttons.