ERP Data Preparation Part 1 – How to Setup Your ERP Data Masterlist

Here\’s a quick guide on how to set up your data master list to start your ERP data build-up. The following are the data master list to needed jump-start your ERP implementation:

1. Chart of accounts – if you are not familiar with chart of accounts, kindly check out my accounting starter digital course for basic accounting knowledge. http://accountingcourseph.com. You may also download the standard chart of accounts HERE.
2. Customer master list – this will serve as the subsidiary of your accounts receivables and tag your sales invoices and sales reports to a particular customer. In the template below is a detailed description of other information needed to set up your customer master list.
3. Vendor / Supplier Payees master list – Same as customers, this will serve as the subsidiary of accounts payables and tag your vouchers and check payments to a particular payee.
4. Bank Accounts – You will need this list to tag your sales collections, disbursements, and other bank-related transactions.
5. Item (Inventory) master list – if you wish to monitor your inventory subsidiary, if applicable to your business, then you will have to prepare the master list of your inventory items. This should include a unique item code, specs, purchase cost (unit cost), selling price (sales price) if applicable, unit of measure and inventory locations.
6. Fixed Asset master list – This is a list of fixed assets that you might have like company-owned vehicles, computers, furnitures and fixtures. It is important to tag their remaining life (life span) and their net book value to-date.
7. User & Responsibilities – this is a mapping of users in your organizations. Who shall encode the vouchers, sales invoices, and bank related transactions.

In this LINK is a template you can use and fill out your master lists.

Please take note of the chart of account mapping columns in the subsidiary master lists. They are important information to automate the posting to the general ledger and update your financial statements on every posting of transactions.

In my next post, I will discuss the different forms, reports, and standard lay outs that you need to define so you can relay them to your ERP vendor and identify which ones are needed to be customized.

DX your life and business! Have a great day!

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