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Documents Product Categories Invoicing & Accounting Management

Invoicing & Accounting Management

Jun 28, 2024
User Guide Table of Contents Accounting Module................................................................................................................ 3 1. General Settings .........................................................................................................................3 i. Set up a bank account ............................................................................................................3 ii. Set up accounting periods ......................................................................................................4 iii. Set up Chart of Accounts ........................................................................................................4 iv. Currencies and Multi-currencies .............................................................................................6 a. Activate a currency ................................................................................................................6 b. Edit a currency rate ................................................................................................................7 v. Create a journal .....................................................................................................................8 i. Set up asset type ....................................................................................................................9 ii. Generate asset entries ......................................................................................................... 10 iii. Create an analytic account ................................................................................................... 10 iv. Create an analytic tag........................................................................................................... 14 2. Customers Related Functions.................................................................................................... 15 i. Invoices ............................................................................................................................... 15 a. Manually create invoices ...................................................................................................... 15 b. Register a payment for a confirmed invoice .......................................................................... 16 c. Unreconcile payment for an invoice ..................................................................................... 17 ii. Credit Notes ............................................................................................................................. 18 iii. Manual / Individual Payments ................................................................................................. 18 3. Vendors related functions ........................................................................................................ 19 i. Vendor Bills ......................................................................................................................... 19 a. Create bills........................................................................................................................... 19 b. Register a payment for a confirmed bill ................................................................................ 20 c. Unreconcile payment for a bill.............................................................................................. 21 ii. Refunds ............................................................................................................................... 23 iii. Manual / Individual Payments .............................................................................................. 23 4. Accounting Reports .................................................................................................................. 24 i. Journal Entries ..................................................................................................................... 24 ii. Accounting Reports .............................................................................................................. 25 1User Guide iii. Analytic Account (Project P&L) ............................................................................................. 26 2User Guide Accounting Module The Invoicing & Accounting module, when purchased together the functions will be merged into one module – Accounting Module. The Invoicing module, if used alone with Sales Module or Purchase module, will appear as invoicing, and its main function is to allow you to open sales invoices/ vendor bills, whether directly from Sales/Purchase Orders, or on its own. The accounting module’s main function are to allow you to issue invoices/vendor bills, register payments from your front end operation – and thereafter allow you to manage and view relevant journal entries, and financial reports based on your accounting configurations (bank accounts, chart of accounts etc.,) 1. General Settings When entering to Accounting module you will see an accounting onboarding banner. This is a four steps procedure that you can follow to start setting up your accounting module. (This banner is displayed until you closed it; the same configurations can be done in Configuration Settings). i. Set up a bank account You can either click on the banner Add a bank, or go to Configuration Add a bank account. Insert the Account number, Bank name, and the Bank Identifier Code. 3User Guide ii. Set up accounting periods Here you can set up your Fiscal years’ opening and year end dates*. Or you can also set up your accounting periods by going to Configuration Settings Fiscal Periods. *By default the opening date is set on Jan 1st and the closing date on Dec 31st. iii. Set up Chart of Accounts The Chart of Accounts (COA) is the list of all the accounts used to record financial transactions in the general ledger of an organization. When browsing your COA, you can filter the accounts by number in the left column, and also group them by Account Type. W+ ERP includes a standard COA already configured according to your country’s regulation. You can use it directly or set it according to your company’s needs. To create a new COA, go to Accounting module Configuration Chart of Accounts, click on Create, and fill out the form. Each account is identified by its Code and Name, which also indicates the account’s purpose. 4User Guide Configure correctly the Account Type is critical as it serves multiple purposes: • Information on the account’s purpose and behavior • Generate country-specific legal and financial reports • Set the rules to close a fiscal year • Generate opening entries To configure an account type, open the Type field’s drop-down selector and select the right type among the following list: Some accounts, such as accounts made to record the transactions of a payment method, can be used for the reconciliation of journal entries. To do so, check on the Allow Reconciliation box and save. 5User Guide iv. Currencies and Multi-currencies To select the main currency of your company go to Accounting Module Configuration Settings Currencies. If you company’s transactions require multi-currency, you can also choose to use the multi- currency option in W+ ERP, this will allow you to send sales invoices, quotes and purchase orders or receive bills and payments in currencies other than your own. Just check on the Multi- currency box to allow multi-currencies. a. Activate a currency Go to Accounting Module Configuration Currencies. A list of currencies will be shown, click on the currency you wish to activate. And click on the Active button to activate the currency. 6User Guide b. Edit a currency rate Go to Accounting Module Configuration Currencies. Select the currency and click on the Edit button. And on the Rate button on the upper right corner and click on the Create button to create a new currency rate. Insert the date and the Rate for the currency. Please be noted that only a rate can be created per date. The system will not create a second rate from the same date. To assign the rate for the currency, tick on the box shown at the beginning of the rate line. 7User Guide v. Create a journal Go to Accounting Module Configuration Journals. Click on the Create button to create a new Journal. Fill in the “Journal Name”, insert the “Journal Name”, select the “Type” whether it is a Sales, Purchase, Cash, Bank or Miscellaneous Journal, fill in a “Short Code”, and select the “Currency”. Click on [Save] to save the newly created Journal. 8User Guide i. Set up asset type Go to Accounting module Configuration Asset types. Click on the Create button to create a new Asset Type. Insert “Asset Type” name, select “Journal” as Miscellaneous operations, select “Depreciation Entries: Asset Account”, “Depreciation Entries: Expense Account”, “Number of Entries”, “One Entry Every _ months”, “Depreciation Dates” and tick “Prorata Temporis” to indicate that the first depreciation entry for this asset has to be done from the purchase date instead of the January first. After inserting all the details, click on Save button, and the new created asset type will be shown in the asset types list. 9User Guide ii. Generate asset entries Go to Accounting Module Accounting Generate Asset entries. Select the “Account Date” and click on Generate Entries. iii. Create an analytic account An analytic account allows you to track all the income & expenditure for a specific account or project. When you have selected the corresponding analytic account across different modules, Sales for income, Purchase or Expenses for expenditures, you will be able to view your project P&L generated by the system’s data. There are different ways to create analytic accounts, as these analytic accounts can be based on Projects, Sales Order, or just as a general budgeting status for departments or campaigns. a. General Budget under Accounting: This means you are creating a general item, such as an original budget, and you can enter all the incomes & expenditures accordingly to keep track of the budgetary status. 10User Guide Go to Accounting Module Configuration Analytic Accounts Click on the Create button to create a new analytic account. Insert the name of the employee in the “Analytic Account” field. Click on “Add a line” to add a budget detail. Assign the “Budgetary position” as Sales Target and click the external link next to Sales Target to select the budgetary positions related to the created budget. 11User Guide Insert other details such as “Start date”, “End Date” and “Planned Amount”. Click on the [Save] button to save the new analytic account. b. From Sales Order: This means you would like to use the Sales Order as a base, to track based on this SO income, how much you can earn when taking into account all the other expenditures through purchase or expenses. Upon confirmation of a sales order, you can select Analytic Account, and search for this specific order or create it. One created, this will be a project analytic account you can pin other items to. For example, if you go to Purchase module or expenses module, you can select the Analytic Account, and they will be pinned to it. 12User Guide *If sometimes you don’t see analytic account option in sales order or purchase order, you can refer to the three dots on the right hand side and tick it, so it will appear. 13User Guide c. From Project: This means you would like to track the P&L based on a project, and pin and account for income & expenditures across sales order, purchase, expenses, or even time sheet. This can be also used for R&D, marketing campaigns etc. , Upon creation of a project, go to the project settings by pressing three dots, “edit”, then under settings, and you can select or create your analytic account. Then you can select the same analytic account across other modules as per above. iv. Create an analytic tag An analytic tag allows you to track all the expenditure for specific departments or centers, so you can consolidate or track them as cost centers. Go to Accounting Module Configuration Analytic Tags. 14User Guide Click on Create button to create a new analytic tag. Insert the name for the “Analytic Tag” and click on Save. 2. Customers Related Functions Under the Customers tab, it provides a shortcut for you to access your invoices, products & customers previously set or conducted in the Sales Module. Additionally, it will also allow you to manually create invoices, credit notes or register payments individually. i. Invoices a. Manually create invoices In special cases, where you do not wish to generate invoices directly from sales order, you may still do it manually in the accounting module without it linking to any specific order. Go to Accounting Module Customers Invoices Click on the Create button to create a new Invoice. Insert the details for the invoice such as Customer name, delivery address, invoice date. To add a product information, click on Add a line and insert the product name, quantity and price. Click on Save and later click on Confirm when the invoice has been confirmed by the client. 15User Guide b. Register a payment for a confirmed invoice Go to Accounting Module Customers Invoices. Click on the invoice you want to register a payment. (Remember you can only register payment for posted invoices) Click on Register Payment. And select the “Bank Journal”, and fill in other relevant information such as “Amount”, “Payment Date”, “Memo” and click on the Create Payment button. 16User Guide The Invoice will be marked as “Paid”. To see the Payment Info click on the ⓘ icon next to “Paid on”. c. Unreconcile payment for an invoice Go to Accounting Module Customers Invoices. Click on the invoice you want to register a payment. Click on the ⓘ icon next to “Paid on” and click on the Unreconcile button. Click on the Reset to draft button. To edit the information of the invoice click on the Edit button. After editing the details, click on Save to save the updated invoice. Click on Confirm and click on the Add button to add the “Outstanding Credits” assigned to invoice. And the Invoice will be marked as Paid. 17User Guide ii. Credit Notes If you wish to create credit notes to your customers to be further deducted, you may create them by going to Accounting Customers Credit notes Fill in all relevant information, then you can confirm the credit note. You can see if you already have outstanding customers to this customer, there will be a reminder at the top so you can allocate to mark this invoice as paid. iii. Manual / Individual Payments When there are payments which you will receive without any specific invoices, you may manually register them by going to Accounting Customers Payments. Click on Create, fill in the relevant information, save, and confirm it. 18User Guide 3. Vendors related functions Under the Vendors tab, it provides a shortcut for you to access your vendor bills, employee expenses, products & vendors previously set or conducted in the Purchase & Expenses Module. Additionally, it will also allow you to manually create bills, refunds or payments individually. i. Vendor Bills a. Create bills In special cases, where you do not wish to generate vendor bills directly from purchase order, you may still do it manually in the accounting module without it linking to any specific order. Go to Accounting Module Vendors Bills. Click on the Create button to create a new Bill. Insert the details for the vendor bill such as “Vendor” name, to add a product information click on “Add a line” and insert the product name, quantity and price. Click on Save and later to Confirm when the bill has been confirmed by the vendor. 19User Guide b. Register a payment for a confirmed bill Go to Accounting Module Vendors Bills. Click on the bill you want to register a payment. Click on the Register Payment. Select the “Bank Journal”, and fill in other information such as “Amount”, “Payment Date”, “Memo” and click on the Create Payment button. 20User Guide The bill will be marked as Paid. Click on the ⓘ icon next to “Paid on” to see the Payment Info. c. Unreconcile payment for a bill Go to Accounting Module Vendors Bills. Click on the bill you want to register a payment. Click on the ⓘ icon next to “Paid on” and click on the Unreconcile button. 21User Guide Click on Reset to Draft button. To edit the information of the bill click on the [Edit] button. After editing the details, click on Save to save the updated invoice. Click on Confirm and add the “Outstanding debits” to assign to invoice. 22User Guide ii. Refunds If you wish to create refunds, you may create them by going to Accounting Vendors Refunds Fill in all relevant information, then you can confirm the Refund. You can see if you already have outstanding debts to this customer, there will be a reminder at the top so you can allocate to mark this bill as paid. iii. Manual / Individual Payments When there are payments which you will receive without any specific invoices, you may manually register them by going to Accounting Customers Payments. Click on Create, fill in the relevant information, save, and confirm it. 23User Guide 4. Accounting Reports As the accounting module is mainly used to register and manage all the payment and journal entries information conducted by front end operations, you may review different accounting reports at anytime. i. Journal Entries By going to “Accounting tab”, you may review all the relevant categorized journal entries as you see in the pull down menu. 24User Guide ii. Accounting Reports By going to Reporting, you will be able to review all the standard accounting reports as you can see in the pull down menu. The difference between “Dynamic Reports” & “Accounting Reports”: Dynamic Reports allows you to select different parameters, and directly download it onto PDF or Excel files. 25User Guide Accounting Reports will pull up the report directly within the system, which can be altered and pulled down directly within the system for your review instead of having to download it. You can select your parameters on the top right hand row, and still download it if you wish. iii. Analytic Account (Project P&L) If you wish to review your Analytic Account Project P&L, you can go to Configuration Analytic Account. Here you can quickly see the financial standing of each Analytic Account P&L status. 26User Guide However if you press into each account, it will only show information that you might have entered through those you have created Analytic Accounts directly in the Accounting Module. So only entries you have entered in the accounting module for budget etc. will appear here. If you wish to view the detailed entries (income & expenditures) for Analytic Accounts that you have created through Sales Order or Projects, you can go to Accounting Configuration Analytic Items. Upon entering it will be a full list of all relevant entries and items related to Analytic Accounting, you can thereafter Filter and Group them based your preference. 27User Guide For example, you can Group by Analytic Account, then you will see each project grouped together, and all of their relevant transactions or entries can be pulled down. 28
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Invoicing & Accounting Management

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