WiseAccounting - Accounting
Automated accounting where sales, purchases, and salaries are allocated to their respective accounts without traditional bookkeeping tasks.
WiseEconomy's accounting section includes many automated functions that reduce manual work for users. The main page of the accounting section provides a concise summary of the company's revenue and profit for the current fiscal period, along with comparisons to the same period in the previous year. This allows users to quickly assess the progress compared to the previous year at a glance.
All sales, purchases, and payroll invoices are automatically recorded in the system under their respective accounts.
The task of the accountant/financial expert is mainly to periodically verify that all entries are correct. To facilitate this task, the accounting homepage highlights any erroneous transactions. All transactions containing errors are immediately visible, categorized based on the type of error detected within the transaction into three categories:
- Reconcilable entries (line item totals do not match)
- Incomplete entries (entries with incomplete account coding, or a missing account altogether)
- Entries with incorrect VAT codes
The system includes three tabs for the accounting section:
- Chart of Accounts
- Reports
- Settings
Chart of Accounts
We use the chart of accounts templates from Business Secretary or Association Secretary, depending on the client's needs. Editing the chart of accounts and creating new necessary accounts is straightforward.
Reports
The system includes the following accounting reports, ensuring up-to-date tracking of accounting:
- General Ledger
- Journal
- Voucher
- Balance Sheet
- Income Statement
- Periods
- VAT Calculation
- Tax Summary
- Detailed Balance Sheet
- Payroll Vouchers
Reviewing the income statement and balance sheet in WiseEconomy has been made as straightforward as possible. With just a few clicks, you can retrieve actuals monthly, quarterly, and annually. Comparing separate fiscal periods is also effortless, allowing for comparisons of the same month's actuals across different fiscal years.
Embedded links in the reports allow for drilling down into account-level transaction details, as well as individual invoices and vouchers. Transactions are organized chronologically on journal, general ledger, and voucher reports, with clear indication of tax codes and rates, ensuring clarity.
The VAT calculation report shows payable and recoverable taxes for the selected period. The system automatically calculates the payable or refundable tax. The report details the tax rates used during the period, facilitating easy analysis and error identification.
The tax summary aggregates data from closed VAT periods and facilitates submission to the Tax Administration through the system. Detailed balance sheet information is directly accessible within the system, and payroll vouchers for specific months or the entire year are available in their respective reports.
Settings
In the accounting settings, you can configure contra accounts for operations and add cost centers and automated depreciation, for example.