Wix-International

accounting & bookkeeping module | wix erp

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Accounting is the process of recording and tracking financial statements to see the financial health of an entity. This is done by inputting, sorting, measuring, and then communicating transactions in various formats. Accounting consists of bookkeeping and analysis. Bookkeeping, or financial accounting, consists of recording transactions, which can include purchases, sales, and receipts of an individual or an organization. Once the bookkeeper records and organizes all of the transactions, the next step of accounting is to analyze these transactions into helpful reports which will show the state of one’s finances. These reports can include profit/loss statements, cash flow reports, and can track sales tax to keep a close eye on what is owed come tax time. With small business accounting done right, small business owners will be able to have a clear understanding of the state of your finances so you can make better decisions based on what you have available.

 

 

 

 

 

 

Screenshots of Live Application:

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Key features of accounting & bookeeping module:

Dashboard

Profit & Loss Chart, Income Chart, Expense Chart, Cash Flow Chart and Bank Accounts Overview

Reconcile: is the process of matching transactions entered into module against your bank or credit card statements

 
Banking

Banking Register, Posted Bank, Transaction, Reconcile Bank Account, Import Bank Transactions

Chart of Accounts: is a list of the account numbers and names relevant to your company. Typically, a chart of accounts will have four categories (Asset accounts, Liability accounts, Income accounts and Expense accounts).

 
Transactions

Mapping Bank Statements to Accounting, Mapping Invoices to Accounting, Mapping Payments to Accounting, Mapping Expenses to Accounting, Mapping Purchase to Accounting (need to integrate with Purchase Management module), Mapping Inventory to Accounting (need to integrate with Inventory Management module), Mapping Payroll to Accounting (need to integrate with HR Payroll module)

 
 
Budgets Management

supports preparing budgets, which help you monitor, track, and compare expected income and expenses with actual income and expenses. When you prepare a budget, you typically prepare it for a fiscal year, and you can opt to supply budget amounts or use historical amounts

 

  1. Item Mapping Setup

  2. Expense Category Mapping Setup

  3. Tax Mapping Setup

  4. Purchasing Mapping Setup

  5. Inventory Mapping Setup

  6. Banking Rules: to automatically categorize transactions

  7. Journal Entry: to record transactions in the general ledger

  8. Transfer: to transfers of amounts between accounts

Sales Tax Reports

Tax Detail Report: This report lists the transactions that are included in each box on the tax return. The report is based on accrual accounting unless you changed your tax reporting preference to cash basis.

Tax Liability Report: How much sales tax you’ve collected and how much you owe to tax agencies.

Tax Summary Report: This report shows you the summary information for each box of the tax return. The report is based on accrual accounting unless you changed your tax reporting preference to cash basis.

 

  1. Expenses and Suppliers Reports: The checks / cheques you’ve written, with the date, payee, and amount.

Sales and Customers Reports

Deposit Detail: your deposits, with the date, customer or supplier, and amount.

Income by Customer Summary: your income minus your expenses (net income) for each customer.

 

  1. Accounts Aging Reports: Accounts Receivable Aging Summary: unpaid balances for each customer, grouped by days past due.

  2. Accounts Receivable Aging Detail: unpaid invoices, grouped by days past due.

 
Budgets Reports

Budget overview: this report summarizes your budgeted account balances.

Profit and Loss Budget vs Actual: this report shows how well you are meeting your budget. For each type of account, the report compares your budgeted amounts to your actual amounts.

Profit and loss budget performance: this report compares actual amounts to budgeted amounts for the month, the fiscal year to date, and the annual budget.

Accounts Payable Aging Summary: the total amount of your unpaid bills, grouped by days past due.

Accounts Payable Aging Detail: your unpaid bills, grouped by days past due.

 

  1. Banking Reports:

 

    • Bank Reconciliation Summary

    • Bank Reconciliation Detail

 
  1. Settings:

 

    • General

    • Account Detail Types Management

    • Plaid API Setup

 

Bookkeeping Reports

Account list: the name, type, and balance for each account in your chart of accounts.

Balance Sheet Comparison: what you own (assets), what you owe (liabilities), and what you invested (equity) compared to last year.

Balance Sheet: what you own (assets), what you owe (liabilities), and what you invested (equity).

General Ledger: the beginning balance, transactions, and total for each account in your chart of accounts.

Journal: the debits and credits for each transaction, listed by date.

Profit and Loss Comparison: your income, expenses, and net income (profit or loss) compared to last year.

Profit and Loss: your income, expenses, and net income (profit or loss). Also called an income statement.

Account history: account history

Recent Transactions: Transactions you created or edited in the last 4 days.

Statement of Cash Flows: cash flowing in and out from sales and expenses (operating activities), investments, and financing.

Transaction Detail by Account: transactions and total for each account in your chart of accounts.

Transaction List by Date: A list of all your transactions, ordered by date.

Trial Balance: this report summarizes the debit and credit balances of each account on your chart of accounts during a period of time.

 
Business Overview Reports

Balance Sheet Comparison: what you own (assets), what you owe (liabilities), and what you invested (equity) compared to last year.

Balance Sheet Detail: a detailed view of what you own (assets), what you owe (liabilities), and what you invested (equity).

Balance Sheet Summary: a summary of what you own (assets), what you owe (liabilities), and what you invested (equity).

Balance Sheet: what you own (assets), what you owe (liabilities), and what you invested (equity).

Custom Summary Report: a report you build from scratch. With more options to customise.

Profit and Loss as % of total income: your expenses as a percentage of your total income.

Profit and Loss Comparison: your income, expenses, and net income (profit or loss) compared to last year.

Profit and Loss Detail: profit and Loss Detail

Profit and Loss year-to-date comparison: your income, expenses, and net income (profit or loss) compared to this year so far.

Profit and Loss: your income, expenses, and net income (profit or loss). Also called an income statement.

Statement of Cash Flows: cash flowing in and out from sales and expenses (operating activities), investments, and financing.

Statement of Changes in Equity: statement of changes in equity.