Quick Start Manual

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Manual

Intro
BizFusion Trial
User Interface
Contacts Module
Products Module
Discount Rules
Inventory Module
Sales Module
Purchase Module
Bills & Receipts
Projects
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Credit note / Returns
VAT Module
VAT over margin
European Trade
Foreign Trade
VAT Shifted
US Sales Tax
VAT Correction
Manufacturing
Assets Module
Current Account
Accounting Basics 1
Accounting Basics 2
Accounting Advanced
Year End
Owner Equity
Income Tax
Banking Module
Payments
Loans
Financial Lease
Cross Payment
CSV Statement
Data Import
Data Export
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Accounting Basics 2


Now that you understand the most basic accounting material, it's time to introduce
the intermediate accounting material.




Transfer Voucher


At a certain point you will need to transfer money from one location to another.
E.g. you don't want to keep cash money lying around in your shop, so you transfer
this money to your bank account.
This flow of money needs to be registered and you use a transfer voucher to do this.

Go to: 'Accounting > Transfer Voucher'.

Example Transfer Voucher


The following transfer scenarios are supported.
Cash to Bank
Cash to Owner (temporary loan)
Bank to Cash
Bank to Owner (temporary loan)
Bank to Bank
Owner to Cash (temporary loan)
Owner to Bank (temporary loan)

Owner bank withdraw
Owner cash withdraw
Owner bank deposit
Owner cash deposit

Note that the payment record is immediately created once you post the transfer voucher.




Owner Withdrawal


Owners can use company funds to pay for personal expenses, but the opposite may also happen.
Sometimes owners use personal funds to pay for corporate expenses.
We need to reimburse the owner in this case.

You use a transfer voucher to register an owner withdrawal or reimbursement.

Go to: 'Accounting > Transfer Voucher'.

Use transfer type: 'Cash to Owner' or 'Bank to Owner'
to register an owner withdrawal or reimbursement.




Current Account / Debt to Owner


A company builds up a debt to the owner when the owner uses personal funds to pay for corporate expenses.
This debt is visible on the balance sheet under the aptly named account: 'Current Account / Debt to Owner'.
The value on this account is lowered whenever the owner withdraws money from the company.

If the Current Account (C/A) has a positive value, then the company owes the owner money.
If the Current Account (C/A) has a negative value, then the owner needs to pay back money to the company.

You can use a transfer voucher to withdraw or repay money.

Go to: 'Accounting > Transfer Voucher'.




Year End


You need to close your accounting at the end of the year.
But why do you need to do this?

Your company's profit/loss is accumulated on the 'Running Profit' account.
You need to close your fiscal year to move the running total on this account
to the account: 'Profit Result Previous Year'.

If you don't do this, the running profit account will show a profit mix of the previous and current year.
Note, you don't have to immediately close the previous fiscal year at the start of the new year.
Once you close the fiscal year, the running profit account will show the correct value again.

There are a few things that you need to know before you close your fiscal year.
You first need to check if you still have any unposted documents in the fiscal year.

Go to: 'Accounting > Reporting > Not Posted Documents'

The list must be empty or else you cannot post the fiscal year.

Go to: 'Accounting > Fiscal Year' to close the year.

Posting the fiscal year is the same as posting any other financial document.
Just click on the 'Save & Post' button to finalize/close the fiscal year.


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