Quick Start Manual

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

This section is mostly meant for accountants.
Accountants can use Custom Vouchers to create custom journal entries in BizFusion.
You should only create custom vouchers when you know what you're doing.
An incorrect custom voucher will lead to an incorrect balance sheet.

Custom Voucher

Custom vouchers are the only way in which you can create a custom journal entry
in BizFusion.

You can create three types of custom vouchers in BizFusion:

1. Income
2. Expense
3. Neutral

You can link payments to income and expense vouchers.
You can't link payments to neutral transactions.

Go to: 'Accounting > Custom Voucher'

Example Custom Voucher

This custom voucher is for a financial lease, which is basically a loan.
The only way to enter this information, is to use a custom journal entry.

Note that we used transaction type: 'Income', because we received the
loaned amount on our company bank account.

Income Tax

You need the following reports to handle the income tax of your clients.

1. Balance Sheet
2. Income Report
3. Expense Report
4. Asset Report
5. Final Result Report

You can find the balance sheet by going to: 'Accounting > Balance Sheet'.
You can find the other reports by going to: 'Accounting > Reporting'.

The Final Result report gives you the total income and expense by month.
It also shows the total depreciation value of your assets.
The income and expense reports give a breakdown by account/category.

You need the asset report if your tax agency requires you to specify the
value of your assets at the start of the year.

Profit Payout

Congratulations, you made a profit!
But how do you pay yourself this profit?

Go to: 'Accounting > Fiscal Year > Profit Split'

This will open the Profit Split Wizard

Wizard Step 1: Select the fiscal year

Wizard Step 2: Divide the profit amount among the owners

Wizard Step 3: Finalize the split

The wizard creates one or more custom vouchers for the profit split.

Go to: 'Accounting > Custom Voucher' to see the created custom vouchers.

The following journal entry was created for each profit split:
Debit of the account: 'Profit Previous Year' for the profit amount;
Credit of the account: 'Creditor' for the profit amount.

The owner is specified as the customer on the voucher.
Notice that the transaction type has been set to: 'Expense'.
It should be expense, because you need to link an outgoing payment to the voucher.

You can now add a payment to the custom voucher to pay yourself the profit.

Example Profit Split

The profit split is always posted in the following fiscal year.
Why do we do this? If you post the result in the same fiscal year, say on December 31st,
you will set the 'Profit Previous Year' on your balance sheet to zero.
This makes the balance sheet less readable.
You would need to consult your 'Final Result' report to get to this information.

Owner Withdraws and Profit Payout

You owe the company money if the account: 'Current Account / Debt to Owner' shows a negative balance.
A negative balance occurs when the owner uses company funds to pay for private expenses.
You need to pay this money back or you can settle this debt with your profit payout.

If you made a profit at the end of the year, then you can use a portion of your profit to
pay back the amount that you owe the company.

Go to: "Accounting > Fiscal Year" and post/close the current fiscal year.

Go to: "Accounting > Fiscal Year" and use the "Profit Split Wizard" to split the profit among the
partners/owners of the company.

Go to: "Accounting > Custom Voucher" and select the voucher that the Profit Split Wizard created.
The Wizard only created a single voucher if you're the sole owner of the company.

You can add payments at the bottom of the voucher.
You will not pay the total profit amount to yourself, because you will post a portion of the profits to
account: 'Current Account / Debt to Owner' to pay back your debt.

Click 'Add Payment' and specify the following data:

Payment source: 'Owner Wallet (C/A)'
Payment type: 'Out' (It's important that you choose out here!)
Amount: The amount that you owe the company.

The negative balance on account: 'Owner Wallet / Current Account' is now erased.
You can now use a regular bank/cash payment to pay yourself the remaining profit.