Accounting

The chart of accounts, opening balances, journals, budgets, bank reconciliation, approvals, period and year-end closing, fixed assets, and what each document posts to your ledger.

Accounting overviewHow the accounting pieces of WbizManager fit together, what to set up first, and the order to use them in day to day and at month end.
What gets postedThe debits and credits each document writes to your ledger, when it writes them, and where each account comes from.
Set up the chart of accountsBuild the list of accounts everything posts to, then tell the financial statements and the cash flow statement where each account belongs.
Enter opening balancesBring in the balances you start WbizManager with, for accounts, customers, vendors, stock and fixed assets, and post them once they balance.
Set up a budgetPlan the year's amounts account by account and month by month, compare them with what was actually posted, and optionally warn or block spending over budget.
Post a journal entryRecord a debit and credit entry straight to your accounts, such as an accrual or a correction, and post it or send it for approval.
Use journal templatesSave the lines of a journal you post often, then start a new journal from them in one click.
Set up a recurring journalHave WbizManager create the same journal on a schedule, such as every month, and choose whether each one is saved as a draft or posted.
Reconcile a bank accountUpload your bank statement, let WbizManager match it against what you have recorded for the bank account, and match the rest by hand.
Approve accounting documentsFind the journals, invoices, bills, payments, opening balances and period reopen requests waiting for you, and approve, reject or send them back.
Close a periodCreate your fiscal years, close each month once its books are final, reopen one if you must, and close the year to move its profit into retained earnings.
Set up fixed assetsBefore you register assets, set up the asset categories that give each asset its accounts, and the fixed asset posting groups if your organisation uses posting groups.
Register a fixed assetRecord an asset you've bought, with its cost, scrap value and useful life, so WbizManager posts it to the ledger and depreciates it every month.
Revalue a fixed assetChange a registered asset's value and remaining life, post the difference to the ledger and restart its depreciation from the new value.
Dispose of a fixed assetTake an asset off the books when you sell it or scrap it. WbizManager brings its depreciation up to the disposal date and posts the gain or loss.