Accounting overview
How 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.
Before you start
- Set up the chart of accountsEverything in accounting posts to the accounts in your chart of accounts.
- Close a periodNothing can post until a fiscal year covers the posting date.
- Set up currenciesThe base currency is used by opening balances, budgets and the year-end close.
- Set up dimensionsGlobal dimensions appear on every journal; departments are used by departmental budgets.
- Set up default accountsOpening balances for customers, vendors and stock post to the default accounts.
- Set up approval workflowsDecides which accounting documents wait for approval before they post.
In this article
Accounting in WbizManager is where everything ends up. Invoices, bills, payments, stock movements and fixed assets all post to your ledger on their own. The screens under Accounts let you build the ledger, add what no other screen records, check it against the bank and the budget, and close each month and year.
How the pieces fit
| Piece | What it does | Menu |
|---|---|---|
| Chart of accounts | The accounts everything posts to, and where each appears on the financial statements and the cash flow statement. | Accounts › Chart of Accounts |
| Fiscal years and periods | The months postings are allowed in. A date with no open period can't be posted to. | Accounts › Period Closing |
| Opening balances | The balances you start with, posted once. | Settings › Opening Balance |
| Journal entries | Debits and credits you post by hand: accruals, corrections, reclassifications. | Accounts › Journal |
| Journal templates | Saved journals you start new ones from. | Accounts › Journal Templates |
| Recurring journals | Journals created for you on a schedule. | Accounts › Recurring Journals |
| Budgets | The year's plan by account and month, budget against actuals, and optional warnings or blocks on overspending. | Accounts › Budgets, Settings › Budget Enforcement |
| Bank reconciliation | Matches your bank statement with the ledger. Posts nothing. | Accounts › Bank Reconciliation |
| Approvals | Accounting documents waiting for your decision. | Accounts › Approvals |
| Fixed assets | Assets, their depreciation, revaluation and disposal. | Accounts › Fixed Assets |
| What gets posted | The debits and credits each document writes. |
Set up, in this order
Do these once, before anyone posts:
- Chart of accounts. Build or import your accounts. Map them in Statement Mapping and Cash Flow Mapping. Keep bank and cash accounts under a group named Cash and Cash Equivalents, and mark your retained earnings account as the Transfer of Net Profit account.
- Currencies. Set the base currency.
- Dimensions, for example Project or Department, if you report by them.
- Default accounts or posting groups, so documents know which accounts to post to.
- Fiscal years. Create the current year (and the year your opening balances fall in).
- Approval workflows, if journals, opening balances or other documents should be approved.
- Fixed asset categories, if you have fixed assets.
- Opening balances. Enter and post them once customers, vendors, items and asset categories exist.
- Budget for the year, then budget enforcement if you want it.
Day to day
- Invoices, bills, payments and stock post to the ledger by themselves. See what gets posted.
- Post journal entries for anything else. Use templates for entries you repeat by hand, and recurring journals for ones on a fixed schedule.
- Approvers clear Accounts › Approvals so documents can post.
Month end
- Post the month's accruals and adjustments as journals.
- Reconcile each bank account and record any bank charges you find.
- Check Budget vs Actuals.
- Open the period's Checklist and fix what it lists.
- Close the period.
Year end
- Close every period except the last.
- Post or delete the year's drafts.
- Close the year. The year's profit moves to retained earnings.
- Create next year's fiscal year (if you haven't), and copy the budget forward with Copy to year.
Reports
Once you post, read the results in the Reports section: the statement of financial position, profit or loss, trial balance, general ledger, VAT return and more. Most reports rely on the statement and cash flow mapping in Set up the chart of accounts.
Settings this module uses
| Setting | Guide |
|---|---|
| Currencies, exchange rates and gain/loss accounts | Set up currencies |
| Dimensions | Set up dimensions |
| Taxes | Set up taxes |
| Default accounts | Set up default accounts |
| Posting groups and the switch-over | Set up posting groups, How invoices get their accounts |
| Customer, vendor, inventory and project posting groups | Customer, vendor, inventory and project posting groups |
| Number series | Set up number series |
| Approval workflows | Set up approval workflows |
| Schedule policies (recurring journals) | Set up schedule policies |
| Budget enforcement | Set up a budget |
| Opening balance | Enter opening balances |
| Letterhead on reports | Set up invoice settings |
Every settings screen in one place: settings overview.
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