Looking after your company finance is a very important for small business owners as it might get expensive to hire an accountant. Thus, different types of problems may emerge due to not understanding accounting properly. I bet you wish accounting was easy.
Small business owners like you can easily get rid of these problems using WP ERP. You will also be benefitted hugely with the free Accounting module as it will handle all your financial matters easily. There is no need for your to understand accounting for this. Besides that, you will be able to take effective decisions although you are a non-accountant.
The Accounting module of WP ERP gives you the opportunity of taking control of your accounting related tasks. Today, we will discuss how you can manage your accounting module with easy to understand reporting feature.
The best first impression – Accounting Dashboard
There is a saying- the best first impressions are the most lasting. Similar to the saying, WP ERP’s Accounting module also has an outstanding dashboard. It provides you brief information about the financial status of your business. You can also find easy to understand and important financial details of your business on a single page. It displays-
- An interactive bar chart of your total income and expenses of each month.
- A detailed pie chart of your business expenses and its segmentation.
- Total cash and bank balance.
- Total net income and expenses.
Get a glimpse at the trial balance report
The trial balance is the bookkeeping or accounting report that lists the balances in each of general ledger accounts. WP ERP automatically calculates all the important financial aspects without any difficulties. In addition, it can generate a handy trial balance report for you. All you have to do is to insert the values and it will make things easier for you. With this report, you will be able to get the following information without having any accounting knowledge.
- Detailed list of Assets (Accounts receivable, Petty cash and Savings account)
- Liabilities list (Accounts payable and New tax payable)
- All your Expenses (Costs of goods sold, Advertising and New tax receivable)
- Income and Equity
Sales Tax
Taxes should never be overlooked by a successful businessman. Calculations might make it hard to track. But you must pay your taxes and also receive tax from your customers.
Thus, taking care of taxations are very crucial if you do not have adequate accounting knowledge. That’s why WP ERP’s Accounting module has been designed to handle this for you. It also generates a handy sales tax summary report for your understanding.
From this report, you can easily differentiate tax payable and tax receivable including tax percentage from a single place.
Income Statement
You can always count on WP ERP if you need the detailed information of your income. It can generate a report of your current income and expense status of the running financial year. This report will include information related to-
- Revenue
- Gross income
- Net income
By calculating related financial data, Accounting module prepares this useful report from which you will be able to know how much you have gained from your business after the expenses.
Balance Sheet
The balance sheet shows the total turnover and assets as per financial year. This is helpful to give you an idea where you currently stand as a company.
This useful report gives you detailed information side by side so that you can easily differentiate and understand the financial situation of your business.
- Assets: Total of Accounts receivable, Petty cash and Savings account
- Liabilities: Total of Accounts payable and Tax payable
- Equity: Total Net income
Bank Account Report
If you need to know how much your bank accounts have at the moment, you can navigate to wp-admin → Accounting → Bank Accounts.
This page produces visualization (charts) for each of your bank accounts. You will be able to easily understand how your accounts have grown through each of the previous months. In addition, you can receive, spend and transfer money from one account to another one.
The Accounting module of WP ERP provides you all the assistance you need to manage your financial matters. You can easily create invoices and add payments to your sales. Besides that, you can add vendor credits and also manage your expenses.
Just managing everything is not the end. You need to understand how your money is being utilized and to do so, you can always count on Accounting module. This will make sure you are up to date with your financial information and take decisions faster to make things awesome when needed.
Is there a way to define this taxes?
Hello Mariopgs,
Thank you very much for your query.
Yes, you can define taxes from WP ERP Settings. If you have already installed WP ERP, then navigate to WP Dashboard → ERP Settings → Settings → Accounting → Sales Tax. From here you can create, define and edit taxes according to your requirements.
You can also read our documentation for further assistance. https://wperp.com/docs/erp-core/settings/global-settings/
Cheers 🙂