Accounting

Accounting is an inevitable part of any kind of business. No matter the size or type of business you run, if the financial processes are not governed and monitored in an adequate manner, you will face a drastic financial failure in the future. Managing all accounting operations manually is not a good idea since it requires lots of time and effort. The chances of error in accounting are high in the case of manual accounting management. Every financial transaction and statement done on the company’s behalf should be recorded and maintained properly. The PerfectWORK Accounting module will improve your accounting management proficiency by offering automated tools and reporting systems.

Automated recording of payments, receipts, vendor bills, customer invoices, and other financial transactions is ensured by PerfectWORK. It allows for bill reconciliations with banks and synchronizes your bank statements with your bank accounts automatically ( for some countries ). You can effortlessly generate accounting reports of a particular time period and compare the performance to analyze workflow. PerfectWORK streamlines all actions related to accounts payable and accounts receivable thereby evading the cash flow issues to enrich cash management. PerfectWORK accounting module provides multi-currency support to businesses so that you can make transactions hassle-free with other countries.

See also

• Main accounting concepts

• Quick Notes on Accounting

• Getting started
  • Main Accounting Concepts
  • Quick Notes on Accounting
  • Initial configuration
    • Initial setup of Accounting and Invoicing
    • Chart of accounts
  • Process overview
    • From Customer Invoice to Payments Collection
    • From vendor bill to payment
• Account receivables
  • Customer invoices
    • Invoicing processes
    • Cash discounts and tax reduction
    • Cash rounding
    • Payment terms and installment plans
    • Deferred revenues
    • Credit notes and refunds
  • Customer payments
    • Different ways to record a payment
    • Invoice online payment
      • Install the patch to disable online invoice payment
    • Register customer payments by checks
    • Batch payments by bank deposit
• Account payables
  • Vendor bills
    • Purchase receipts
    • Deferred expenses and prepayments
    • Non-current assets and fixed assets
  • Vendor payments
    • Pay by checks
    • Pay several bills at once
  • Miscellaneous
    • Forecast future bills to pay
• Bank and cash
  • Setup
    • Bank and cash accounts
    • Outstanding accounts
    • Manage a cash register
    • Manage a bank account in a foreign currency
  • Transactions
  • Bank reconciliation
    • Bank reconciliation process - use cases
    • Reconciliation Models
  • Internal transfer
• Taxation
  • Taxes
    • Taxes
    • Default taxes
    • Fiscal positions (tax and account mapping)
    • Manage withholding taxes
    • Manage prices for B2B (tax excluded) and B2C (tax included)
    • Cash basis taxes
• Reporting
  • Overview
    • Main reports available
    • Data inalterability check report
  • Declarations
    • Tax return (VAT declaration)
• Others
  • Multi-currency system
  • Analytic accounting
  • Adviser
    • Financial budget
  • Fiscal year
    • Manage Fiscal Years
    • Do a year end in PerfectWORK (close a fiscal year)
  • Inventory
    • Impact on the average price valuation when returning goods
    • Inventory valuation configuration