General Ledger Setup is Simple
At Successware, we make setting up your general ledger easy. Successware knows what accounts to post to the general ledger in a few different ways. The default accounts are accounts Successware is designed to hit automatically.
Since Successware was designed specifically for the trade industries, we also offer a deferred revenue account. This account comes in handy when dealing with agreement visits. You will simply check a box when we sell an agreement saying you want to defer all agreement revenue and it will go into a deferred revenue account where it will sit until you perform the agreement visit. Then, you will realize the income in the proper period.
If you have a warranty or agreement that is expiring, you are able to do so at the end of the period. Successware will alert you that it is expiring so you can make the necessary adjustments.
Sale & Expense Types Are Assigned at Setup
When you setup Successware, you will choose a sale and/or expense type for each item, part, labor, etc you put into the platform. By doing this upfront, you will save countless hours that would have been spent manually selecting a sale and expense type at the time of data entry for each invoice. This may seem like a lot of work upfront, but trust us, it will pay off in the long run!
Sale types are assigned to things that your business sells. Expense types are used when you purchase an item for your business. Both sale and expense types point to a general ledger account and department so you can easily track your expenses and sales. You can easily have multiple sale and expense types pointing to the same general ledger account also.
Other accounting software make you select the sale and expense type and general ledger account at the time of data entry, which can lead to mistakes caused by human error. If your business has between 5,000 – 10,000 parts in your pricebook, and you have multiple jobs per day, this will lead to a significant amount of time that is spent making these general ledger and sale/expense type decisions. Successware eliminates that unnecessary work for you.
Your business will also have to hire someone who specifically has bookkeeping experience for this method of accounting since the general ledger decisions are so important. With Successware, you do not need to hire a bookkeeper for this task and can just hire a data entry specialist since all decisions are made at the time of setup.
To make this process even easier, Successware comes prepopulated with sale and expense types and general ledger accounts based on your business type and needs. You also do have the ability to customize these if needed as well.
You will also assign a department to each item as well. This will indicate what department sold or purchased the item or overhead. By having this data, you are able to run department profit and loss statements.
Different Adjustment Codes
Successware also lets you manually control what general ledger account your transactions hit if it is a one-off or needs an adjustment. You can do so by using adjustment codes. Say you buy pizza for a lunch meeting, other accounting platforms will make you register the pizza place as a vendor in the software. With Successware, you can skip that step and just assign it to receipt distribution, or miscellaneous money going out, through adjustment codes. Successware saves the vendor spots for ones that your business pays on a repeated basis.
You do not have to build a receivables invoice for miscellaneous money coming in, such as rebates from a manufacturer. You can just use adjustment codes so that it hits the correct general ledger account.
Our Payments Partner and Invoice Manager
When you are ready to close out an invoice, you can confirm the payment went through and then post the invoice. Successware automatically knows what general ledger entries to create. In the invoice manager, Successware makes it easy to see where your debits and credits went. As soon as you post a transaction, you can view the transaction in the general ledger.
If your business utilizes Global Payments Integrated for your payment handling needs, then reconciliations just got a whole lot easier for you! Since Global Payments Integrated is our preferred payment partner, any transaction that is made through this platform will automatically tie back and reconcile, saving you hours per week.
You will no longer have to go into the platform at the end of the day and reconcile all transactions that were made, making sure everything ties back correctly. You will only have to do this with cash transactions.
If you use another payment partner, you will have to manually tie back each payment made such as cash, check, or credit in the software. You will have to reconcile the undeposited funds and make sure all lines up correctly before Successware allows you to properly close out for the day. This process can be cumbersome and time consuming.
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