Bookkeeping

My Fashion Emporium Support
2018-01-16 21:39

Unlike other systems that may have something very basic to add your expenses, they are by far not practical for bookkeeping use. In our system you can categorize your expenses so you know exactly what you are spending in each category. You can view profit & loss reports as well as balance sheets.

 On the main page you will see a list of your chart of accounts.  Each of the items in the list are one of the 11 major account types. Asset Accounts, Bank Accounts, Loans, and Credit Card Accounts will have balances. Income and Expenses will not have totals and will need to select view from the menu to view the report for the selected expense or income. Inventory, Undeposited Funds, and Sales Tax are internal accounts. The Inventory account will be calculated from your current items in the system. Undeposited funds are items you have sold but have not deposited in to a bank account.

This system will automatically create several chart of accounts for you that you should have for your business. A liability account will be setup for Sales Tax tracking as well if you are a non LLR retailer and you add a Sales Tax amount in the Merchant Settings. You can add additional accounts as you see fit by clinking on the Account Menu and selecting New Account. This will display the New Account Dialog then do the following:

  1. Select the account type.
  2. Enter an account name such as your bank name.
  3. Optionally you can check the sub account check box and choose the Root Account to keep all your accounts grouped together.
  4. Optionally you can also add a description.
  5. Click the Submit button to save the new account

Some suggestion for additional accounts would be:

  1. Business Loans
  2. Business Credit Cards

If you're a LLR reseller the system has created an account for the LLR credit card for you. 

 On the main menu you have the following:

  1. Account:
    • New Account: Use this option to create new account in the registry.
    • Show Inactive Account: This will show all chart of account including the accounts you have hidden.
  2. Activities:
    • Write Checks: Use this option to add items you have purchased to your accounts.
    • Make Deposit: Use this option to add a deposit to an account. If you have sales that have not been deposited yet, a pop-up dialog will show a list of sales to select from to add to the selected account.
    • Enter Credit Card Charges: Use this option to enter credit card charge or payments.
    • Transfer Funds: This option allows you to transfer funds from one account to another in one step.
  3. Reports:
    • Profit & Loss: This sub-menu gives you a list of profit & loss reports that you can run. 
    • Balance Sheet: This sub-menu gives you a list of balance sheet reports that you can run.  
  4. Lists:
    • Vendors: This is a list of Vendors you have done business with. You can add new vendors here or they can be added when you write checks or credit card charges.

Action Menu:  The following menu options are available. Note that not all options may be available for all accounts.

  1. View: 
    • For income and expense accounts this will display a report of the selected account. If the selected account is the root account, the report will show the totals od all accounts below the selected root.
    • For any other account, this will display the account register.
  2. Edit: This allows you to edit the account information. Note that this option is available for accounts that you have created or the system has created for you.
  3. Delete: This allows you to delete the selected account. Note that this option is available for accounts that you have created or the system has created for you. This cannot be undone. 
  4. Make Inactive: Use this option instead of deleting the account. This will hide the selected account from your list.
  5. Make Active: Use this option to make the selected account visible again in your list. You will need to go to the Account Menu and choose the Show Inactive Accounts so that the hidden accounts are shown.

Note: Additional help is available for the various pop-ups. Click the help icon when the pop-up is shown to get help with that pop-up.

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