BestWiz4 Accounting Program
In MS Excel Spreadsheet
INSTRUCTION MANUAL
INTRODUCTION
It is very common to small and medium size Businesses, Proprietorship, Partnership or Corporation of not having proper system of their financial and accounting records. Accounting system is not properly setup due to a tight budget that hampers them of hiring CPAs or Accounting Professionals. Retaining an Accounting Firm is also a huge cut to their limited budget. This often end up to just hiring an Accounting Major, a Bookkeeper or Accounting clerk or maybe just do the recording themselves. And most of the time, the recording do not conform to the standard accounting procedures. Without an Accounting System, records are mixed-up and hard to segregate or identify specific accounts and the most difficult part is to gather certain information out of the said records needed to make Financial Reports. Nobody in the non-accounting world knows how to create Financial Reports such as the Balance Sheet, Income Statement and Cash Flow Statement. Mostly, what non-accountant knows is just the BASIC and simple formula in recording their INCOME (Receipts) – (minus) EXPENSES (Payments/Purchases) = (equals) PROFIT and that’s it. So, by the end of the year they would just hire someone to make them a Balance Sheet and Statement of Income and Expenses just for the purpose of filing Income Tax Return. But this is not sufficient enough to provide you as Officer or Owner of a company with reliable Reports needed in making the right decisions on financial matters. Regular and Updated Reports are vital pieces of information needed in running a business. Without these Financial Reports, you usually rely on what you thought or think based on unreliable records or you are just making presumptions without any hard documentary evidence or records to support or prove your point. Sometimes you are forced having no choice but to create one just for formality and presentation purposes without really knowing the real and actual financial situation of your Business.
MAIN MENU
This is the shortcut to all of the Journal Files and Reports in this Integrated Accounting System. With one click you can open each file of the Accounting Program you want to work on or simply view records or Reports of the updated entries made by your staff. You can create a shortcut of this MENU file on your Desktop as a shortcut to all of the Accounting Program Files If you have a Local Area Network (LAN) installed in your workplace, it is more convenient to view and access different files of the people working separately on different files of this Accounting Program. Or you can upload this folder files to the Sky or Cloud Drive to gain remote access anywhere and on different computers and devices such as Smartphones and Tablets.
PRINT MENU
This is a shortcut to PRINT your needed Reports. Note that the Reports File must be open first and must be updated before Printing. Also Macros must be enabled. A dialog box will pop-up and click Enable Macros before you can proceed with the printing.
REVENUE and SALES JOURNAL
This is the Journal where you will encode entries of all the REVENUES and SALES transactions, the Date, Client’s/Company to whom it was sold, Invoice Number and the Terms in case of Installment Sales. Cash Revenue/Sale column here is a temporary account and should counter with the Cash Revenue/Sale in the Receipt and Deposit Journal. Accounts Receivables column are charged sale or charged services and it should also counter with the total summation of the customer’s account in the Receivables Journal. VAT Output column has a formula (Cash Revenue/Sale + AR / 1.12 x 0.12) and can be changed depending on the current VAT Rate. If a particular transaction however is NON-VAT, just delete the formula. Revenues/Sales are the amount of Sales or Services less the VAT
Note: As a shortcut, and to avoid possible human errors, you will see that all of the accounts here with dash are already LINKED to the Receipt Journal and the Receivables Journal-Charge Sale or Services wherein you will do the RECORDING or ENCODE INPUTS of your Receipts in. In this Journal, NO INPUTS is needed. Only the Dates, Customers and Invoice Nos. (A1 to A300 are sample only to show number of entries) are the only inputs needed for reference purposes. However, if you wish or choose to manually encode data in the Cash Revenue/Sales column and the Account Receivable (A104) column, you just have to clear these columns of their LINKS. Just be sure to always counter entries here with that of the Receipt and Deposit Journal and the Receivables Journal as previously mentioned above.
Note: As a shortcut, and to avoid possible human errors, you will see that all of the accounts here with dash are already LINKED to the Receipt Journal and the Receivables Journal-Charge Sale or Services wherein you will do the RECORDING or ENCODE INPUTS of your Receipts in. In this Journal, NO INPUTS is needed. Only the Dates, Customers and Invoice Nos. (A1 to A300 are sample only to show number of entries) are the only inputs needed for reference purposes. However, if you wish or choose to manually encode data in the Cash Revenue/Sales column and the Account Receivable (A104) column, you just have to clear these columns of their LINKS. Just be sure to always counter entries here with that of the Receipt and Deposit Journal and the Receivables Journal as previously mentioned above.
RECEIPTS JOURNAL
Cash is the most liquid in all Assets which is susceptible to losses or defalcation that needs to be safeguarded the most. With this Cash Receipt and Deposit Journal, you will immediately detect if there are un-deposited receipts. Note: Person handling cash should NOT do the recording and have NO access to this file.
This is where you record all cash collections and Bank deposits. Cash Revenue/Sale column here is a temporary account that is countered in the Cash Receipts and Deposit Journal. Account Receivables column are collections from charged sales or services. Other Receipts is a control and Bank Deposit is a safeguard.
Note: As a shortcut, to avoid possible human errors, No inputs is needed in the A104 (Accounts Receivables) as it was LINKED to Receivables - Collection of Accounts where you will ENCODE entries IN. NO inputs also is needed in the Other Receipts column as it was also LINKED to Receipt-Others Journal where you will ENCODE entries IN. Only inputs in the Cash Revenue/Sale, Discounts and Bank Deposits Columns are required. Dates, Received from/Deposited by and Reference O.R. Nos. (A1 to A300 are sample only to show number of entries) are inputs needed for reference. Note that Discounts usually are on Cash Revenues/Sales ONLY and not on AR (Accounts Receivables-Charged Sales or Services). In case both Accounts will have a discount, the Discount column will be then shared by two (2) Accounts, Revenue/Sales and AR. Therefore, the discounts to be encoded in the Discount column are the total discounts for both Accounts.
This is where you record all cash collections and Bank deposits. Cash Revenue/Sale column here is a temporary account that is countered in the Cash Receipts and Deposit Journal. Account Receivables column are collections from charged sales or services. Other Receipts is a control and Bank Deposit is a safeguard.
Note: As a shortcut, to avoid possible human errors, No inputs is needed in the A104 (Accounts Receivables) as it was LINKED to Receivables - Collection of Accounts where you will ENCODE entries IN. NO inputs also is needed in the Other Receipts column as it was also LINKED to Receipt-Others Journal where you will ENCODE entries IN. Only inputs in the Cash Revenue/Sale, Discounts and Bank Deposits Columns are required. Dates, Received from/Deposited by and Reference O.R. Nos. (A1 to A300 are sample only to show number of entries) are inputs needed for reference. Note that Discounts usually are on Cash Revenues/Sales ONLY and not on AR (Accounts Receivables-Charged Sales or Services). In case both Accounts will have a discount, the Discount column will be then shared by two (2) Accounts, Revenue/Sales and AR. Therefore, the discounts to be encoded in the Discount column are the total discounts for both Accounts.
RECEIPT-OTHERS JOURNAL
This Journal is where you encode to their specific account records of other receipts. Entries here are being forwarded (linked) to the Other Receipts column of the Cash Receipt and Deposit Journal.