General Ledger - SpeedyPOS Plus
SpeedyPOS Plus comes with fully integrated accounting, and this includes a powerful, feature-packed General Ledger. It's easy to accomodate all of your business' special requirements, and includes a wealth of useful reports.
With a year-end, once you have entered all your information, you
must pass on the reports to your accountant for their magic touch:
depreciation, tax calculations, forms to be filled out and submitted
to the government. By the time you’re done, it could be six
months down the road.
Believe it or not, most competing accounting systems do not properly
allow you to report on your business for past months or years. Some
will allow you to enter the data, but when it comes to reprinting
an accurate set of financial statements for a given point in history,
most fall flat on their face.
With SpeedyPOS, you can reprint an income and expense statement
for any month, in any year at any time – or reprint a balance
sheet – or an aged accounts receivable – or payables report.
This is not trivial. When you reprint an aged payables report for
the previous month, they system ignores bills and checks entered
in the current month showing the true condition for the end of the
previous month.
What this means is that you can do your work daily and never get
behind yet still get the reports you need. We have witnessed many
people using other software packages piling up the work on the corner
of their desk until they are finished with a month end and then
frantically playing catch up.
Windward comes with several pre-built ledger reports, such as a
balance sheet, income and expense statements, etc. It also come
with its own ledger report writer – so you can build your own
reports such as comparing income this year to last year and the
year before, or income to budget. Or you can report on different
areas of your business, such as the service side from the parts
sales side.
Historical Accounting
With SpeedyPOS, you can reprint an income and expense statement for any month, in any year at any time – or reprint a balance sheet – or an aged accounts receivable – or payables report.
With SpeedyPOS Plus, you decide when you no longer need your data. SpeedyPOS keeps track of your business for the current year, previous year, and many years previous. This allows you to easily compare how you are doing this year to other years. Every invoice and transaction created is stored in it's original form with all its detail. Some accounting packages cannot handle your previous year's accounting, but SpeedyPOS Plus keeps all of your data active and available for forty years.
SpeedyPOS keeps track
of your business for the current year, previous year, and many years
previous. This allows you to easily compare how you are doing this
year to other years. Every invoice and transaction created is stored
in it's original form with all its detail.
Balance Sheet
The balance sheet report will show you your assets, liabilities and owner equity. This is the bottom line that your accountant and banker look for to analyze the health of your company. By viewing this, you can see the dollars in your bank, accounts receivable and inventory on hand, among other details.
When journal entries are required, they are simple and easy to use, and are based on standard double entries where the debits must equal the credits. However, if you've made a large entry and it doesn't balance, SpeedyPOS Plus will allow you to save it without posting and return later to finish it off.
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Recurring Entries
SpeedyPOS will allow you to copy recurring entries into future
months so that you don't have to post the same entry over and
over each month, or possibly forget to post an entry. You can
post forward into any month in the year and even post into next
year.
This can be used for insurance for example. Let's say you pay
$1,200 for insurance for the year in July. Is this really a July
expense for $1,200 or are you in fact spending $100 per month
and just happened to pay the bill in July?
From an accounting point of view, it's best to expense a little
of this each month so that you can accurately gauge how much it
costs to run your business monthly. To do this, you would post
the $1,200 to prepaid expenses as an asset (something you own
that is of value to the company) and then remove $100 from prepaid
expenses, and post to insurance expense each month. In Windward,
you can create the entry for one month and then copy it to the
other 11 months, saving you time and effort.
Check Writing
Normally, you will enter your bills and checks into the accounts
payable system, but for one-off checks for a vendor, you will
never deal with again, that is too much work.SpeedyPOS will allow
you to create and print checks directly from the journal entry
in a simple one-step method. Windward can print to any kind of
check, so you don't need to purchase new ones. Just use the form
designer to set it up.
Profit and Loss Statement
The income and expense report, also known as the profit and loss
statement, will detail the amount of income and expense for each
ledger number, both for the current month and a year-to-date total.
Using the Windward ledger report writer, you can build your own
reports to compare this year to last, and the year previous and
other reports important for your business.
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