This information refers to the current version of SoEasy as at March 2019 and not the newest version that has not yet been released.
Accountants are interested in five many pieces of information:
A: The cash transactions and how they were processed
B: The summary of cash transactions. Usually expressed as a Trial Balance
C: Debtors ledger as at the end of the year
D: Creditors ledger as at the end of the year
E: Stock on hand as at the end of the year
There are other transactions but they are usually discussed separately and can be derived from the above information.
What follows is a simple explanation of how this information is gathered and some of the points to note.
A: The cash transactions and how they were processed
SoEasy comes with a pre-built chart of accounts that contain both permanent accounts and user definable.
1: Chart of Accounts (COA)
The COA provides a classification system for receipts and payments and also enables reporting layouts.
The 'About COA' screen will appear first. Read about the COA and then select 'Accounts'.
- Select an account to edit it.
- Filter button = A handy way to filter accounts with a specific name. For example filer WAG to filter all WAGES accounts.
You can also filter the COA based upon classification or report location.
The End of Year Reports will include a list of the COA.
2: The User Adds each Transaction or Imports the Transactions from the Bank's Web Page
As a user adds the transaction they can decide which account the transaction is associated with.
They must reconcile each Cash Management Account (Bank Account, Credit Card, Cash on Hand) so that the balance is as per the bank's statement and the Cash on Hand balance equals any cash they have not yet banked.
When the End of Year Reports are produced, the General Ledger Report will show the accountant how each transaction was processed.
And the Trial Balance will show the total summary of the transactions:
(Bank account is below the above report)
3: User Creates a Profile During the Import
If the user imports their transactions from the bank's web page, then each new transaction is profiled to tell the system...
"When you see the Details...process the transaction to this account and perform other options"
Once a profile is set, if the user has not specified 'Prompt for a decision?", any further transaction whos detail matches this one will be processed automatically without the user requiring to process.
4: Edit the Import Profile
Users can review and edit the Profile (Cash Book > Import Wizard > View/Edit Master Profile)
- Click on a profile to edit or delete it
- Export the details to a spreadsheet for review
- Use keyboard to scroll up or down
- On the right side of the screen, there are special helpful functions
B: The summary of cash transactions. Usually expressed as a Trial Balance
The Trial Balance pre SoEasy version III was/is a Cash Based Trial Balance only
SoEasy version III has a special Trial Balance which shows six Trial Balances:
- Opening Balances Trial Balance
- Cash Transaction Trial Balance
- Debtors Trial Balance
- Creditors Trial Balance
- Other Items Trial Balance
- Accrual Trial Balance
C: Debtors ledger as at the end of the year
The details of the individual debtor accounts is expressed in three reports:
- The Opening Debtors
- The details of each customers account showing opening balance, transactions, and closing balance
- The Debtors Trial Balance
D: Creditors ledger as at the end of the year
The details of the individual creditor accounts is expressed in three reports:
- The Opening Creditors
- The details of each creditors account showing opening balance, transactions, and closing balance
- The Creditors Trial Balance