Booking Different Types of Revenues
Thanks to Lawrence Cheung CPA’s observation about the automatic revenue booking under the JE Template.
The current JE Template allows only one entry to the revenue account.
Before:
DR AR-Customer (automatic generated)
CR Revenue (from Journal Entry Template)
The Billing Codes already preset with the designated account for booking purpose. All we need to do is to change the program and ask the computer to look for that Billing Code account first. If there is already an account existed, the computer will pick that one up. If not, then use the default revenue account.
After:
DR AR-Customer (automatic generated)
CR Revenue (based on billing code)
By doing so, different sets of revenues will be allocated to the proper chart of accounts. That will save a lot of time in doing the journal entry adjustment in the future.
Thanks to Lawrence Cheung’s accurate observation!
Programs affected:
1. Journal Entry Template (AR)
2. Billing Code selection
3. Misc. Charges
4. Invoice Register.
Increase Your Cash Flow Using CPAnywhere
Increase Your Cash Flow Using CPAnywhere
| Date | : | 11-April-2014 (Friday) |
| Time | : | 11:00 p.m. to 1:00 pm. |
| Venue | : | Room 408-409, Fortress Tower, 250 Kings Road, North Point, Hong Kong |
| Seats | : | Please call Mr. Aki Ho at 2521-3110 or email to tkho@plsoft.com for seat reservation |
| Speakers | : | Aki Ho, Consultant |
| For | : | Partners and Managers |
We will present to you that you can accomplish the following tasks in just a few minutes, no kidding!
- Real time billing, anytime, anywhere.
- Job billing with payment schedule.
- Quick billing, fast and easy.
- Client advance and deposit management, automatically apply to invoices and payment.
- Disbursement receivable management, never miss to get your money back.
- Trust deposit and payment management, segregation of monies.
- Easy settlement function for application of deposit, over or underpayment.
- Printing payment receipts for invoice settlement, advances and trust deposits.
- Printing client statements.
- Real time accounts receivable enquiry and alert.
- Automatic journal entries and instant TB, Balance Sheet and Income Statements.
The objective in this instant billing cycle is to bill anytime, anywhere so that you can get your payment earlier than usual.
The instant A/R status, invoice and payments display on your mobile phone will further facilitate the collection process. After all, cash is king. We will walk you through the whole process, from job creation, time recording, disbursement, client deposit, settlement, printing invoices and receipts, examining the trial balance and account receivables for accuracy. You will find that CPAnywhere is indeed a system that can reduce an extremely complex billing cycle into a user friendly and easy to use system.
Future seminars on CPAnywhere is in planning:
1. Payroll and Leave Management:
Complex payroll calculation on monthly, time based, benefits, deductions, maternity, MPF, late arrival and overtime. We will explore the various types of leave such as sick leave with pay or without pay, compensating time off, maternity leave, jury duty, education and examination leaves, leave balance accrual and different type of leave benefit for different levels as well as multiple layers of approval steps.
2. Management of the IRD and other types of letters and correspondence:
We will introduce to you the concept of better management of all kinds of letters, replies and extension requests from the IRD as well as other agencies. The purpose of it is to remind yourself applying for extension when required and to keep track of the status of each letter that is received from the IRD and other authorities. This system originated from Cheng & Cheng CPA’s complex in house IRD letter management system and we incorporate it to CPAnywhere.
3. Accounting System Walk-through:
We will walk through the whole accounting system from chart of accounts, separate companies, automatic and manual journals, journal entry templates, general journal entries, registers, general ledger, trial balance, balance sheet and income statement presentation. Here, we are introducing many new concepts of journal entry automation and flexible chart of accounts structure. Since many companies would like to retain their own general ledger, we will also present the way to export the system generated accounting transactions to the external accounting systems for convenience. Special attention will be placed on the newly added analysis code and its application.
4. Audit Program Implementation using Job Code Planning:
For CPAs, we live on audit programs. CPAnywhere can help you incorporate your own audit programs into the predetermined job codes so that for each job, all the required procedures are already incorporated into the work codes and distributed to each staff. For example, when you get an audit assignment of a trading company, you need to do the cash, accounts receivable, inventory, accounts payable and so forth. We called these Jobs. For each job there are a number of working procedures that an auditor need to do in order to accomplish the task. We called those Work Codes. You can then assign a staff to do the bank confirmation or inventory and the staff would know through the predefined work codes and charge time accordingly.
If you are interested in the above technical seminars for CPAnywhere, please let us know so that we can reserve a space for you in advance.
These seminars will be small classes since they are technical in nature and problem solving in essence.
We will invite some advanced CPAnywhere users to share with their experience.
13th Month Myth
Many accounting software prompt you to create a so called 13th Month when your accounting entries can only be entered into one of the 12 months.
So, what is the 13th month?
If a business needs to do a monthly closing and the journal entries relating to the closed period is entered after the closed period, then that entries can be put under the 13th month period.
The other reason is that the 13th month is used exclusively for audit adjustments. We will retain the benefit of having a virtual 13th month period but not the burden of creating one. The answer is to create a system default Journal Entry Template called AJ as it stands for adjusting journal entries. We will change the balance sheet, income statement and trial balances to reflect the AJ entries by presenting it like a regular audit working paper format.
Sales Management System
We are going to completely rewrite the prospective or sales management system so that it can take into the advantage of our recent added features.
By integrating it fully with the new customer management system, it will save time in setting up new client and job lately.
All communications, including the new “Talk” or real-time communications with the prospect will be saved at customer level for future reference.
At this stage, we do welcome your comment and suggestion to make this feature a useful one.
Receipts and Statements
Further to the requests from Grace of Sun Hing–
We are going to add a feature called “Print Receipts” and Print Statements” to the Settlement function.
We will use the report format for fast printing of payment receipts for Settlement of invoices, Client deposit and advances as well as for the Trust monies deposits.
For account statements, we will again use the standard report format to print out the account history of a client.
Receipts and Statements
Further to the requests from Grace of Sun Hing, we are going to add a feature called “Print Receipts” and Print Statements” to the Settlement function. We will use the report format for fast printing of payment receipts for Settlement of invoices, Client deposit and advances as well as for the Trust monies deposits. For account statements, we will again use the standard report format to print out the account history of a client.
Enhancement to Invoicing
Grace and her colleagues of Sun Hing, a listed company, had made some very good proposals during our product demonstration:
They have proposed that we should allow inputting of discount right under the Billing rather than at Pro forma invoicing.
If there is a discount, the manager can enter that discount directly on that billing schedule instead of letting the finance people to process the pro form invoice first and then enter the discount later. That really make a lot of sense to us.
The other suggestion is to record the time and the person who pressed that “Confirmed to Bill” button for security purpose.
Once confirmed, all fields would be “locked” for security purpose. The team also suggested that we should produce the Payment Receipts, Account Statement as well as Collection Reminders.
We would like to take this opportunity to say a word of thanks to Grace and her team for their kind suggestions.
We will make the adjustment as soon as possible.
CSA Data Transfer
If you are planning to implement the automated CSA data transfer program to CPAnywhere, please call us for the software program as well as the note for installation.
After installing the program you will be able to view all of your up-to-date status of your clients on your mobile phone.
A/R
We finally did it!
Thanks to the seminar’s participants’ suggestion regarding the ability to view a company’s overall accounts receivables by just clicking one button.
We start using bright colors and easy to read format to present those important information to decision makers.
For those who have attended the last seminar with the OR code and personalized user ID as well as current users, you can go to your CPAnywhere mobile login and click the AR button to see the difference.
Clients’ File Cabinet
Today, we have received many suggestions from the CSA to CPAnywhere seminar participants-
One idea that really stood out is the software’s ability to send documents to clients directly through CPAnywhere and then deposit them into the client’s private file cabinet.
We were overjoyed because this is exactly what we are doing, to build a public client based CPAnywhere with “talk”, file cabinet and events ability, similar to the full CPAnywhere and is free to CPAnywhere users’ clients to use.
To the beautiful attendees, we like to say, “Thank You”!