Accounting Dashboard

The Accounting Dashboard of WP ERP consists of key data points with visual
representations in the form of tables, bar charts, and pie charts so as to give you the
opportunity to monitor the overall health of your business. Under the hood, the
dashboard is connected to the database which helps the dashboard to dynamically fetch
and display data in real-time.

To get to the Accounting Dashboard of WP ERP, navigate to WP Admin

Dashboard → WP ERP → Accounting. Once you get there you will see the following
screen:

Income and Expenses

In this segment, you will be able to see the month-on-month amount of income and
expenses with the help of Bar charts. Place your mouse pointer right on the bars to see
the individual values of the bars.
Business Expenses

This segment consists of a pie chart which depicts all kinds of your business expenses.
The amount of each expense is indicated by percentages. This is crucial to keep track
of a particular type of expenses. Here is a screenshot:
Cash and Bank Balance

With the help of this section, you will be able to know how much cash money is left in
your enterprise or in the Bank Account or in the Savings Account. The total amount is
shown by automatic calculation of the WP ERP system.

Revenues

Revenues are nothing but the amount after subtracting the expenses from income.
Revenues are also generated automatically. Here is the Revenue section of the
Accounting Dashboard:

Invoice payable to you

This section enlists if you have any due or overdue Invoice payable to you. The due
invoices mean you have debtors who have to pay money to you in the current month.
The overdue invoices refer to the invoices that have become bad debts or to put it
simply, the due date of your particular debtors which exceeded the due time. Here is a
screenshot:
Bills you need to pay

This section enlists if you have any due or overdue bills that you need to pay.
The Coming Due bills mean you have to pay money to your creditors in the current
month which is still unpaid. The overdue bills refer to the invoices that have exceeded
the due time of payment which is not a good sign for your enterprise. Here is a
screenshot:

Creating a Customer
Go to WP Admin Dashboard → WP ERP → Accounting → Customers.

This page will let you manage your company's customer payments.

Adding a new Customer

Click Add New to create a new customer.

Next up, a form will appear which is quite easy to go through.

Finally, hit the “Add Customer” button to create the customer in the system.
Creating a Vendor
Your vendor listing can be managed from here.

To create a vendor, navigate to WP Admin Dashboard → WP ERP → Accounting

→ Vendor. Click on the “Add New” button.

You will get a form to create a vendor. Fill the form out and click on the “Add Vendor”
button to complete the process.
That's how you can create vendors in the Accounting module of WP ERP. However,
you can also pay vendors and check credits by selecting a vendor from here.

Creating Payment Receipts

Go to WP Admin Dashboard → WP ERP → Accounting → Sales.
Click on the Payment button.

Fill out the form, select a customer, and select account.

Finally, click on the ‘Pay‘ button to create the payment receipt.

Taking Payment in Installments

If you make a sale using invoice, you can later take partial payments which will be
counted as installments.
1. Go to WP Admin Dashboard → WP ERP → Accounting → Sales. Open
a New Invoice.

2. Save the invoice for Approval.

3. After the admin or accounts manager approves the invoice, you can make the sale
and start receiving payments. At this moment the status of the invoice will
be Awaiting Payment.

4. When a customer wants to make payment, you have to click on Receive

Payment on the invoice.
5. A new payment will be opened. It will automatically fetch the amount of money
customer owes you. You may change the value according to your need. Here in this
payment, you can also see all the previous dues from this customer.
6. After you make the payment, the amount will be deduced from the total amount on
the invoice. You will notice that your installment has been entered as a payment in the
list. Now the status of the invoice will become Partially Paid. Also, the sales page
will display a total number of receivable pay that is pending from all invoices.
Currently, we have no other invoice so the values are the same.

7. Now, if you again open a new payment on the invoice and pay the complete due
amount, the invoice will be completed and the status will be updated.
More Actions
After creating your invoice, you can choose to Add Payments for the same user
or Print the invoice.

You can also Export as PDF, Get Link or Send via Email.
In order to enable the option Export as PDF, you need to install and activate the
Free Extension, PDF Invoice for WP ERP. To know more, please check out this
documentation.

v
Sales Transactions
Sales transactions include any sales income arising from a particular customer. For
other incomes without a customer name, you can use the Journal Entry option. For a
better understanding, let's take a real-life example – “Office equipment was sold.”
What would be the journal entries for this transaction?

Cash account → Debtor.

Office equipment account → Creditor.

See the difference? There is no customer name. In such cases, use the Journal
Entry option to key the transaction into the system.

In this section, you will learn all the nitty-gritty of sales transaction referring to a
customer name. Here are the things that you are going to learn:

 How to use Purchase Invoices form to sale on credit to a customer.

 How to use Payment Receipts to receive or sale in cash from a customer.

 How to reverse or neutralize a debited customer.

 How to receive payments in installments from a certain customer.

 How to approve or void a customer income.

 How to delete Invoices or Payment Receipts.

Basics of Transaction Types
You can make three types of transactions using the Accounting module.

1. Customer Payments (Debit)

To put it simply. You take payments from customers in cash. Customer payments

do not support any crediting. This goes directly into your savings or petty cash

account.

2. Customer Invoices (Credit)

Invoices allow your customers to buy with credit and pay later.

3. Invoice Payment or Partial Payment (Credit adjusted from Debit)

When a customer makes payment of only a part of what he owes. Useful for

making sales with installment features.

In any case, the accounting module will adjust balances in real time and provide you
with the updated information.

Paying Vendor Credits

There are two ways you can pay to a vendor credit.

1. From the vendor's page. (WP Admin Dashboard → WP ERP → Accounting →

Vendors)
Hover on the vendor, click on Payment Voucher.
2. From the expenses page. (WP Admin Dashboard → WP ERP → Accounting →
Expenses)
Click on the button Payment Voucher.

For both cases, this voucher form will be created. Select the vendor and the due
amount will be automatically loaded. You may also select if there are multiple credits.
Now if you go to the vendor's page, you will see that the paid amount has been
debited.
Approving & Voiding Expenses
Go to WP Admin Dashboard → WP ERP → Accounting → Expenses.

On the Expenses page, to approve any payment click Pay Now.

To deny payment, press Void.

To make changes, press Edit.

On the Sales page, to move something from the draft click on Submit for approval

To take payment, click on Receive payment.

To reject, click Void.

That's how you can approve and void expenses in the Accounting module.

Paying in installments
If you make a sale using invoice, you can later take partial payments which will be
counted as installments.

First off, go to WP Admin Dashboard → WP ERP → Accounting → Expenses.

1. Open a Vendor Credit

2. Save the Credit for Approval

3. After the admin or accounts manager approves the invoice, you can make the sale
and start receiving payments. At this moment the status of the invoice will
be Awaiting Payment.

4. When a customer wants to make payment, you have to click on Receive

Payment on the invoice.

5. A new payment will be opened. It will automatically fetch the amount of money
you owe the vendor. You may change the value according to your need. Here in this
payment, you can also see all the previous dues to this vendor if any.
6. Now, if you again open a new payment on the invoice and pay the complete due
amount, the invoice will be completed and the status will be updated.
Expense Transactions
Expense transactions include any expense arising from a vendor. For other expenses
without a vendor name, you can use the Journal Entry option. For a better
understanding, let's take a real-life example – “Office equipment is purchased.” What
would be the journal entries for this transaction?
Office Equipment account→ Debtor.

Cash account → Creditor.

See the difference? There is no vendor name. In such cases, use the Journal
Entry option to key the transaction into the system.

In this section, you will learn all the nitty-gritty of expenses referring to a vendor
name. Here are the things that you are going to learn:

 How to use Vendor Credit form to purchase on credit from a vendor.

 How to use Payment Voucher to pay or purchase in cash from a vendor.

 How to reverse or neutralize a credited vendor.

 How to approve or void a vendor expense.

 How to make payments in installments to a certain vendor.

Go to WP Admin Dashboard → WP ERP → Accounting → Chart of Accounts. After

that, you will be able to see the following chart of accounts of the Accounting module.
Functionality

Chart of accounts are the best way to manage your income and expenses in every different
sector. From this page, you will be able to see all the accounts on your financing system. You
can create new profiles for the different accounting sides of your company or you can also
create or disable several existing ones.

Click on an account to view the entries inside it. For example, we are going to check
the Office Equipment account.
You can generate printable invoices based on single entries. Click on an entry to see
it.

You can also create vouchers directly into the account by clicking on New
Voucher button.
Bank Accounts
Bank Account is the bare minimum when it comes to the fundamental features of an
ERP system. Luckily, if you are using WP ERP's accounting module, you will be
armed with this option. With this option, you will be able to:

1. Receive Money from customers

2. Spend Money on vendors.

3. Transfer Money between Petty Cash and Savings Account.

Creating Bank Accounts

The functionality of Bank Accounts

Create and manage several bank accounts together. You can add more accounts to
your bank accounts page other than petty cash and savings.
Creating a new Bank Account

Go to WP Admin Dashboard → WP ERP → Accounting → Chart of

accounts and click on Add New.

From the form select Assets Bank & Cash. When you select this, automatically a
field for account number and name of the bank will be created. Fill these fields with
necessary information.

Hit Add Account when done.

Now go to WP Admin Dashboard → WP ERP → Accounting → Bank

Accounts and scroll down to see that the account has been displayed.
Income – Expense Statements
Generates a report of your current income and expense status of the running financial
year.

Accounting Reports: Income Statement

To access this report go to WP Dashboard → WP ERP → Accounting → Reports

→ Income statements

You will see the report showing net income till the present date. It contains the
following information-

 Revenue

 Cost of goods sold

 Gross income

 Overhead (SG&A)
 Operating income

 Tax

 Net income
Journal Entry
As per the widely recognized double-entry bookkeeping system, analyzing every
transaction and recording them according to their distinctive types is the first needed
thing in accounting cycle which is known as ‘Journal'.

Simply, Journal is an analysis of the transactions based on the debtor-creditor

characteristics which determine whether a particular business event has an economic
effect on the assets, liabilities or equity of your business.

In WP ERP's Accounting module, the debtor or creditor entries are recorded on

currency values and the currency values of both debtor and creditors will, most if not
all cases, be same or otherwise it will be an error.

In this section, you will learn:

Reports
Creating reports from ledger books and vouchers are quite time-consuming and
exhaustive process. You can generate accounting reports with just a click of our
mouse or track-pad!
Our accounting system offers 4 types of reports as you can see in the screenshot
above.

Trial Balance

It is the bookkeeping or accounting report that lists the balances in each of general
ledger accounts.

Income Statement

A summary of a management's performance as reflects the profitability of an

organization during the time interval.

Sales Tax

It generates a report based on the sales tax charged or paid for the current financial
year.
Balance Sheet

This report gives you an immediate status of your accounts at a specified date.
You can call it a ‘Snapshot' view of the current position (day) of the financial
year. Sales Tax
Generates the report based on the sales tax charged or paid for the current financial
year.

Accounting Reports: Sales Tax

To view your sales tax report navigate to WP Admin Dashboard → WP ERP →

Accounting → Reports → Sales Tax.

The report will show the total tax summary till date with the following details-

 Tax Payable

 Tax Receivable

 Net Tax

 Balance

You can filter using any date and view sales tax summary till that specific date.
PDF Invoice Extension
New Changes

Starting with WP ERP v1.3.6 PDF Invoice will now a separate extension (free) for
WP ERP users. Previously, it was integrated into WP ERP's core.

You will need this extension if you are using the Accounting module of WP ERP.

Using PDF Invoice for WP ERP you will be able to download your Sales Invoice
and Payment Receipts in PDF format.

Configuration

To download the extension, simply navigate to WordPress Admin

dashboard→Plugins→Add New.

Click on the search filter and type PDF Invoice for WP ERP.

You will see the extension in your search results.