Posts Tagged ‘Accounting’

The cornerstone of any business is the accounting department. Keeping tabs on revenues and expenses is not only important to you, but it is also important to those who collect taxes from you.

In P1Wired Photography Studio Management, the Accounting feature gives you the opportunity to set up your bank account information and payee information. It comes with a Chart of Accounts with predefined Expense/Income Accounts. You can modify this list or just add your own. The Chart of Accounts will allow you to track all your financial accounts and then turn around and produce reports.

It also allows you to record your Deposits, just as you would when you go to balance your checkbook.

In Setup and under Accounting, click on the Chart of Accounts to get a full preview of the accounts available to you in P1Wired.

The Checkbook is just like your personal checkbook or Quicken. You can enter all you checks and deposits for any Bank Account you have setup for your business. When entering a check, all you add is the Date, Chart of Accounts for the bill or invoice. If it is your lab invoice, you would select Lab Expense. Go ahead and enter the invoice number and the amount and the invoice is added to your Checkbook.

Deposits are even simpler in P1Wired. When you enter a payment for an invoice, P1Wired takes care of the accounting. In the Checkbook, when you select “add” deposit, all of your payments will be displayed for you. You can then enter the deposit date and note the payments that are included in the bank deposit and save. The deposit is entered into your Checkbook — no need to enter any customer payment amounts because they are already there.

For a selected period, the Checkbook window will now display your beginning balance, any checks or deposits and the bank account ending balance. There is no double entry needed and reports are at your fingertips — Checkbook, Account Transaction Detail and P/L Statement.

When you setup your studio in P1Wired, you can create Categories and Subcategories to classify your orders. This setup will assist you with monitoring your sales data.

P1Wired Accounting is Cash Based accounting which means that every time you enter a customer payment for an order, P1Wired will record the sales income, tax and proceeds to be deposited into a bank account.

We set up P1Wired Accounting to be simple and easy to use while providing you the strong financial foundation to better manage your business. So with a little work upfront, P1Wired does the rest. At the end of the day it is important to know where your studio stands and P1Wired will provide you the tool to develop a P/L statement.