Wise Accounts features

Accounting anywhere...

In a world plagued by hard disk failures, computer viruses, laptop theft the last thing you need is to loose track of your accounting data.

Accounting tends to be more complicated than it needs to be. Wise Accounts does not place restrictions on the time span of your ledger. You can chop it to fit the financial year if and when it suits you.

A great way to be productive quickly is to enter your Trial Balance with a batch of single entry transactions for each account opening balance.

What about privacy? Wise Accounts only knows you by the one email address you provided. Apart from that point of contact we have no idea who you are – neither do we want to know.

The two banes of accounting are bank reconciliation and a ledger out of balance.

Wise Accounts comes to the rescue by keeping a running balance of those transactions you have ticked as being present both on your own accounts and the bank’s statement. Then you can search for any transaction with that one mismatch amount to spot the discrepancy.

The discipline of a double entry system can also cause you grief when things have been posted in the wrong places or when you need to reshape your balance sheet. The maintenance menu gives you full control to edit each transaction or delete individual transactions.

A batch of single entries is a great way to enter an EFTPOS transaction with a cash out amount. You really have 3 transactions: a purchase at the store, a cash amount and one bank withdrawal to balance them both.

The source and application of funds report is a good tool to pinpoint what has happened from last year’s figures and the current balances. It sheds some light on who is paying for what.

These days you may not get a paper bank statement in the mail. Toggling between your online banking window and the Wise Accounts website may cause you grief especially when the banking site times out after some inactivity. The solution is to save your recent bank or credit card transactions into a CSV (comma separated values) file onto your hard disk. Then upload it to Wise Accounts and it will be merged with the existing transactions you already have in your ledger. Those duplicate entries can be easily deleted and you save yourself some data entry by just posting the entries only the bank knew about. Smart isn’t it?