If you ask any owner of a small business what takes up most of their spare time, chances are they will reply “writing up my Cashbook, doing GST Returns, and Reconciling the Bank Account.”
Define your own financial year start and end dates and then post transactions into the relevant month and year. Transactions can be posted into any financial year thus allowing you to continue with your work and keep the Cash Book right up to date while still allowing you to make corrections for prior months and years. Once a financial year is completed simply define the “Retained Earnings Account” and close the year. You may set a “closed to” date to prevent further posting transactions before this date.
emPOWER Cashbook is a dream when analysing GST. Input and Output GST totals for Payments, Invoice and Hybrid basis are catered for. In New Zealand the GST 101 Return Report has the look and feel of the real GST 101 Report. In Australian the BAS return is fully formatted to clearly present all the relevant information with full audit trails. Full GST audit trail reports are also available.
You may add Accounts as required. Tell the system whether the Account attracts GST, or is a “Zero-rated or Exempt” account, and the correct GST will be defaulted as you enter your transactions.
emPOWER Cashbook utilises the powerful Chart of Accounts Explorer. The familiar styled explorer graphically presents the structure of your chart of accounts and shows groupings, totals and accounts.
The one Account screen has all relevant details for the Account for easy and quick reference. It details the structure and default GST information, monthly totals for all history, transaction details and budget information.
Where appropriate drill downs are provided to take you quickly to source data. Just double click on a figure to drill down.
If you operate more than one Bank Account for your business, the emPOWER Cashbook enables you to track and reconcile each bank account.
Transferring money between two bank accounts is very easy, and is accomplished on a single screen.
Most businesses pay their Rent or Mortgage monthly by Automatic Payment from their Bank Account. These recurring transactions may be entered once, and reused each week, fortnight or month without the need to re-enter them into your system.
The Bank Reconciliation facility allows you to quickly reconcile your transactions to a Bank Statement. Alternatively Bank Statement information may be imported from Banking Software.
A list of your creditors and customers may be retained so that when creating transactions (eg. writing a cheque), details of the “Other Party” are held for your information. Sources allow you to track the source of each transaction. Lists of transactions by Source are available, invaluable in finding source documents.
Transactions are quickly entered and a large number of defaults can be set up to further reduce keying time. Batches of transactions can be entered and saved for later editing. Each transaction may be analysed to multiple accounts.
Budgets are essential for tracking your progress against predetermined goals. emPOWER Cashbook allows you to have up to three different budgets to measure your performance, which are easily edited and reported on.
You may enter pre-written cheques into the Cash Book system, but you can also print cheques directly through the system. Cheques can be voided and re-printed at any time until presented. The layout of the cheques is User definable.
Transactions may be exported in a variety of formats. This enables you to pass on your fully analysed receipt and payment details to your own Accountant, saving them time and you money.