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Qwan Accounting Documentation

website·Indexed 30 days ago

https://docs.qwan-accounting.com

Comprehensive guides for managing financial operations, including Accounts Payable, Accounts Receivable, General Ledger, and Banking. Features documentation on recording invoices, payments, and cash expenses, managing inventory and bank accounts, generating financial reports, and configuring eTIMS integration for tax compliance.

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What's inside Qwan Accounting

  1. Overview of the Accounts Receivable module

    The Accounts Receivable module in Qwan Accounting is used to track money owed to a business. It provides functionality to maintain a customer database (including contact and tax details), issue invoices for goods (Items) or services (Accounts), and track payments and outstanding balances.

  2. Overview of the Banking module

    The Banking module is used to track all business bank accounts, credit cards, and cash accounts. It allows users to set up multiple bank accounts and view transaction history. Transaction reconciliation is planned as a future feature.

  3. Overview of the Accounts Payable module

    The Accounts Payable module is used to manage supplier relationships, track bills, and handle payments. Key capabilities include maintaining a database of suppliers and vendors, recording supplier invoices (bills) and linking them to Purchase Orders, and recording payments made to suppliers with allocation to specific invoices.

  4. Overview of Qwan functional modules

    Qwan is organized into several core functional modules that handle different aspects of accounting and business management:

    • Accounts Payable: Used to manage suppliers, bills, payments, purchase orders, returns, and cash expenses.
    • Accounts Receivable: Used to manage customers, invoices, receipts, credit notes, and cash sales.
    • Administration: Used to configure company settings, users, analysis codes, integrations, and file storage.
    • Banking: Used to manage bank accounts and transactions.
    • Financial Reports: Provides access to and viewing of financial reports.
    • General Ledger: Used to manage the chart of accounts and ledger entries.
    • Items & Inventory: Used to manage items and view inventory statements.

  5. Understand General Ledger (GL) core features

    The General Ledger (GL) serves as the central repository for all financial transactions within the system. Its primary components include:

    • Chart of Accounts: The comprehensive list of all accounts used in the system.
    • Journal Entries: The mechanism used to post manual adjustments to the ledger.

  7. Understand Item types in Qwan Accounting

    The Items module is used to define products and services bought and sold. There are two primary types of items:

    • Inventory Items: Physical goods where the system tracks quantities.
    • Service Items: Non-physical offerings (such as Consulting or Labor) where quantity tracking is not required.

  8. Access and use Standard Financial Reports in Qwan Accounting

    Qwan Accounting provides real-time financial reporting accessible via the Financial Reports menu. The available standard reports include:

    • Profit & Loss (Income Statement): Calculates revenue minus expenses over a specific period to determine profitability. Supports filtering by date range.
    • Balance Sheet: Displays the financial position at a specific point in time, broken down by Assets (Bank, Inventory, Debtors), Liabilities (Creditors, Loans), and Equity (net business value).
    • Trial Balance: Provides a list of closing balances for all accounts, primarily used for auditing and verifying that books are balanced.
    • AI Analyst: An intelligent assistant that interprets financial data to provide natural language insights (e.g., identifying percentage increases in revenue).

  10. Organize the Chart of Accounts using Reporting Groups

    Use Reporting Groups to structure your Chart of Accounts. This allows you to categorize accounts into logical groups such as Current Assets or Operating Expenses.

  11. Record a customer payment receipt

    To record money received from customers, navigate to Accounts Receivable > Transactions > Receipts > Create Receipt. Fill in the following receipt details:

    • Receipt Date: The date the funds were received.
    • Customer: The customer making the payment.
    • Bank Account: The account where the funds were deposited.
    • Amount: The total sum received.
    • Description: A payment reference, such as a check number or transfer reference.