Features
Accounting

Accounting System

The Qvian Suite Accounting system provides comprehensive financial management with automated workflows and detailed reporting capabilities.

Overview

The accounting system includes:

  • Chart of Accounts management and organization
  • Automated journal entries from business transactions
  • Financial reporting and statement generation
  • Tax management and compliance tools
  • Budget planning and variance analysis

Chart of Accounts

Account Management

Setting Up Your Chart of Accounts

  1. Go to Accounting > Chart of Accounts
  2. Create main categories (Assets, Liabilities, Equity, Revenue, Expenses)
  3. Add sub-accounts for detailed tracking
  4. Set up numbering system for easy organization
  5. Configure account types and classifications

Account Types

  • Assets: Cash, inventory, equipment, accounts receivable
  • Liabilities: Accounts payable, loans, accrued expenses
  • Equity: Owner's equity, retained earnings, capital
  • Revenue: Sales revenue, service income, other income
  • Expenses: Cost of goods sold, operating expenses, overhead

Account Organization

Best Practices

  • Use consistent numbering (1000s for assets, 2000s for liabilities, etc.)
  • Group related accounts under parent categories
  • Maintain clear descriptions for each account
  • Archive unused accounts instead of deleting
  • Regular review and cleanup of accounts

Journal Entries

Automated Entries

Transaction-Based Entries

  • Sales transactions automatically create revenue and cash entries
  • Purchase orders generate payable and inventory entries
  • Inventory adjustments update asset and expense accounts
  • Payroll processing creates salary and tax entries
  • Customer payments update receivable and cash accounts

AI-Powered Categorization

  • Automatic classification of transactions by type
  • Smart categorization based on vendor and description
  • Learning system that improves over time
  • Manual override capabilities when needed

Manual Journal Entries

Creating Manual Entries

  1. Navigate to Accounting > Journal Entries
  2. Click "Create New Entry"
  3. Enter transaction details:
    • Date and reference number
    • Description of the transaction
    • Debit and credit accounts
    • Amounts and totals
  4. Review and post the entry

Entry Types

  • Adjusting entries for accruals and deferrals
  • Correction entries for errors and adjustments
  • Closing entries for period-end procedures
  • Transfer entries between accounts

Financial Reporting

Standard Reports

Balance Sheet

  • Assets, liabilities, and equity at specific date
  • Current vs. non-current classifications
  • Comparative periods for trend analysis
  • Custom date ranges and filters

Income Statement (P&L)

  • Revenue and expenses for specified period
  • Gross profit and operating margins
  • Category breakdowns by account type
  • Year-over-year comparisons

Cash Flow Statement

  • Operating, investing, and financing activities
  • Beginning and ending cash balances
  • Non-cash transactions and adjustments
  • Cash flow trends and projections

Custom Reports

Report Builder

  1. Select report type and template
  2. Choose date ranges and comparison periods
  3. Add filters and groupings
  4. Include/exclude accounts as needed
  5. Format and export to PDF or Excel

Scheduled Reports

  • Automated generation on set schedules
  • Email delivery to stakeholders
  • Multiple formats (PDF, Excel, CSV)
  • Custom recipient lists and permissions

Month-End Closing

Closing Process

Pre-Closing Checklist

  1. Complete all transactions for the month
  2. Reconcile bank accounts
  3. Review and adjust inventory valuations
  4. Accrue expenses and revenues
  5. Verify all entries are posted correctly

Closing Steps

  1. Generate trial balance and review for errors
  2. Make adjusting entries as needed
  3. Prepare financial statements
  4. Review variances from budget
  5. Lock the period to prevent changes

Post-Closing Tasks

  • Archive monthly data
  • Prepare management reports
  • Update budgets and forecasts
  • Communicate results to stakeholders

Tax Management

Sales Tax

Automatic Tax Calculation

  • Location-based tax rates
  • Product-specific tax settings
  • Exemption handling for tax-free sales
  • Multi-jurisdiction support

Tax Reporting

  • Period-based tax reports
  • Jurisdiction breakdowns
  • Filing preparation tools
  • Payment tracking and history

Income Tax

Tax Preparation Tools

  • P&L statements by tax period
  • Depreciation schedules for assets
  • Expense categorization for deductions
  • Supporting documentation compilation

Compliance Features

  • Audit trail maintenance
  • Document retention policies
  • Regulatory reporting capabilities
  • Tax calendar and reminders

Budget Management

Budget Creation

Setting Up Budgets

  1. Define budget period (monthly, quarterly, annual)
  2. Create budget categories aligned with chart of accounts
  3. Input budget amounts based on historical data and plans
  4. Include assumptions and notes
  5. Review and approve budgets

Budget Types

  • Operating budget for day-to-day operations
  • Capital budget for major investments
  • Cash flow budget for liquidity planning
  • Master budget consolidating all components

Variance Analysis

Performance Monitoring

  • Actual vs. budget comparisons
  • Variance calculations and percentages
  • Trend analysis and forecasting
  • Exception reporting for significant variances

Analysis Tools

  • Flexible reporting by period and category
  • Drill-down capabilities for detailed analysis
  • Graphical presentations and charts
  • Export options for further analysis

Reconciliation

Bank Reconciliation

Reconciliation Process

  1. Import bank statements or enter manually
  2. Match transactions with system records
  3. Identify discrepancies and investigate
  4. Make adjustments for timing differences
  5. Document reconciliation results

Automation Features

  • Automatic matching of common transactions
  • Exception reporting for unmatched items
  • Reconciliation templates for efficiency
  • Audit trail maintenance

Account Reconciliation

Regular Reconciliation

  • Accounts receivable aging and collections
  • Inventory counts and valuation adjustments
  • Fixed asset depreciation and disposals
  • Accrued expenses and payables verification

Best Practices

Daily Operations

  • Review transactions daily for accuracy
  • Monitor cash flow and account balances
  • Check for errors and unusual activity
  • Update records promptly and completely

Monthly Tasks

  • Complete reconciliations on schedule
  • Generate reports for management review
  • Analyze variances and trends
  • Plan for month-end closing activities

Year-End Preparation

  • Complete year-end adjustments and closing
  • Prepare tax documents and filings
  • Archive old data and clean up files
  • Plan for next year budgets and goals

Integration Features

POS Integration

Automatic Sales Recording

  • Real-time revenue recognition
  • Cost of goods sold calculation
  • Cash and receivable updates
  • Tax collection and recording

Inventory Integration

Cost Tracking

  • Inventory valuation methods (FIFO, LIFO, Average)
  • Cost of goods sold calculations
  • Inventory adjustments and write-offs
  • Carrying cost analysis

Payroll Integration

Employee Cost Allocation

  • Salary and wage expense recording
  • Tax withholding and remittance
  • Benefits and deductions tracking
  • Department cost allocation

Getting Help

Resources

  • Accounting help documentation and guides
  • Video tutorials for complex procedures
  • Webinars and training sessions
  • Best practices guides and templates

Support Contacts

  • Technical issues: Qvian support team
  • Accounting questions: Accounting specialists
  • Training needs: Learning and development
  • Compliance questions: Regulatory experts

Next Steps: Learn about Inventory Cost Tracking for detailed inventory accounting, or check out Financial Reporting for advanced reporting capabilities.

Inventory ManagementPurchase Orders