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Accounting Training for Agencies

Attendees: Core Workamajig Implementation Team, Accounting Team, AP Team, AR Team

In the last session, you set up your clients and projects to fit your billing workflow and began creating your first client invoices.

In this session, you will learn about the Accounting side of your agency's project management. You now have Vouchers and Client Invoices that have been created in Workamajig. You will learn to pay the vouchers and accept client receipts, reconcile your bank accounts, and look at your basic accounting reports. We will also review your Go-Live process for accounting.

Why is this important? A single system with accounting built right in provides accurate visibility of financial reporting across all areas of the agency without re-entering of data or loss of data due to mapping to external systems.

By funneling data from opportunities to projects into the accounting module, this allows quick and accurate reporting to include reports like revenue forecasting and financial statements. Features like deferred revenue and work in progress tracking enables agencies to normalize their financials to reflect deliverables for revenue recognition.

Further, the inclusion of overhead transactions enables more accurate net profit calculations across clients and projects.

Training Points

Accounting Review Setup

  • Confirm GL Accounts and GL Tracking Options.
  • Check Formats.
  • Employee Record: Hourly Cost.

Main Accounting Screens

  • Payment Entry
  • Receipt Entry
  • Posting Transactions to the General Ledger
  • Journal Entry
  • Bank Account Reconciliation

Reports

  • Corporate Profit and Loss
  • Balance Sheet
  • AP Aging
  • AP Aging

Go-Live Process

  • Go Live Accounting Procedures

Homework

  • Solidify payment and receipt processing workflow.
  • Confirm Posting to GL practices.
  • Solidify Month End Procedures.
  • Review Standard Reports.
  • GL Accounts, GL Tracking Options.
  • Employee Hourly Cost.
  • Check Formats.

Resources

Video

Guides

Remember, as your training and support team, we are here to help. If you have difficulty with your homework please email support@workamajig.com. Your Account Manager or other Support Team member will assist you.

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