Accounting overview [in-depth guide]

Overview

The purpose of the Accounting user’s guide is to outline The Way (our suggested workflow) for utilizing the accounting module in Workamajig as well as to outline the basic requirements and guidelines to follow for setting up your accounting procedures.  

The topics covered within the six guides are:

1. Basic setup:  This will include everything necessary in the System setup menu for setting up the accounting module:  

   • Global options menu:  Setting up the security rights needed to access the accounting module and setting up your departments & offices if applicable.

   • GL settings menu:  Setting up GL companies if applicable, setting up your chart of accounts (GL accounts), GL tracking options – setting up how the system will track your financial transactions including setting your default GL accounts and WIP tracking (if applicable), recurring transactions, and check formats.  

2. Accounts receivable procedures:  How to enter client receipts and apply the funds to your client invoices, reports to run to help monitor your AR procedures such as your AR aging report and customizable listings.

3. Accounts payable procedures:  Paying your vendors, applying the payment to your vendor invoices, printing checks, and reports to help monitor your AP procedures such as the AP aging report and customizable listings.

4. Month-end procedures – 1:

   • Journal entries:  How to record journal entries and schedule recurring journal entries.

   • Posting:  Guidelines and best practices for how to post your transactions to the general ledger.

5. Month-end procedures – 2:  

   • Account reconciliation:  How to reconcile your accounts.

   • Go live:  The procedures to follow when first “going live” with accounting in Workamajig.

   • Month-end procedures:  Tying out your books for the end of the month.

   • Year-End procedures

   • Printing 1099 and 1096 forms

6. Work in progress (WIP):  How and when to post 'work in progress'.