Chart of accounts
The chart of accounts available in Wiise are localised for the industry your company operates within. It shows all the accounts in your company's database. Indents and fonts styles are used for ease of reading and organisation. At a glance you can see what will be translated to your balance sheet and income statements. You can also drill down to net changes and balance figures that make up the chart of accounts.
Sales and receivables
Manage all your selling activities including quotes, orders, invoices and even sales credit memos in the one system . You can create clever automatic discount term rules for any invoice such as minimum amount, percentage and/or service charge. Plus you have the flexibility for sales line discounts and special agreed upon pricing for individual customers or customer groups. With selling, also come returns. So Wiise provides sales return orders that account for wrong or damaged items.
Purchase and payables
You can manage all your buying activities such as quotes, orders and invoices in the one system. By creating purchase invoices based on certain criteria like minimum quantity, time period, item variant and more, Wiise automatically calculates the correct purchase price, helping ensure that you're not being overcharged. Plus, Wiise lets you see that the individual supplier you're purchasing from is the one you negotiated the best price with first. In the case that something is damaged or not right, Wiise lets you account for any returns that you need to make, including partial return of shipments made to you.
Not all transactions can be recorded in documents like invoices, so Wiise allows you to create general journals to post financial data directly into the G/L. Wiise provides several general journal types to streamline how you post these transactions including standard, reversing, income and expenses, cash receipts and recurring journals. With journals, you can ensure you account for everything that your business does.
Budgeting can be done throughout Wiise several modules to improve your business ability to plan for the near future. You can create budgets for G/L accounts, projects, fixed assets and more. These can be templated to be made available for others to use. Budgets can show variances by percentage and you can work with multiple budgets at the same time. Wiise budgeting flexes to fit your business complexity.
Account for all the businesses that you own within the one solution instead of paying for multiple databases. With Wiise, you can create new companies with our create company feature. You can also have a company template that you use for more than one company. All you need to do is simply copy and rename the cloned templated. All the settings and chart of accounts will carry over for you to use.
Track your fixed assets including buildings, machinery, vehicles, equipment and more. You'll be able to account for new fixed assets as well as appreciation, depreciation, write-downs and ultimately, disposal. Plus, you're also able to reclassify your fixed assets and keep track of insurance and maintenance. Wiise also provides granular ability in fixed assets to allow for unlimited number of depreciation books, just in case you need it for legal requirements both in Australia and overseas, tax purposes or internal accounting reasons.
Today, many businesses are transacting in more than one currency. Wiise allows you to store transactions on receivables, payables, general ledger, inventory and resource items in different currencies. You can also have bank accounts in local AUD and foreign currencies. Exchange rates can be dynamically integrated to ensure that you account for fluctuations between Australian and overseas rates. At payment any gains/losses realised by your business will be automatically accounted for in the G/L.