The Basic Accounting Option adds Accounts Payable,
General Ledger, and Check Reconciliation to your
CounterPoint system. Basic Accounting is designed to meet the entry-level
accounting requirements of a small business.
Basic Accounting is fully integrated with your existing CounterPoint
system to give you better control over your business:
Issue Accounts Payable checks to the same vendors you use for Inventory and Purchasing
Use the same accounts for General Ledger that you use for other CounterPoint functions
Produce financial statements in General Ledger from the distributions created by other CounterPoint functions
Define bank accounts to report information from Accounts Payable checks, bank deposits, and Check Reconciliation entries.
Basic Accounting does not require you to run any month-end or year-end
processes. You can optionally restrict transactions
that are outside of the current year.
Use Accounts Payable to record invoices (create new
payables) and track monies owed to your vendors. You
can subsequently process payments and issue computer-generated
checks to pay those invoices. You may also
record payments made using manually issued checks
and/or credit cards.
Payables may be entered manually (typically for non-inventory
expenses) or vouchered from received purchase orders (for inventory).
If you have periodic expenses such as monthly rent, you can easily
process your recurring payables on a regular basis.
Enter an invoice and issue a check in a single, simplified
transaction. You can even cut a check to a miscellaneous
vendor on-the-fly, without creating a new vendor.
A variety of views and reports are available to manage
your unpaid invoices, and to see detailed history of invoices,
payments, and discounts for both unpaid and
paid invoices. You can also view Monthly history for
purchases from and payments to your vendors. Reports include the
Vendors list, Open Items, Aging, Cash Requirements, Cash Planning,
Unvouchered Receivings, G/L Reconciliation, Vendor History, and 1099 reports.
Use General Ledger to define your chart of accounts
and categorize accounts for financial reporting purposes.
Distributions from CounterPoint functions are easily
interfaced to create journal entries. You may also manually enter
journal entries or import transactions from
an external file.
If you have periodic expenses such as monthly depreciation, you
can easily process your recurring journal entries on a regular
basis. You can view and report detailed General Ledger activity
for current and prior years, or view monthly summaries.
You can use the pre-defined financial statements for Balance Sheet
and Profit & Loss reporting to show the current month and
year-to-date information. You can also define your own statements
for current or prior years and compare the actual results to
budgets, variances, and percentages. Statements may be printed
or exported to a spreadsheet.
Other reports include the Trial Balance, Distribution, Budgets,
and Journal Entry History report. Users who require advanced
financial reporting can use the
SQL Connection Option
to extract financial information.
Check Reconciliation accepts and reports checkbook
activity from Accounts Payable and deposit detail from
CounterPoint's Payment History / Deposits History.
You can also use Check Reconciliation to manually
record deposits or other checking account activity,
such as withdrawals, service charges, interest, adjustments,
or transfers. Complete checkbook activity details can be
retained for multiple bank accounts.
Check Reconciliation provides the ability to group and
mark checks that have cleared the bank so that you can
reconcile your records to your bank statement.
Reports include the Checkbook History report which shows
detailed activity for each bank account and includes beginning
and ending balance, deposits, checks, service charges, etc,
and the Reconciliation report which presents cleared items,
outstanding items, beginning/ending balances, and discrepancies.
If you are moving to Basic Accounting from a third-party accounting package,
you can use CounterPoint's built-in utilities to convert General Ledger
activity detail, Accounts Payable unpaid invoices, and Accounts Payable
paid invoice history. Data can be upgraded from a properly-formatted
comma-delimited file (which can be created using Excel or other tools).
Data can be upgraded directly from Microsoft / Great Plains (RealWorld)
Classic V8/V9 and the RW2000 series, without using a comma-delimited file.
CounterPoint integrates with a number of excellent, third-party accounting products and Radiant is committed to continuing support and compatibility for the most popular third-party products. Basic Accounting offers you another choice--allowing you to choose a fully integrated, single-source solution for your accounting needs. You can even choose to use Basic Accounting Accounts Payable and a third-party General Ledger.
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