New Accounting Module - Features Include:
We are very excited to release our Accounting platform! This is a significant improvement to SQUAVA and will further improve the workflow, simplicity, and intelligence that SQUAVA provides your professional service firm. The main features released with SQUAVA's accounting platform include:
- Chart of Accounts
- Accounts Receivable
- Accounts Payable
- Bank Register
- Journal Entry
Summaries & Help Articles:
1 - Chart of Accounts
The Chart of Accounts is your financial backbone, or ledger, used for tracking every account in your business. This ledger organizes your business financial accounts which are important to manage your business finances and easily track income, expenses, assets, and liabilities.
- To learn more about SQUAVA’s Chart of Accounts, review our help article here - SQUAVA’s Chart of Accounts
2 - Accounts Receivable
Your Accounts Receivable is the money owed to your business, typically from invoices you have sent to customers or clients. The Accounts Receivable is important to monitor to assure invoices are going out and getting paid in a timely fashion. Your Accounts Receivable Aging is a report that categorizes the length of time invoices have been outstanding into periods to help monitor potential cash flows.
- To learn more about SQUAVA’s Chart of Accounts, review our help article here - SQUAVA’s Accounts Receivable
3 - Accounts Payable
Your Accounts Payable is a record of the money you owe to others (money leaving your business), typically the bills you receive or the companies you pay. The Accounts Payable is important to manage to assure you are paying bills in appropriate timeframes to both satisfy your payment obligations and maintain a healthy cash balance. SQUAVA’s Accounts Payable management interface is amazing. You’ll love it!
- To learn more about SQUAVA’s Chart of Accounts, review our help article here - SQUAVA’s Accounts Payable
4 - Bank Register
Your Bank Register manages all your bank accounts associated with your business. The Bank Register helps you reconcile the balance in the bank with the balance in your financial system. It’s easy to lose sight of the balance with incoming revenue and outgoing expenses. Knowing how much money you have in the bank, at any given moment, is an essential component of your business. The Bank Register is an easy way to monitor multiple bank accounts, in real-time, and stay on top of your Cash Flow.
- To learn more about SQUAVA’s Chart of Accounts, review our help article here - SQUAVA’s Bank Register
5 - Journal Entry
Journal Entries are records entered into your financial ledger and associated to specific accounts. These entries are kept in chronological order. The Journal Entry interface is typically used to make adjustments to records in your accounts and is usually entered or directed by your accountant. When adding a Journal Entry, you will always enter a debit and a credit with each associated account (Double-Entry Accounting).
- To learn more about SQUAVA’s Chart of Accounts, review our help article here - SQUAVA’s Journal Entries