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May 10, 2013

Managing Your UnitWise Accounts


Managing your finances for your business can be tricky.  that's why we have made it easy to track your Income, Expenses, Banking, Mileage, & More with UnitWise.  

After selecting the Accounts button at the top of the page, you will be brought to the Chart of Accounts.  This gives you an overview of all your UnitWise accounting information.  The financial data tracked in UnitWise is meant to be a reflection of your actual banking information.  Although UnitWise is not actually connected to your bank accounts, UnitWise automatically tracks the income & expenses generated within the program based on Invoices, Sales Receipts, & Product Orders.

For each line item in the Chart of Accounts, you can view a detailed report of all your transactions for the year.  On the right side of the Chart of Accounts page you can see a list of helpful options including Create Account, Transfer Funds, Make Deposits & More.

The Other Income tab is where you can enter any additional income you receive other than sale of goods.  This may include Commission, Interest, or other business income.  

To record your Expenses, you may enter them one at a time or use the Bulk Add Expenses option to enter several expense items at once.  

Under Banking, you can view and edit your bank account information including Checking, Saving, & your ProPay account.  Transactions can be viewed for each of these & new accounts can be created.

The Payee List is a list of people that receive money from you & are recorded as part of your Expenses.  

UnitWise Trip Logs is a very handy tool that allows you to track your mileage for all of your business-related trips.  Since all of the miles that you drive for business purposes are tax deductible, you can record every business-related trip in UnitWise & get a report for the end of the year.  

Under Payers, you can see a list of people who pay you money as it relates to Other Income.  this does not include your customers.  This is only referring to the Payers responsible for your Other Income.

If you have more questions about using the UnitWise Accounting section, you can contact us anytime.  We would love to hear from you!

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