Ladies, remember last tax season? Were you prepared or did you wait last minute and totally stress out with piles of receipts and tons of inventory to go through? That’s a formula for sleepless nights and chaos!
We want to make sure you’re prepared for this upcoming tax season, so you can quickly file all of your forms with ease. Plus, you can use UnitWise to easily keep up with all of your records.
Please Note: UnitWise is not intended to give or serve as tax advice. Please contact a tax professional for tax advice.
UnitWiseUnitWise is your total business management solution that’s specifically designed for NSDs, directors, and independent beauty consultants to help them save time while effectively managing every aspect of their business. There are innovative features for creating invoices, tracking sales, managing your inventory, tracking expenses, and more.
Keeping Records With UnitWise
Updating Accounts, Expenses, and Other Income
Once you create an account with UnitWise you’ll have access to tons of accounts to keep up with your expenses. There are premade accounts that say commissions or savings but you can create as many accounts as you need or edit the ones that are already there to fit your needs.
For example, you can make accounts for your personal checking account, credit account, or for monthly bills, like the electric bill for your office. Simply ‘Accounts' then click edit in the action tab to enter in new expenses or change the balance of each account to keep up with your income, bills, and expenses.
You can keep a detailed list of all of your finances and even list your payers and payees to be able to quickly view who you need to pay, and who needs to pay you. Plus, when entering a payment you can split it up between multiple accounts. This comes in handy when paying multiple unit members their commissions.
The accounts feature even lets you keep up with your trip logs to make it easier to keep up with for your taxes. You can enter in every detail about your trip as far as where the trip was to, the date of the trip, the vehicle used, how many miles the trip was, mileage type, and trip reason. Simply click Accounts then Trip Logs to add a trip, edit a trip, or view all the business trips you took for the current tax season.
Keeping Up With Parties and MeetingsTo keep up with all of your business activities for this tax season click the Activities tab. You can then enter appointments, meetings, calls, parties, and more for your calendar. By clicking on appointment or party you can enter in details such as what the activity or party was for, when it occurred, where it was, who attended, and more to keep up with every detail about it.
Creating Sales and InvoicesA sales receipt is created when a customer pays in full when an order is placed and an invoice is created when the customer does not pay in full when an order is placed.
InvoicesTo create an invoice click on invoices from the shortcut menu, or you can select the customer from the customer center and select the I icon. Then the customer’s information will already be entered and you can enter the sales type for a Re-Order, Seasonal product, and more.
You can also enter the product name, quantity, quantity on hand discount and sales total. Then your inventory will automatically be updated.
The terms of the invoice as far as how much money is due and the due date can be totally customized based on the agreement you come to with your client.
To enter historic invoices for invoices from the past that won’t affect your current inventory or accounts click the ‘Historic’ checkbox.
Click save at the bottom once you’ve entered all of the information for it and it will be added to your records.
To create a sales receipt click on ‘Create Sales Receipt” from the shortcut menu or click the ‘Customers Tab’ then click ‘Sales Receipt’. Then as the same for invoices, enter in your customer's information, sales type, and as many products as they purchased along with any discounts offered. Once you click save at the bottom your records and inventory will be automatically updated.
Bad DebtsIf a Customer has a bad debt, or amount of money that has been unpaid go to the Customers tab, click Customer Center and find the customer. Then click sales and select write off and enter the amount of bad debt and click save. The amount of Bad Debts can be reviewed under Reports.
Inventory ManagementTo make sure your inventory numbers are correct UnitWise allows you to import your orders from Intouch. You can import orders up to 45 days after shipping. This upload will take place in the background of UnitWise so you can manage other aspects of your business as your inventory updates.
As an invoice or sale receipt is created the inventory levels will automatically update based off of the amount of products sold.
However, to edit your inventory to match your totals after doing a physical count click the Inventory tab then click bulk edit. Then a full list of your inventory will appear and you can double click the number under the Quantity on Hand tab to edit your inventory numbers.
Entering Personal Use or Demo ProductsTo keep track of inventory items under the Customer Center click add new, then select customer and give them a name like Personal Use, Demo Product, or Donation. Then create an invoice for that account name and add all of the products used. Then you can run reports on this account to see the item of items were used as demo items or were donated and the amount of money those items cost.
ReportsWith UnitWise you can instantly pull up a variety of reports by clicking the Home tab then clicking reports. The reports like Income and Expenses, Party Sales, Year-End Tax, and more can be broken down by month, year, or custom dates and will clearly list all of your expenses so you can see where you lost or made money. You can see where most of your money came in from and where you paid most of your bills out too.
Popular reports include Sales Breakdown, Snapshot of Quantity on Hand, Profit and Loss, Annual Summary of Expenses, and NonRecovered Sales Tax. However, there are many more reports that you can look at.
The UnitWise reports or so clearly detailed that you’ll always be able to stay on top of your finances and can go back and references any receipt, invoice, or quarter as needed.
UnitWise is Here To HelpWe want to make it easier when it comes to keeping up with your records for the upcoming tax season! If you have any questions about these features or how they work please don’t hesitate to contact our outstanding support team over the phone Monday - Friday 9 AM to PM EST at 704.234.6006. We also offer 24/7 email support at firstname.lastname@example.org.
*Content found in the UnitWise blog is for informational purposes only. UnitWise is an independent business with no affiliation to Mary Kay®.