How-to Tuesday: Create and Manage Bank Accounts with UnitWise
There are a lot of moving parts associated with running your own Mary Kay business. Outside of recruiting new customers and team members, managing your business's finances is the most stressful part of any operation.
Although there is no one size fits all solution to easing this stress, UnitWise can help with great accounting features! April marks National Financial Literacy Month, so what better time but now to discuss your UnitWise Chart of Accounts! Join us for the first segment of our UnitWise Piggy Bank Series where we discuss managing and creating bank accounts within your UnitWise account!
Manage your UnitWise Bank Accounts
Your UnitWise bank accounts can be found under the “Chart of Accounts” in the “Accounts” tab. Here, you can review, manage, edit, and delete entries from your Bank Accounts, Income Accounts, and Expense Accounts.
To help you save time, your UnitWise account will contain some commonly used bank accounts, including “My Checking,” “My Saving,” “Propay Account,” and “Petty Cash.” All pre-loaded bank accounts cannot be deleted from your UnitWise account.
From this page, you can conveniently view transactions from each account, edit accounts, and delete accounts using the quick actions to the right of each account.
Create New Bank Account
To add a new bank account, click “Add New Account” in the upper-right hand corner of the Chart of Accounts dashboard. There are additional quick links in the sidebar on the right side of the screen that will allow you to create a new bank account.
Select “Bank Accounts,” then click “Next.”
When creating a bank account, you will need to include the Bank Account Name, Bank Account Type, and Balance. Click “Save” to add the new account to your list of bank accounts in your Chart of Accounts.
View detailed information regarding your UnitWise Bank Accounts, under “Banking” in the “Accounts” tab. Here, you can view the balance date, balance amount, and account type.
From this page, you can also view transactions, view the account, edit, add, or delete an account. All of this information can be exported as an excel sheet or a PDF and can be printed.
A list of all of your UnitWise bank account transactions can be found under the “Chart of Accounts” tab in “Accounts.”
Click “Transaction List,” located on the right sidebar of your screen.
Here, view a list of all of your transactions from any account, including expenses, income, credit card, and cash. This list provides you with information regarding the date of transaction, account name, type of transaction, and the remaining balance in the account.
A purchase order is a document sent from a buyer to a seller. The document becomes a legally binding contract once it is accepted by the seller. A purchase order will outline items purchased, quantity, and dollar amount.
Creating purchase orders in your account is a convenient way to track and control your inventory purchases. To create a purchase order head to your “Inventory” tab, click “Order from MK,” then click “Create Purchase Order.”
Before you save your purchase order, select how you would like to pay for the order. You have the option to split payment between three payment methods. When you select “Pay From,” UnitWise will provide a dropdown list with all of your UnitWise Bank Accounts and each accounts’ current balance.
Once a purchase order has been created and you confirm the order with InTouch, the total cost of the order, including shipping and handling, will be reflected within the chosen account and the transaction can be viewed from that Bank Account in “Bank Transactions.” This is just one way that UnitWise features interact with one another!
If you have spent some time exploring your Chart of Accounts, you may have noticed a button labeled “Reconciliation” in the upper right-hand corner. It is important for businesses and individuals to regularly reconcile their bank accounts to avoid fraud and overdraft.
Bank reconciliation is the process of comparing accounts to ensure there are no inconsistencies with your bookkeeping records.
The UnitWise “Reconciliation” page provides a dropdown list with all of your UnitWise Bank Accounts. Choose to include already reconciled transactions, then select the date range.
You will be asked to select a transaction from the selected date range:
Click “Finish” to reconcile the selected transaction(s). The transaction(s) will still be present within your account and can be viewed from the Bank Transaction List.
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