SportsStorePOS will allow you to copy recurring entries into future months so that you don't have to post the same entry over and over each month, or possibly forget to post an entry. You can post forward into any month in the year and even post into next year.
This can be used for insurance for example. Let's say you pay $1,200 for insurance for the year in July. Is this really a July expense for $1,200 or are you in fact spending $100 per month and just happened to pay the bill in July?
From an accounting point of view, it's best to expense a little of this each month so that you can accurately gauge how much it costs to run your business monthly. To do this, you would post the $1,200 to prepaid expenses as an asset (something you own that is of value to the company) and then remove $100 from prepaid expenses, and post to insurance expense each month. In Windward, you can create the entry for one month and then copy it to the other 11 months, saving you time and effort.
Check Writing
Normally, you will enter your bills and checks into the accounts payable system, but for one-off checks for a vendor, you will never deal with again, that is too much work. SportsStorePOS will allow you to create and print checks directly from the journal entry in a simple one-step method. Windward can print to any kind of check, so you don't need to purchase new ones. Just use the form designer to set it up.
The income and expense report, also known as the profit and loss statement, will detail the amount of income and expense for each ledger number, both for the current month and a year-to-date total. Using the Windward ledger report writer, you can build your own reports to compare this year to last, and the year previous and other reports important for your business.
Balance Sheet
The balance sheet report will show you your assets, liabilities and owner equity. This is the bottom line that your accountant and banker look for to analyze the health of your company. By viewing this, you can see the dollars in your bank, accounts receivable and inventory on hand, among other details.
