This page includes some general information about the reports:
Account/Item Filtering: You can determine the Filtering of Account Cards (or Item Cards) to be included in the report using the following fields:
Key: The Account (Item) Key is the account (Item) Identifier code.
Sort: The Sort Code allows you to create groups in the Account Index. Each group is characterized by a specific Sort Code. For example: Sort Code 110 for customers chain stores, Sort Code 120 for private customers, and Sort Code 500 for income. The Sort Codes make issuing reports easier. The Trial Balance is sorted as follows: Account Cards are first sorted by Sort Codes, and within each Sort Code they are sorted by Account Keys. The subtotal is printed each time a digit is changed in the Sort Code. An appropriate Header can be defined for each Sort Code.
Filtering: The Filtering allows you to issue a report that includes various accounts that are not indexed consecutively. Each character may be either a letter or number. Each character may specify a particular characteristic of the Account. The filtering contains 5 characters. When entering a filtering in a particular account, all 5 characters must be entered. If the filtering includes less than 5 characters, insert the symbol ^ (shift + 6) instead of a whitespace character. For example: You may decide that the first character in the Filtering should indicate the customer’s occupation, where I stands for Industry, C stands for Commerce, etc., while the second character indicates the Country Region. If a particular customer is an industrialist located in Area 2, the filtering of this account is: I2^^^.
When issuing reports, accounts can be viewed using the following filterings:
I**** – All the Industrial customers.
*2*** – All customers in Region 2.
C3*** – All the Commercial customers from Area 3.
The general rule is: When issuing reports, accounts can be retrieved by masking – whenever a character should be ignored, it may be replaced it with an asterisk (*).
Print Cards at Zero Balance: Check this checkbox to show cards with zero balance and no transactions in the report.
Wrap Column Content Exceeding One Row: There are cases where the column width does not allow you to view all the data for a particular field in a single row. For example, if the width of the Account Name column is limited to 20 characters, while the name of a particular account is 30 characters long, then not all characters of the Account Name can be printed in one line. In these cases, WizCount allows printing to continue into second row in the same column, so that the Account Card is displayed in two or more rows (instead of just one row). To allow printing into another line, select Yes. To limit printing to one line while “cutting-off” some of the fields content that is too long, select No.
In some reports, amounts can be revaluated by any currency or index. If the Revaluation checkbox is checked, the revaluation method should be selected in the following fields.
Revaluate: If you choose Transactions, the software will revaluate each transaction and present a summary of all revaluations. If you choose Balances, the software will first calculate the balance of the Account Card in local curreency, then revaluate the resulting balance. The two methods may provide different results due to varying revaluation dates.
Amount to be revaluated: The Journal Entry includes two Amount Fields – Local currency amount and F.C. amount (as well as another field indicating the currency of the F.C. amount). The amount in the field selected in this section will be revaluated. Options in this field include: Amount, Amount in F.C. Conditional Revaluation – if the transaction includes a F.C. Amount, then the F.C. Amount will be revaluated, otherwise the Amount will be revaluated.
Include Rate Differentials Transactions: Rate Differentials Transactions are transactions that adjust the local currency balance to a foreign exchange balance. This section allows you to choose whether to include them in the revaluation.
Revaluation Currency: The resulting currency of the amount after revaluation. i.e. the currency presented in the revaluated report (or index).
Revaluation Date: As mentioned above, the Journal Entry includes 3 date fields. This section is used to select the date field that the software will use for revaluation. The software will read the exchange rate(s) on the date of the transaction, and perform the revaluation according to that rate.
When revaluating by Balances, in the Revaluation Date section, select the date for rate retrieval. As mentioned above, if this method is selected, the software first calculates the balance of each Account Card, and then revaluates the resulting balance. The revaluation will be performed according to the rates on the date selected in this section.
The report lists the Account Cards, with no monetary balances. In addition to the Account Key, this report also includes the Account Name, Sort Code, Balance Code, Main Account, Filtering and the VAT registration number is not displayed.
The report lists the Account Cards monetary balances in local currency.
Trial Balance vs. Transactions Balance: In the balance sheet, the balance is shown as a single amount (Debit or Credit). If you would like to issue a report that lists the total credit transactions and total debit transactions for each Account Card, issue a Transactions Balance report.
Include IFRS Transactions: IFRS are new International Financial Reporting Standards that require adding to the Loss and Profit Statement any profits or losses from revaluation of investment assets. For those companies where IFRS applies, WizCount includes provisions for books management the incorporates all types of transactions, including those required for IFRS, and, in addition, books management including only the “regular” transactions (excluding IFRS related transactions). IFRS transactions are recorded in a special batch, so you can issue reports that include this batch as well as reports that exclude it.
Including Year-End Transactions Until (date): This Filtering is only relevant if your transactions filtering is limited by dates, and only if you issue a Trial Balance that includes Income and Expenses Cards.
WizCount is a multiannual software. The new year’s transactions are added to the transactions of the previous years. Once the recording of the previous year’s data is completed, the Year-end Transactions program may be activated. This program closes the resultant cards (income and expenses) balances against a Surplus Card. Meaning, Profit or Loss is transferred into a Surplus card, and the Income and Expenses Cards are restarted from a zero balance. When issuing reports, you can determine how Year-End Transactions should be considered. For example: Income was closed for 2015, but you want to see the Loss and Profit Statement for that year. In this case, Year-end transactions should be ignored for the end of 2015 (if we these transactions are not ignored, the Income and Expense Card balances will be zero).
In the current section WizCount will display all the dates for which Year-End Transactions were recorded. In the example above, the selection should be Include Year-End Transactions until – 31.12.14
Sort Codes Summary: This section may be used to issue a report that does not include Card Balances, but rather only shows summaries by Sort Codes. To issue a “regular” Trial Balance including balances of all Account Cards (in the above Filtering), select No. To issue a report that only includes Sort Codes Balances, select Yes. See more information about the Sort Code field above.
Customer and Vendor List: If you select Yes, the report will include all the cards (According to the Filtering), including all customer and vendor cards. To issue a report of all the Cards, excluding customers and vendors, (income, expenses, creditors and debtors, etc.), select No. Customers and vendors will be featured in a single report record. The classification of cards to Customer Cards and Vendor Cards is determined in the Account Card Main Account field.
The Balance Sheet and Loss and Profit Report are presented in the standard accounting format. WizCount issues the report according to the data found in the Balance Code field on the Account Card.
Closing Inventory: This section is used to record the Closing Inventory value. Inventory records in WizCount are made as follows: When inventory-related documents (invoices, purchase invoices, manufacture reports, etc.) are issued, the software updates inventory transactions without updating the inventory value. An inventory value report can be issued at any time, calculating the inventory value for your selected date. An inventory value report is issued at the end of the year or quarter (or any other time), and Journal Entries are recorded accordingly (for the Closing Inventory Card Debit in the Balance Sheet and for the Closing Inventory Card Credit in the Loss and Profit Statement). In addition, the Opening Inventory Journal Entry is recorded at the beginning of the selected period (for the Opening Inventory Card Debit and for the Closing Inventory Card Credit in the Balance Sheet). If these journal entries were recorded for the inventory on the issue date of the report, recording the Closing Inventory Value is unnecessary at this time. However, if said journal entries were not recorded, then it is required to enter the Closing Inventory in this section in order for it to be included in the report. The software does not record a Journal Entry of the Closing Inventory, but only adds the data to the reports.
Include Forecasted Transactions: Forecasted Transactions are special journal entries, which are excluded from the Account Balance calculation, and recorded for forecasted expenses and income, such as: rent to be paid in the coming months, customer orders, etc.
Print Percentage Distribution: Select Yes to print for each clause the clause percentage of the Balance Sheet total or Loss and Profit Statement total. This way, you can see, for example, the proportion of each expense out of the total sum of expenses.
Print Balance Sheet Ratios: Balance Sheet Ratios indicate the ratio between balance clauses. The software prints all the standard balance sheet ratios.
This report is designed to retrieve a list of journal transactions (entries) for a particular Filtering.
WizCount offers two report formats for journal entry retrieval – shortened format and detailed format. The type of format required depends on whether you would like to search for transactions by Totals or by Account Cards. The shortened report allows you to search by the transaction Total Amount and by Main Accounts, while the detailed report allows you to search by any of the amounts and by any of the accounts included in the transaction. For example, to search for a Tax Invoice Transaction by the invoice total amount – use the shortened report, but to search for the transaction by the invoice VAT amount, use the detailed report.
Header: The serial number of the journal transaction. WizCount runs two sets of serial numbers – one for the Journal Entry Headers, and another for the Accounts and Amounts within the journal entries. For example, when a journal transaction is recorded for an invoice, a single Header is recorded containing the tax invoice data, including the Total Amount and Main Accounts. In addition, the following three transactions are recorded: Debit transaction for the customer account, Credit transaction for the Income Account and a Credit transaction for the VAT account. As mentioned earlier, the Shortened Transactions Retrieval report is intended for searches by the complete transaction data, so only the Header number can be limited.
Batch: Journal Transactions are recorded in batches. Each batch can contain an unlimited number of journal transactions. WizCount monitors the batch numbering and maintains the consecutive order of batch numbers. Each time a new batch is opened, WizCount continues the numbering. In this section, the search can be restricted by the batch serial number.
In addition to the batches recorded by the user, the following batch numbers are reserved for Automatic Records:
Batch 9999 includes transactions that are automatically recorded when invoices, checks, etc. are issued.
Batch 9998 includes transactions created when you run a Yearend Routines Program (Or end of period routines program)
Batch 9997 includes closing differential transactions recorded when executing a Bank reconciliation or Internal Matching process.
Batch 9996 includes transactions created when posting interfaces and data from Hand-held PCs.
Batch 9995 includes transactions recorded when executing a data reduction program.
Main Debit/Credit Account: The Journal transaction can include an unlimited number of debit and credit accounts. The first two accounts (according to the transaction type setting) are also recorded in the Transaction Header. Therefore, Journal Entries can be searched by the Main Debit Account and by the Main Credit Account. For example, when a tax invoice is recorded, the Main Debit Account is usually the Customer Account and the Main Credit Account is the Income account. Therefore, you can search for transactions by either account. However, if you want to search by VAT Account, use the Detailed Transaction Retrieval format.
Amount: This field is used to record the total amount of the transaction in local currency. As previously mentioned, to search for transactions by a split amount (such as: VAT amount), the Detailed Transaction Retrieval format should be used.
Note: If you do not limit Account Keys and Amounts, the report WILL only include the total transaction amount. If you limit the search by Account Keys or Amounts, the report will list the Account Keys and Amounts.
Reference Date / Due Date / Date 3: A Journal Entry contains 3 date fields. Typically, the Reference Date specifies the document’s date of issue, and the Due Date indicates the Payment Date. Here are some examples of how to use these dates:
|The date on which the customer is expected to pay the invoice||Invoice issue date||Tax Invoice To Customer|
|Check payment date||Receipt issue date||Customer Receipt|
|The date in which the invoice should be payed||Invoice issue date||Tax Invoice From Vendor|
|Check payment date||Check issue date||Vendor Payment|
Date 3 is added to the Reference Date and the Due Date of the Transaction. In cases where a vendor invoice is received after the VAT payment, you can use the Reference Date to enter the original date of the document, and use an additional Date to specify when it was reported to the VAT authorities. Those issuing quarterly balance sheets can use this date to indicate the end of the quarter.
Reference / Reference 2 / Reference 3: A Journal Entry contains 3 reference fields. The first two Reference fields are usually used as follows:
|Delivery Note/Order Number (the order corresponding to the invoice)||Invoice Number||Tax Invoice To Customer|
|Receipt number||The invoice number repaid by the customer||Customer Receipt|
|Invoice Number||Delivery Note/Order Number (the order corresponding to the invoice)||Tax Invoice From Vendor|
|The vendor invoice number that was repaid with this check||Check Number||Vendor Payment|
Reference 3 is intended to resolve cases where there are more than 2 references to a document. For example: The delivery note number and the customer’s order number can be saved in the tax invoice record. In this case, the record will be made as follows: Reference 1 – Invoice Number, Reference 2 – Delivery Note Number, Reference 3 – Order Number.
Details: This field may be used for recording additional details associated with this transaction. Transactions can be limited in two ways: (1) Limit From one value To another (as in other fields). (2) Containing: limit by characters found somewhere in the Details field. For example: If you write the name: Cohen, the software will pull out transactions that include that name in the Details field. The name does not have to appear at the beginning but can rather be found anywhere within the field. For example: Invoice for Cohen – Commission. When searching by a partial value (as in the “Cohen” example), an asterisk (*) must be added before and after the search value.
Transaction Type: The Transaction Type determines which accounts participate in the journal transaction and how the transaction amount is split between these accounts. For example, assuming the VAT rate is 17%, the Transaction Type for a “raw material purchase invoice” will split the total amount of the invoice as follows: the Raw Material Purchase Expense Account will be charged 100%, the VAT On Input Account will be charged 17%, And the Vendor Account (recorded upon transaction posting) will be credited 117%. (117% indicates the amount of the invoice including VAT). In this section the transactions can be limited by the Transaction Type Code Type.
Quantity: This field allows to keep quantitative information of non-inventory items. For example: F gold business, you can record the weight sold in the transaction in the Quantity field and issue a report indicating how much gold was sold during a particular period.
F.C. Amount / Currency Amount: WizCount is a multi-currency software. In addition to the amount in local currency, you can record the amount in F.C. In the Currency field, select the currency of the F.C. amount. For example: When an Export Account to Europe is registered in Euros, the Currency section should be used to indicate that the currency is Euro. In transactions without foreign currency the default is left unchanged. In the F.C. Amount field, enter the amount in foreign exchange (in the currency entered in the previous section). If foreign exchange currency is not used, this field may be ignored. The foreign currency amount does not have to be the exact revaluation of the amount in local currency.
Costing: WizCount can be used for costing management. To do this, for each expense or income transaction, the costing department that the transaction belongs to should be specified. There are two types of costing departments: Cost Centers and Overhead Costs. In the costing report, WizCount calculates the direct income and expenses of each costing center and burdens the indirect expenses and income on the various cost centers according to predetermined criteria.
Include IFRS transactions: Check this checkbox to include IFRS batches in the report.
Sort and Subtotal Settings: This section is used to determine how transactions are sorted. For example: You can set the transactions to be sorted by batch number, date, etc. On the left side of the screen the software lists Sort Fields – these are all fields by which transactions may be sorted. Go to the desired field row, and select the related arrow button. You can correct the selection by using the Delete button or by making a new selection using the arrow. The software ensures that the sort fields are made in sequence (for example: it prevents a second sort field from being selected without selecting a primary sort field).
The Statement shows the transactions for each Account Card, including their Accumulated Balance.
WizCount offers two Statement reports – one statement shows only local currency amounts for each transaction, while the other statement, designed for those engaged in exporting and importing, shows both the amount in local and in F.C. for each transaction.
The Statement Data Filtering includes two elements:
- Account Cards Filtering that the cards are issued for
- Transactions Filtering
Account Balance: In this clause, the cards can be filtered by their ending balance (only include cards with a credit balance, exclude zero balance cards etc.).
Print Cards With Opening Balance And No Transactions: If you check this checkbox, the report will include cards with a final balance that is based on only on the Opening Balance. Meaning, cards that do not have transactions in the current Transactions Filtering.
Include IFRS transactions: Check this checkbox to include IFRS batches in the report.
Sort Transactions By: Use this option to select the field by which the software will order (sort) the transactions.
Print Sort subtotals: WizCount will print the subtotal according to your selected Sort Field
Accounting Statement local and foreign currency
This Statement specifies for each record the amount in local currency as well as the amount in F.C.
Batch Summary Report
Internal Matching is a Statement, which displays the transactions as follows: it will first display the transactions that close each other out (for example, invoices and the receipt that closes them) and then display the open transactions (for example, accounts that have not yet been repaid). The open transactions are the ones that make up the final balance of the card. Closings are recorded when documents are issued (for example, when a receipt or a credit invoice is issued), and they are also recorded within the Bank Reconciliation and Internal Matching menu items.
Bank Reconciliation is a report listing which transactions in the books correspond to which transactions in the bank and which transactions (both in the books and in the bank) are still not matched (open transactions). This report can also be used to match cards received from vendors or customers.
Both reports work the same way.
Open Transactions Until (Date): This section sets the upper date limit for open transactions. For example, to see open debts until the end of the previous month (and ignore open debts for sales in the current month), limit open transactions to the last day of the previous month. There is no lower date limit, since the balance for collection stems from previous open debts. When issuing a bank reconciliation, we recommend limiting the reconciliation to the last date on the Bank Statement.
Print Open Transactions: Select Yes for the report to include the list of open transactions (up to the date set above).
Print Closed Transactions: This section may be used to limit the Filtering of closed transactions to be printed. If you only want to see open transactions, choose No in the Print Closed Transactions section. If you want to see only a part of the closed transactions, you can limit the printing by the Match Number. This number indicates the serial number of the closing (the software numbers closings consecutively). For example, provided the last closing number in the previous year was 10000, if you want to see closings from the end of the previous year onwards, limit the initial closing number.
Limit Report to Matches Closed by Reference Date: This section allows you to limit closed transactions by date (in addition to the limit by closing number in the previous section). If closed transactions by are limited by Reference Date, and the match includes transactions from both before and after the date limit, then the match will be displayed as open even though it has been closed. This section may be used to issue a report listing the bank reconciliation at the end of the fiscal year (even if closings were recorded afterwards).
Sort Open Transactions: This field determines the field by which open transactions are sorted.
Amount: The currency to be displayed in the Amount column. Naturally, it is recommended that this currency be the currency by which the reconciliation is performed. Meaning, for cards matched by their local currency amounts, select the currency to be the local currency, while for cards matched by their F.C. amounts, select the currency :F.C. Amount.
Note: It is recommended to match all cards by the amount in local currency only, and when the match made is for F.C. transactions, it is recommended to activate the Record Rate Differentials By Match section. In this way, the local currency matches will always overlap with the F.C. matches, and at the end of the year it will always be possible to know what the local currency balance of the card is.
The cash flow report details the forecasted balance in the banks (and the cash box).
Note: Many businesses complain that they are unable to issue an accurate cash flow. Some businesses prepare their cash flow in the following manner: They ask the bank what is the balance of the account and then add open transactions to this balance (issued and received Postdated Checks). This is not the right way. In many cases, the account balance in the bank is incorrect because it does not include issued checks with past payment dates which have not yet been repaid. In order to issue an accurate cash flow, it is necessary to record Bank reconciliations on a regular basis and to issue this report. Contacting the bank would not be helpful, it is better to “trust” the balance recorded in WizCount.
Date: This section sets the cash flow period (for example, from today to the end of the month). The software calculates the cash flow by the Due Date field (the check payment date, expected invoice payment date, etc.).
The following lines determine the Account Cards Filtering and the Transactions Filtering to be included in the report.
What should be included in the report:
The classification of the Account Cards (banks, cash boxes, customers, vendors) is determined by the Main Account field in the Account Card.
Banks – Transactions recorded in Bank Cards, for example: checks deposited in the bank and checks received from the bank.
Cash Boxes – Transactions recorded in cash boxes cards. For example: checks that were recorded in the cash box but have not yet been deposited.
Vendors / Customers – Invoices received from vendors, and customer invoices, which have not yet been repaid. It is assumed that the invoices will be repaid. (See below – Average Payments Delay).
Active / Inactive – this section determines whether the report should include only active cards or inactive cards, or both.
Future transactions to be included in the report:
Forecasted Transactions – Transactions that are not recorded in the company’s books but indicate expected expenses or income (for example: salaries to be paid next month).
Delivery Notes / Orders / Debit notes – delivery notes, orders and open debit notes. It is assumed that the company would issue invoices for delivery notes, orders and debit notes and that these invoices would be paid. This section applies to delivery notes and orders from both customers and vendors.
Average Payments Delay – WizCount includes a statistics feature that allows you to calculate the average number of days that a customer is late in making their invoices payment (or the business is late in payment of invoices received from vendors) The calculation is based on previously paid invoices (i.e. the calculation ignores open invoices).
The calculation results are recorded in the Average Payment Delay field on the Account Card. This figure can be corrected manually (for example, if the customer promised to reduce the number of delay days). The current section is used to determine whether the Average Payments Delay data should be taken into consideration or not. If this checkbox is checked, the software will postpone the forecasted invoice repayment date by the number of days recorded as the customer’s (or vendor’s) Average Payments Delay.
Printing Method – This section determines the level of detail for each day:
One line per date – Only print the incoming and outgoing total amount expected for each day.
Group list per date – Print the incoming and outgoing amounts for each account group (banks, cash boxes, customers, vendors).
Aging of Debts
WizCount offers several reports for analyzing overdue debts. In addition to the reports listed below, debt can be analyzed using the following reports:
Internal Matching (as opposed to Aging of Debts where debts are closed using the FIFO method)
Interest Calculation – Overdue debts are considered as a loan given to the customer by the business. The Interest Calculation Report calculates the interest the customer would have paid for an equivalent loan.
Open Debts Aging
This report lists the open transactions in each card. Open transactions are detected when issuing Internal Matching. Generally, open transactions are invoices that have not been closed by receipts (or credits), receipts for advanced payments, etc.
Monthly Summary Report
This report calculates the customer debt age distribution – the amount that should have been repaid by the customer one month ago, two months ago, etc. Debt is closed in the FIFO method (unlike Internal Matching that lists the open transactions).
Average Payments Delay
This report calculates the average number of days the customer is late in payment. The calculation is based on closed transactions (a receipt closing an invoice), taking into account the late days and the amount of debt.
WizCount allows you to send each customer a letter detailing their debt balance and open transactions. Open transactions are transactions that were not closed after recording receipts or using the Internal Matching screen.
Selecting Open Transactions or Statement report determines the fields displayed to the user and the printing method.
Open Transactions Until (Date): This section allows you to limit the open transactions list to be included in the letter. For example, if you want to send letters regarding debts that should have been paid by the end of the previous month, limit the date to the end of the previous month. The report will not include open transactions from the current month. Next select the Date Field. Normally, the Due Date should be selected as the Date Field, since this is the field where the payment date is usually indicated. The report will be printed along the length of the sheet and include the following fields: Date, Reference, Due Date, Details, Reference 2, Debit/Credit, Balance.
The Statement report will be printed laterally across the sheet and include the Header, Transaction, Batch, Transaction Type, Contra Account and Costing fields in addition to the fields included in the Open Transaction report. When printing Statement letters, make sure that the Document Designer has a logo setting for lateral printing.
Customer Balance: This section may be used to limit the letters to debt-owing customers only.
Notes: These sections may be used for writing notes that will be printed at the end of the letter. Different notes can be made to customers with a debit balance (for example: Please repay your debt as soon as possible) and to customers with a credit balance (for example: Please purchase products to take advantage of your balance).
Signer Name: The name to be printed at the bottom of the letter.
Sort Transactions: The sort field for sorting the open transactions in the letter.
Show balance in single amount: this section may be used to include the total debt balance amount in the letter without listing the transactions making up that amount.
Print Date Filtering: This section determines whether the letter should include the date selected in the Open Transactions Until (Date) section.
Once issued and sent to the printer, the report will be sent to the customers’ e-mail boxes according to the e-mail address registered on their Account Card (and provided that the Email Letters / Payment by Bank Clearing to Customer/Vendor checkbox is checked in their Account Card).
WizCount can be used for budget management. Budget transactions are recorded in journal entries, in a special batch, as credit for an expense account or as debit for an income account and against a special Contra Account. The transactions dates indicate the budget period (quarterly budget, yearly budget, etc.). Budget utilization is made according to journal entries for expenses and income, as well as open orders. The report shows what the budget was and how much of it has been utilized so far.
Year-End Transactions: This section is only applicable to resultant cards (income and expenses). WizCount is a multiannual software. The new year’s transactions are added to the transactions of the previous years. The only thing that is updated following the Yearend Routines is the resultant card balances (income and expenses) transfer against a Surplus Card. Profit or Loss is transferred into a Surplus ca rd, and the Income and Expenses Cards are restarted from a zero balance. This transfer is done through a section called Year-End Transactions. When you activate this section, the software records, for each income or expense card, a journal entry that resets the card balance and transfers it to a Surplus Account. When issuing reports (as in the current report), it can be determined how income and expense transfer transactions should be presented. The following options are available:
Include Year-End Transactions: When this option is selected, the resultant cards opening balance for the last (or current) year/period will be 0.
Exclude Year-End transactions: The report will ignore Year-End transactions. For example, you may use this option to issue a sale cards report for the period of October 2008 – February 2009 (and therefore to ignore the Year-End transactions recorded at the end of December 2008).
Include Year-End Transactions Until (Date): The report will ignore year-end transactions after this date. For example, you can use this option when Year-End Routings have been completed for 2008, but you want to view the 2008 Loss and Profit Statement. (If Year-End transactions from end of December 2008 are not ignored, the income and expense card balances will be zero).
Budget/Accounting Transaction Filtering: These sections allow you to determine the Filtering of Journal Entries to be included in the report. As previously mentioned, Budget Transactions are recorded in journal entries, in a special batch, as credit for an expense account or as debit for an income account and against a special Contra Account. The transactions dates indicate the budget period (quarterly budget, yearly budget, etc.). Budget utilization is made according to journal entries for expenses and income. You can apply one limit to budget transactions and another limit to budget utilization transactions.
Reference Date / Due Date / Date 3: A Journal Entry contains three date fields. In budget transactions, the Reference Date field indicates the beginning of the period and the Date 3 field indications the end of the period. This way you can manage a quarterly, annual, or any other budget.
Costing Code: In addition to budget management, WizCount can also be used for costing management (by Income and Profit Centers or Overhead Costs). You can enter a Costing Code for each Journal Entry. This section allows you to filter the transactions by Costing Codes.
Details: In this section, transactions can be filtered by information found in the Details field of the journal transaction. The transactions can be limited in two ways:
(1) Limit From one value To another value (as in other fields).
(2) Containing: limit by characters found somewhere in the Details field. For example: If you write the name: Cohen, the software will pull out transactions that include that name in the Details field. The name does not have to appear at the beginning but can rather be found anywhere within the field. For example: Invoice for Cohen – Commission. When searching by a partial value (as in the “Cohen” example), an asterisk (*) must be added before and after the search value.
Consider Orders / Delivery Notes: Check these checkboxes in order to incorporate orders and delivery notes as part of the budget utilization report.
Include Forecasted Transactions: Forecasted Transactions are special journal entries, which are excluded from the Account Balance calculation, and recorded for forecasted expenses and income, such as: rent to be paid in the coming months, customer orders, etc.
Wrap Column Content Exceeding One Row: There are cases where the column width does not allow you to view all the data for a particular field in a single row. For example, if the width of the Account Name field is limited to 20 characters, while the name of a particular account is 30 characters long, then the Account name data cannot all be printed in one line. In these cases, WizCount allows printing to continue into second row in the same column, so that the Account Card is displayed in two rows (instead of just one row). To allow printing into another line, select Yes. To limit printing to one line while “cutting-off” some of the fields content that is too long, select No.
WizCount can be used for Costing Management by Profit Centers. To open Costing Codes, go to: Accounting> Costing Codes. There are two types of Costing Codes: Profit Centers and Overhead Costs & Indirect Income. You can enter a Costing Code for each Journal Entry. The software sums the direct income and expenses of the Profit Centers, and splits the Overhead Costs and Indirect Income among the Profit Centers according to the Split Code preset for each Overhead Cost and Indirect Income. This report lists both the direct income and expenses and the splitting of indirect income and costs.
Profit Center Code / Indirect Expenses Code: These two sections allow you to limit the Costing Codes in the report. Note: Although the section is called “Indirect Expenses Code”, the filtering also refers to indirect Income. Limiting the Costing Codes is made according to the Code and Filtering that were set while opening the Costing Codes. You can return to the Costing Code records and modify the filtering (or any other data) as needed.
Income Account / Expense Account: These records are where the Sort Codes (or Filtering) of Income Cards and Expense Cards should be entered. The Costing calculation should only apply to income and expense transactions, because the calculation should show the profit to the Profit Center. Therefore, the Main Account of these cards should be: Expenses/Income.
Accounting Transactions Filtering: These sections allow you to determine the Filtering of Journal Entries in the report.
Header: This section allows you to restrict Journal Entries by their serial number. WizCount runs two sets of serial numbers – one for the Journal Entry Headers, and another for the Accounts and Amounts within the journal entries. For example, when a journal transaction is recorded for an invoice, a single Header is recorded containing the tax invoice data, including the Total Amount and Main Accounts. In addition, the following three transactions are recorded: Debit transaction for the customer account, Credit transaction for the Income Account and Credit transaction for the VAT account. The Costing Code is only recorded at the Header level, therefore only the Header number can be limited.
Transaction Type: The Transaction Type Code recorded in the Journal Entry.
Reference Date / Due Date / Date 3: A Journal Entry contains three date fields. In these records, transactions may be limited by dates.
Quantity: The quantity entered in the Quantity field in the Journal Entry.
Currency: The currency code of the transaction.
Reference / Reference 2 / Reference 3: A Journal Transaction contains 3 reference fields. Use these records to limit transactions by Reference Numbers.
Details: In this section, transactions can be filtered by information found in the Details field of the journal transaction. You can set the Filtering using the From-To fields in order to include only Journal Entries beginning with certain characters (e.g. From: Branch 1, To: Branch 5) or set the Filtering using the Contain operator, if you want the report to include all the transactions containing certain characters anywhere in the Details field (e.g. all transactions that contain the characters “Branch 3” anywhere in the Details field). When searching for transactions by a partial value (e.g. “3”) an asterisk (*) must be added before and after the search value.
Rate Differentials Transactions: Rate Differentials Transactions are transactions that revaluate the local currency balance into a foreign exchange balance. This section allows you to decide whether to add these transactions to the income and expenses transactions.
WizCount can be used to perform Interest Calculations. Interest is calculated using the conventional method of used in banking. Set the Frame Line (Credit Frame) and then define the % interest for amounts below that frame, and a higher % interest for amounts exceeding it. Credit Interest can also be calculated in the same way. This report is usually used to calculate interest received from customers (or loss of income due to late payment). The report can also be used to calculate Credit Interest for vendors or to check the calculation of interest in the Bank Statement (see more information below).
Where: You can use WizCount to perform Interest Calculation not only according to the customer’s (or vendor’s) accounting balances, but also to check the bank’s interest calculation. If the Bank option is selected in this section, the calculation will be done according to the Bank Statements data. The % interest and credit frame, as stipulated in the agreement with the bank, should be recorded below.
Update Account Card: Update one of the Additional Amount fields on the Account Card with the Interest Calculation result.
Shortened Format: Display the interest calculation for each account in a single line. (Without listing Account Balances by Due Dates)
Interest %: Record the daily or annual interest %. If an Exceptional Interest Rate % is recorded, the credit frame must also be recorded. Credit Interest rates may be recorded in the same way.
As previously mentioned, interest is calculated in the method used by banks. To calculate compound interest, a Journal Entry for the interest must be recorded. For example, the interest rate for a particular customer in January is 100 NIS. A Transaction of this amount is recorded to the customer’s debit and credit (income from interest). In the next month, the customer balance will include this charge.
Tip: An interest calculation report can be used to calculate how much the business has “lost” as a result of late payments by a particular customer. When a customer fails to pay on time, they are in fact taking a loan from the vendor. An Interest Calculation report calculates the cost of that loan.
This report lists the foreign exchange rates recorded in the company data. The report lists a daily rate.
Reference Date: The date filtering for which F.C. Rates will be printed.
Currency Filtering: Print only one F.C. rate (Select Yes) or the F.C.rates of all currencies. For a single currency report, select the required currency at the end of this section.
F.C. Rate Filtering: If you do not record the exchange rate daily, WizCount will complete the exchange rates in the missing days. Use this section to limit the report by the source of exchange rates.
User Recorded Rates Only – exchange rates recorded by the user (including updates from the Bank of Israel).
Software Recorded Rates Only – exchange rates recorded automatically on days when no exchange rate was recorded by the user.
This report lists the data recorded in a monthly VAT report. You can also issue a report that lists data for the entire year (or any other period of time).
Date: The date filtering for which the report will be issued. This filtering refers to the Reference Date field. When issuing a monthly VAT report, enter the month start and end dates. To issue a report for a different period, such as an annual report, enter the start and end dates of that period.
Monthly List: When a report is issued for a period longer than one month (e.g. annual report), select Yes for a monthly breakdown of the data.
The VAT report is issued according to the data entered in the Main Account field on the Account Card.
Tip: Some businesses encounter the following problem: After submitting their VAT report, they may receive a purchase invoice dated for the previous month (which has already been reported). If, at the time of issuing the next month’s VAT report, the date filtering is limited to one month, then the VAT on input for the invoice in question will not be included in the report. To resolve this issue, we recommend opening an Account Card called: Reported Income. Once the monthly VAT report is issued and paid, a journal entry should be recorded where the Income Account Card is the debit account title and the Reported Income Account Card is the credit account title. When the report is issued, the lower date is not limited, only the upper date should be limited. Because the report is issued with lower date limit, the report includes belated transactions of VAT on input.
This report lists the tax withheld from vendors.
Report Header: Use this field to change the Header printed at the top of the report.
Date: The date filtering for which the report will be issued. This filtering refers to the Reference Date field. When issuing a monthly report, enter the month start and end dates. To issue a report for a different period, such as an annual report, enter the start and end dates of that period.
This report issues the confirmations vendors will be given for Withholding Tax.
Confirmation Period / Payer Name / Payer Address / Company Number / Deductions File Number / Assessment Officer: This information will be printed within the confirmation as required by law.
Confirmation Date: The date printed at the top of the letter.
Signer Name: The name to be printed at the bottom of the letter.
Include Payment List: If this checkbox is checked, the confirmation letter will include a list of all the payments made to the vendor. If this checkbox is not checked, the confirmation will present the total amount of payments in one amount.
The report lists the installments to be made to the Income Tax Authority for Tax Installment By % Of Sales minus tax withheld payments.
Report 6111 lists the balances of all Account Cards according to classifications determined by the Israel Tax Authority.
Before issuing the report, the appropriate code should be entered in the Clause 6111 field on each Account Card.
The report is saved as a file. The file must be submitted to the Israel Tax Authority through the CPA or directly over the internet.
The various sections in the report window are copied from the tax authority’s form.
Industry: The industry must be selected from the list of industries of the Israel Central Bureau of Statistics, including several hundred different industries.
Year-End Transactions: This section determines whether to include Year-End Transactions in the balances’ debit. Follow the instructions in the Report Designer.
Update Clause 6111 Field: Before issuing the report, WizCount will check whether the Account Cards balances consistent with the 6111 code recorded in each Account Card. For example, if a Customer Card is classified as Sale To Customer according to the data provided in the Clause 6111 field of the card, then the balance of the card should not be negative. Customer Cards with a negative balance should be classified as Advanced Payment To Customers. You can automatically replace the code in such cards using the Update Clause 6111 Field button. If the classification in Report 6111 is not consistent with the balance, the Israel Tax Authority will return this report as invalid.