This page is used to record general information about the company, regarding both the accounting system and the marketing and inventory management system.
Company Name: The company name will be printed in reports and documents (unless specified otherwise in the printing format).
Address: The full address to be printed in the documents header (unless specified otherwise in the printing format).
Abbreviated Name: Abbreviated company name. This name will be displayed in places where there is not enough space to display the full name of the company.
Enterprise Type: This section is used to select the type of organization. This section is relevant to the taxes that apply to the organization:
Company – Limited company (LTD), Partnership, Private Business, etc. (Business that are subject to VAT and all the corporate reports to the Israel Tax Authority).
Non-Profit – Nonprofit organization.
Financial Organization – Bank, Provident Fund, etc.
Nonprofit + Standard business – An organization that partially operates as a nonprofit and partially operates as a regular company.
When in doubt about the type of organization, contact the Company CPA.
E-mail/Website: Company website URL and E-mail.
Branch default values: WizCount can be used to manage multiple branches in each company, as well as multiple warehouses and salespersons in each branch. This section is used to set the default branch.
Dates: The Reference Date is the document or issue date. The Due Date is the Payment Date of the document. For example, when issuing a check, the Reference Date is the check issue date, and the Due Date is the check payment date.
An Additional Date is provided for entering additional dates. For example: In a purchase invoice, the Reference Date is the invoice date, the Due Date is the payment date, and the Additional Date is the date the purchase invoice was recorded.
This field is used to set the date limits. When recording Journal Entries, WizCount checks whether the transaction dates are within the specified range. It is advisable to update the Reference Date and Due Date at the beginning of each tax year. For example, at the beginning of 2016, the dates can be limited as follows:
Reference Date: From 1/1/2016 to 31/12/2016
Due Date: From 1/1/2016 to 31/03/2017
VAT Registration Number / Deductions File / Company Registration Number: These fields are used to VAT Registration Number, Deductions File number and Company Registration Number. This information is used to issue reports and confirmations.
Donation Receipts Number: This field is used to specify the Commission’s confirmation number for organizations receiving tax deductible donations. The following note will be printed at the bottom of the Donation Receipt document: ‘A tax deductible donation under provision 46 of the Income Tax Ordinance and in accordance with Commission Confirmation No. XXXXXX’.
% VAT: The % VAT applicable. This %VAT will appear on invoices.
% Income Tax: % income tax imposed on the company.
% Advanced Payment: % Advanced Payment according to the company turnover as determined by the Israel Tax Authority.
Company Withholds Tax From Vendors: Deselect this option if the company pays vendors without withholding tax. Before deselecting, please check with the company CPA.
Leading Currency For Revaluation: WizCount is a multi-currency software. Each transaction can include up to 3 currencies, the main currency (NIS), the transaction currency determined by transaction Reference, and the leading currency to which all the transactions are revalued. This screen is used to set the leading currency. The revaluation to this currency is done in accordance with the Transaction Due Date or, when the rate for this date is unknown, by the last known exchange rate. When issuing reports, transactions can be revaluated to additional currencies, using other methods.
F.C in Journal Entries: Each batch should be balanced in NIS. That is, the Total Debit in NIS must be the equal to the Total Credit in NIS. There is no such legal obligation regarding the foreign exchange amount. Therefore, for the foreign exchange amounts WizCount allows you to choose one of the following methods:
Do not check balance in F.C: WizCount will allow F.C Journal Entries to be posted with the Total F.C Debit being different from the Total F.C Credit, without providing any notification.
Display an alert when transactions are imbalance: WizCount will allow F.C Journal Entries to be posted with the Total F.C Debit being different from the Total F.C Credit, but it will notify the user that the batch imbalanced in F.C (this option is currently disabled).
Disallow foreign currency imbalance: WizCount will apply the NIS amounts requirements to F.C amounts. That is, when the journal entry is posted, WizCount will check if the Total F.C Debit is equal to the Total F.C Credit. If the batch is imbalanced, WizCount will not allow the journal entry to be posted.
Automatic update of foreign currency rates from the central bank: When this option is enabled, WizCount will access the BoI website daily and update the F.C Rates in the company database (so entering F.C Rates manually is unnecessary).
Batch numbering starts from: A set of Journal Entries is called a “Batch”. Each batch has a serial number. Use this field to enter the first number to start the numbering.
Total Credit Risk
The Total Credit Risk of a customer, is the amount the business will lose if the customer goes bankrupt. The Total Credit Risk includes the open debt in accounting, plus the amount of postdated checks and the amount of delivery notes that have not yet been invoiced.
Note: When issuing the Total Credit Risk balance, the software “assumes” that there are no checks from the customer in the cash box with overdue clearing dates. In other words, all checks with overdue payment dates must be deposited in the bank. If these checks have mistakenly remained in the cash box, their amount must be added to the Total Credit Risk balance.
WizCount is a multiannual software. At the end of the year, work is continued as usual. The journal entries for Yearend Routines are recorded at a later date.
Year-end routines by: Selects whether to perform yearend routings by Reference Date (default) or by the Additional Date (Date 3). Yearend routings by Date 3 is the designated option for companies that submit balance sheets on a quarterly basis. These companies must submit financial statements immediately at the end of each quarter and at the end of the year. As a result, after their financial statements are submitted, these companies often receive invoices from vendors belonging to previously closed periods. When these belated invoices are posted, the invoice date is recorded as the Reference Date (in order for the record to conform with the PCN874 Report), and a date from the next period in Date 3 (in order for the expense to be included in the next period).
Notify un-issued year-end-routines: When you enable this option, WizCount will display a notification if Yearend Routines were not completed by a preset date. For example, if the next date for performing Yearend Routines is 31.12.17 and this section is set to give a 60-day notification, then the software will display a notification if a Yearend Routines entry is not recorded within 60 days of 31.12.17.
Surplus Account: The Yearend Routines Journal Entry resets the resultant cards (income and expenses) against a surplus account. Enter the Surplus Card Account Key in this section. The Main Account of the Surplus Card should be: Surplus.
Year-end transfer frequency: This section determines how often Yearend Routines are performed: Yearly – once a year, Quarterly – once a quarter, Monthly – every month.
Next transfer date: The next date when Yearend Routines are due. This date is automatically updated when Yearend Routines are accomplished, according to the frequency set in the previous section. However, the Next Yearend Routines Date can be updated.
Each Account Card (or Item Card) has an Account Key (or Item Key). This key is a unique Account Card identifier (Similar to the ID number given to each citizen in a certain country).
The following options are available:
English Index: Includes Hebrew and English letters and digits (like the Hebrew index) but the writing direction is from left to right.
Numeric Index: Includes digits only.
In an English index the length of the Account Keys does not have to be fixed. However, in a numerical index the Account Keys (or Item Keys) lengths must all be the same.
PCN874 VAT Report
The following sections are used to enter data that is relevant for issuing an online PCN874 VAT Report
Each invoice whose total before added VAT is at least XXX must include the customer’s registration number (Starting-2012): As of January 2012, sales invoices must include the customer VAT registration number (or company number) when the following two conditions are met: a. The customer is a licensed dealer or a municipality, governmental office, etc. (i.e., not a private customer); b. the invoice amount not including VAT exceeds the amount set by the Israel Tax Authority. The current section is used to update the amount set by the Israel Tax Authority.
Maximum VAT Amount In Each Petty-Cash Invoice: According to current guidelines, the VAT amount in each petty-cash invoice should not exceed 300 NIS.
This can be changed by the Israel Tax Authority, and must be updated on this screen.
How To Issue A PCN874 Report:
- The user sets the filtering of belated invoices at the time of issuing the report: In this method, the user specifies the Date filtering for the report as well as the Delay Code for purchase invoices belonging to the previous reporting period. This method should only be used on the first time the report is issued.
- The software retrieves belated invoices automatically: In this method, the user limits the Reference Date To Date field. The software will retrieve all the transactions recorded after the last report was issued with a Reference Date up to this date. No Delay Code is required, all invoice transactions will be automatically retrieved.
- Display Filtering PCN874 VAT input transactions window, even if not eligible for refund: When you issue a PCN874 VAT report, if the VAT on input amount is greater than the VAT on output amount (VAT refund report), then the software displays a window that lists the transactions including VAT on input. In this window you can select input transactions to exclude from the report and delayed for a later report (thus making the current report a non-refund report). Select this option if you want this window to be displayed at all times, even when the VAT balance is to be paid (not refunded).