StoreApp ensures to keep track of all the monies that flow in and out of your business and gives you the following basic accounting reports: Income statement, Cashflow statement and statement of financial position/balance sheet.
On StoreApp you can do the following:
- Manage expenses: expenses can be sorted into different categories called expense items. two types of expenses on StoreApp are:
- Quick expense- any expenses that are funded by a cashiers’s cash-at-hand. This type of expense is posted at the point of sale by the cashier and requires an authorization by a staff with such privilege. CLICK HERE to see how to post this type of expenses.
- Major expenses: Expenses that are funded from a bank, imprest, cash book (cash in the company). CLICK HERE to see how to manage this type of expenses.
- Manage different accounts: various cash accounts (banks, imprest, etc) used by your business can be created and managed on StoreApp. Each account has a ledger that shows how funds flow in and out of it. Account expenses and incomes apart from sales can also be posted into an account. Funds can be moved from one account to another. Whenever cash is moved to any bank account, StoreApp logs such deposit for a confirmation / reconcilation. CLICK HERE to learn how to complete an internal cash transfer.
- Manage Payable and receivable accounts: StoreApp keeps a record of each transactor’s ledger. So you know how much debt your business is owing and how much credit you are being owed.
- Track all transactors ledgers: you can see a history of all transaction between your business and a transactor.
- Set payment reminders: you can set up a payment schedule for a credit customer and have the system notify you of payment due dates.