Clever Accounting has a good number of reports in its arsenal. These reports assist the user with important company financials and can provide the crucial information that allows a business to grow and steer clear of financial mess.

Each tab has a link to its own reports. The Sales tab has a link to Customer and Sales Reports; the Purchases tab has a link to Supplier and Purchasing Reports; the Items and Inventory tab has the Inventory Reports while the Manufacturing tab has a number of Manufacturing Reports. Both the Dimensions and the Banking and General Ledger have links to their relevant reports as well.

Some of the most useful reports include the Profit and Loss; the Balance Sheet; the Annual Expense Breakdown; the Audit Trail; the Tax Report; and a host of other reports.

It is suggested that as a user of Clever Accounting, you get acquainted with the reports provided and use them as a tool to protect and assist your business.

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Purchase Invoice


The Purchase Invoice is located under the Purchases tab, in to top section titled Transactions. There are two types of Purchase Invoices that can be created using Clever Accounting. The easiest one to use is the Direct Invoice, while the other one (more flexible) is the Supplier Invoices. In this tutorial we shall consider only the Direct Invoice.

The Direct Invoice is similar to the Sales Order in its layout. The only difference between the two forms is the additional field Due Date found in the Direct Purchase Invoice Entry.

Another difference is that the form, once accepted will add the Invoice to the relevant accounts in the General Ledger.

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The Purchase Order


Under the Purchases tab, in the Transactions section, the first selection is the Purchase Order Entry.

The Purchase Order Entry form is divided into three horizontal sections.

The top section deals with the details of the supplier, order date, supplier’s reference and some other details. If the supplier is not yet registered in the system, pressing F2 opens the Suppliers form, where the user is allowed to register the supplier and then select it as the supplier for this purchase order.

The middle section deals with the Items to be ordered. Filling up the items and quantities builds up the purchase order (which can be printed and sent to the supplier). Ideally, all items are registered in the system prior to starting the purchase order; however, items can also be included by pressing F4. On pressing F4, the Items form is shown and the required product or service can then be added and selected within the purchase order.

The bottom section is dedicated to the Memo that may be required to be added to the purchase order.
When all the information is entered, clicking on the Add Order will conclude the capture of the Purchase Order.

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Generating Invoices


The issuing of Invoices (or Cash Sales) is one of the most important functions within a business as they are the medium that transforms the service or product provided into an income for the business.

Before creating an invoice the basic setup of Clever Accounting should have been done. The setup includes: setting up the Company details; entering the Bank details, adding products and or services and adding customers.

The quickest way to generate an invoice is through the use of the Direct Sales Invoice.

The screen for the Direct Sales Invoice is divided into three parts. The first one is used to capture information about the invoice, such as the client, the reference no, invoice date and payment terms. The middle part accepts the items to be invoiced while the bottom part deals with the delivery location and any comments pertaining to the invoice.

All in all, issuing invoices is simple when using Clever Accounting.

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Customer Branches


After adding a Customer or whenever the Customers page is opened and a customer is selected, one may notice the Customer branches heading and the Add or Edit link beside it. Clicking on this link will open the Customer Branches page and a new form that collects more information for the current customer.

What is a Customer Branch?

In this context a Branch may be considered as a section of a business or a different location of the same business. As an example we can take a customer that is a small business that has different departments. Each department purchases our service separately. In this instance it would be good to have different branches as each section of this business can be catered for separately.

Another example is of a clinic that purchases hygiene products. However, consultants are responsible for their own purchases. Again, in this instance the branch function helps better management of services or materials sold.

In the case of a business where branches or different locations do exist, the descriptions of the form, fits perfectly with the reality of the said business.

The Customer Branches form is split into two. The top part lists the branches that have already been added to the selected customer and the bottom part where existing entries can be edited or new ones added.

Adding or editing a branch is simple. Select the customer from the list. In order to edit one of the entries shown in the top part of the screen, a click on the pencil icon loads the related data in the bottom section of the screen.

On the other hand, should the requirement be to add a new branch, the details in the bottom part are to be filled without first loading any of the entries in the top part.

Each branch can have more than one contact person. Contacts can be assigned to Deliveries, Invoices, Orders and General communications.

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Adding Clients


Don’t we all like clients!!! What’s a business without them?

Clever Accounting needs to know about clients or customers in order to be able to issue invoices and keep track of payments and overdue accounts.

To add Customers select the Sales tab and then click on Add and Manage Customers.

Most of the entries on this form are easy to understand, however it would be wise to highlight some of the more important ones.

While in the Customer Name one enters the full name of the Customer, in the Customer Short Name one is only allowed to enter a word that has no spaces. However you can enter any code you like. For example, if your customer name is Carpet Enterprise Ltd, the entry in Customer Short Name can be anyone of the following: CarpetEnterprise or CarEnt or WZ3241 or any other single word code you deem fit to represent the customer name.

The GSTNo field requires the customer’s Tax Registration No or the VAT Reg. No. This is important as this number is included in any invoice issued to the client. Without the registration number included, the customer might not be able to claim back any tax paid on the item.

The Tax Group entry indicates how the sales made to this client will be reported for tax purposes. In many countries, the local sales tax or vat is not charged to foreign customers.

When all the data is entered, click on the Add New Customer button.

If the data entered so far is accepted, a couple of messages will appear towards the top of screen in green. The first one acknowledges the addition of a new customer while the second one indicates that a default Branch was automatically created.

Clever Accounting provides for the possibility of each client having different branches (or departments). This comes in very handy when the client actually has different locations, or when deliveries are to be made to certain departments and not others.

The Customer Branch detail will be covered in the section Customer Branches.

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Creating Items and Services


Every business has something to sell, it is either products or services or both. Clever Accounting can handle both types. The main difference between a product and a service is that products have an inventory input while services do not. It is important to keep this in mind as services registered as products create stock inventory which as a service does not exist.

Before being able to sell an item (i.e. product or a service), the description of the item must be registered in Clever Accounting. After logging in to the application, click on the Items and Inventory tab and then click on Items.

Fill in the details as requested information starting at the Item Code. The Item Code may not contain any spaces and it has to be unique. The Name entry can be a short description of the item.

There are a number of drop-down entries that depend on entries from other screens. These are the Category entry; the Tax Type; the Units of Measurement and the Dimensions entry.

Make sure that the Item Tax Type is properly chosen as this entry decides on how much tax, if any, is charged when the item is sold.
Again, the importance of selecting the proper Item Type is highlighted. A service does not carry and stock and therefore, when selected the entries for

Inventory Account and Inventory Adjustment Account are removed.
In the section GL Accounts, select the default general ledger accounts the item entered is to be registered in when sales are affected. These entries are usually already set.

An image of the item can be added as well. Click on the Choose File button to select an image file. Images are used when creating a price list.

Finally the Item Status makes the item Active or Inactive.

By clicking on the Insert New Item button, the new item will be added to the database. There are more tabs within the Items section which allow the user to add other information about the item. These will be discussed in separate videos.

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Obtaining the Profit & Loss Report


The reason of every business organisation is to make a profit. Keeping an eye on how the business is fairing is a fundamental action that helps the business move on. The Profit & Loss report is designed to give a clear indication on the profit or the loss the business has endured.

Similar to the Balance Sheet reports the Profit & Loss reports are presented in two ways, one on screen, described as the Profit and Loss Drilldown and the other in printed format. This session will deal with the screen view of the report.

Log in to Clever Accounting and select the Banking and General Ledger tab, then click on Profit and Loss Drilldown link.

The dates at the top of this screen default to the current month. For different periods select different dates. One can also choose the Compare to which defaults to Accumulated. There is also the possibility to choose a Dimension for this report.

The first screen that is obtained shows the totals of the relevant sections such as the totals of Sales Revenue. By clicking on these headings, one can drill down to more information on how that total was obtained.

The bottom line shows the Calculated Return. May you always have a positive in this line.

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A First Look at the Balance Sheet


The Balance Sheet is an important document very often requested by people interested in financing your business, such as a bank manager. This document is a summary of the financial balances of a business.

Clever Accounting offers two methods to obtain a Balance Sheet, one is delivered on screen in the form of a Balance Sheet Drilldown and the other is the Balance Sheet printed report. For this session we will talk about the on screen Balance Sheet Drilldown.

After logging in to Clever Accounting, select the Banking and General Ledger tab and then click on the Balance Sheet Drilldown link.

The ensuing screen shows the total Assets and the total Liabilities, which should balance out (hence the Balance Sheet). The nice touch with this screen is that you are allowed to drill down on the assets or the liabilities to extract information on how the balances were generated.

In addition, the Balance Sheet can be generated for a particular date and also for a particular Dimension. This is particularly useful when you wish to compare your balance sheets of different periods, or if you’d like to see how the different.

This concludes this tutorial. Take the time to get acquainted with your Balance Sheet as it will provide you with insight into the makeup of your company.

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Bank Account Setup Tutorial

In this tutorial video with accompanying transcript, we guide you through the Bank Account Setup process using Clever Accounting software.

In this tutorial video with accompanying transcript, we guide you through the Bank Account Setup process using Clever Accounting software.

TranscriptBank accounts are the fulcrum of a business. All transactions that include cash have to go through a Bank Account or through the Cash Account. As these accounts are considered as a Current Asset, each one must have an entry in the Chart of Accounts.

As a default, Clever Accounting has already set a number of different accounts listed in the Chart of Accounts, however, it would be a good idea to edit these entries and give these accounts a better description related to the actual account. There must be one entry in the Chart of Accounts for each Bank Account held.

Before you start, make sure you have a list of all the accounts with the relevant information such as account no, type of account and bank name. Sort the accounts in an order of your preference.

For this example, we are going to have 4 bank accounts. Three of these accounts are held with the International Bank while the fourth account is held with the Merchants Bank. The accounts at the International Bank consist of one Checking (or Current) Account, one Savings or Deposit Account and one Credit Card Account. The other account held at the Merchants Bank is a Savings or Deposit Account. There is also a Petty Cash account.

International Bank           Current Account
International Bank           Savings Account
International Bank           Credit Card

Merchants Bank Savings Account

Bank Addresses:
International Bank                                         Merchants Bank
Reserves Boulevard                                       Centre Building
Atlantis                                                             MoneyTown
Gozo                                                                  Gozo

Log in to Clever Accounting and then select the Banking and General Ledger tab. Click on the Bank Accounts link and proceed to delete the existing Bank Accounts. We will re-enter these accounts with proper details for easier recognition later on.

Next click on the GL Accounts link and then select an account that refers to a bank account under the Current Assets section (in our case 1200) and click on Delete Account. Do the same for the other bank entries.

With the accounts removed we can now start to create the accounts with the information we have. Starting with the first one we enter 1200 for Account Code. In Account Name we enter a description for the first account as follows: International Bank – Current Account. We select CURRENT ASSETS for Account Group. Check again the entries and click Add Account.

Repeat as above for the other accounts.

We can now move on to create the Bank Accounts in the system. Click once again on Banking and General Ledger then click on Bank Accounts. We should only have the Petty Cash account listed. We will proceed to fill in the form on this page, with each account’s details and populate this page. First the Bank Account Name, then selecting the Account Type and also selecting to Bank Account GL Code to reference the account in the Chart of Accounts created earlier. We also notice that we have entries for the Bank Name, the Bank Account Number and the Bank Address.

It should be noted that if we choose Yes for the Default currency account the details of this account will be printed on each invoice, enabling clients to pay via bank transfer. In some countries the IBAN number and the BICC are required for this purpose. These can be entered in the Bank Account Number field.

As we finish the entries of the 4 accounts, we conclude the process of adding bank accounts. Thank you for your attention.

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