With a year-end, once you have entered all your information, you must pass on the reports to your accountant for their magic touch: depreciation, tax calculations, forms to be filled out and submitted to the government. By the time you’re done, it could be six months down the road.

Believe it or not, most competing accounting software do not properly allow you to report on your business for past months or years. Some will allow you to enter the data, but when it comes to reprinting an accurate set of financial statements for a given point in history, most fall flat on their face.

With Windward Software's General Ledger module, you can reprint an income and expense statement for any month, in any year at any time – or reprint a balance sheet – or an aged accounts receivable – or payables report. This is not trivial. When you reprint an aged payables report for the previous month, the system ignores bills and checks entered in the current month showing the true condition for the end of the previous month.

What this means is that you can do your work daily and never get behind yet still get the reports you need. We have witnessed many people using other accounting software packages piling up the work on the corner of their desk until they are finished with a month end and then frantically playing catch up.

Windward comes with several pre-built ledger reports, such as a balance sheet, income and expense statements, etc. It also come with its own ledger report writer – so you can build your own reports such as comparing income this year to last year and the year before, or income to budget. Or you can report on different areas of your business, such as the service side from the parts sales side.

 

 
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View, print or export the balance vs. budget amounts.

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Show a table of the account balances, with the months in the left column, and the years on the top row. The Balances tab displays the current Accounts balance in the selected currency in a month by month view.

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Use a graphical view of the account showing the amount, month, and year. You can even customize the graphs that appear in the Chart tab.

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Show the account number, description, as well as the Max and Min amounts allowed in the account.

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Ledger Reports menu gives you access to the reports that collect and summarize system data from a general ledger perspective.

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View Accounts Receivable and Accounts Payable

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Need to integrate with Caseware? No problem.

journal entries

When journal entries are required, they are simple and easy to use and are based on standard double entries where the debits must equal the credits. However, if you've made a large entry and it doesn't balance, Windward's POS Accounting Software will allow you to save it without posting and return to it later to finish it off.

integrated accounting package

Windward Software's Business Accounting Software is fully integrated. That is, when you create an invoice, the general ledger is updated immediately instead of having to run a batch process at some later time.

Batch processing was the old way of handling the ledger transactions and it had many problems. Most notably is the fact that a separate procedure is done to post the invoices, payments, bills and checks into the general ledger with lots of chances for something to go wrong. More importantly, a batch total is posted, making it very difficult to reconcile the accounts at a later date. We have seen many examples of tax auditors having to spend days or weeks looking through the paper batch reports, and nobody wants the tax police hanging around.

With Windward accounting software, each line you see on an invoice is stored as its own record in the database. When viewing the general ledger, the system views the same lines, but from a different point of view and on a different index. The result is simplicity and therefore little chance of problems. If you edit and fix an invoice, the ledger is fixed at the same time because it's the same record. This also saves a huge amount of hard drive space and backup storage requirements. And then, when the Sales Tax Police do arrive, they can view the ledger details and for each line, they will see the date, invoice number, customer name, and amount of sales tax collected. Fast, simple and error free.

Windward Software is a fully integrated solution that covers accounting, inventory control, sales, order entry, marketing, purchasing, e-commerce, point of sale, shipping & receiving, RMAs and more.

 

multi-month-work in multiple months simultaneously

How long does it take to perform a month end with your current business accounting software? How about a year end? Typically, it takes a few weeks for the bills and bank statements to arrive in the mail, so a month end is generally not completed until the middle of the next month.

With a year end, once you have entered all your information, you must pass on the reports to your accountant for their magic to be applied. Depreciation, tax calculations, forms to be filled out and submitted to the government. By the time you're done, it could be 6 months.

Believe it or not, most competing business accounting software systems do not properly allow you to report on your business for past months or years. Some will allow you to enter the data, but when it comes to reprinting an accurate set of financial statements for a given point in history, most fall flat on their face.

With Windward Software, you can reprint an Income and Expense statement for any month in any year at any time. Or reprint a Balance Sheet. Or an Aged Accounts Receivable or Payables Report. This is not trivial. When you reprint an Aged Payables report for the previous month, the system ignores bills and checks entered in the current month showing the true condition for the end of the previoius month.

What this means to you is that you can do your work daily and never get behind and still get the reports you need. We have witnessed many people using other business accounting software packages piling up the work on the corner of their desk until they are finished with a month end and then frantically playing catch up.

recurring entries

Some entries recur regularly. Many of them are not only time-consuming, but also complex. Consider, for example, monthly salary payments or lease installments. It is easy to make an error. Cutting and pasting would be very useful, but System Five is no word processor. That's why Recurring Entries are supported!

Windward System Five will allow you to copy reoccurring 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 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 (cheque) 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. Windward System Five 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 buy new ones. Just use the form designer to set them up.

 

profits and loss statements

The Profit and Loss (P&L) Statement is also known as the Income Statement. It shows how well a company buys and sells inventory (or services) to make a profit. A firm must create a profit in order to survive and remain solvent. Careful analysis of the components of a P&L is important in determining the cash flow available to repay existing debt, finance additional debt (for business expansion), or to reinvest in the company.

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

A balance sheet is a snapshot of a business’ financial condition at a specific moment in time, usually at the close of an accounting period. A balance sheet comprises assets, liabilities, and owners’ or stockholders’ equity. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or government securities. At any given time, assets must equal liabilities plus owners’ equity. An asset is anything the business owns that has monetary value. Liabilities are the claims of creditors against the assets of the business.

The balance sheet must balance—that's why it's called a balance sheet. In other words, the assets must equal the claims on assets. The concept of balancing relies on the accounting equation:

Assets = Liabilities + Owner’s Equity (Capital)

There are a lot of tricks to reading a balance sheet which we won't get into here, but it's good to know you can go about doing your business and automatically keep this important document up to date.

 

40 year history

Windward System Five keeps track of your business for the current year, previous year, and many years previous. This allows you to easily compare how you are doing this year to other years. Every invoice and transaction created is stored in it's original form with all it's detail. This will allow you to view a customer's past invoice for warranty purposes and even reprint the invoice if required.

Windward's philosphophy has been to store the data as it was entered so that reports could be created in the future that may not have been thought about when the software was initial created. Over the years, this has been a big benefit to Windward users as they have been able to run newly created reports comparing their historical data to the current year.

We know you don't need 40 years of history. But many programs erase your data after your year end. Some generously give you a extra month (13th month) to clean up your year end before purging your data. With Windward, YOU decide when you no longer need the data. Many products are now sold with 10 year warranties, so we suspect you'll want to keep your data online for at least 10 years.