WP Ever Accounting comes up with several features to facilitate and to get an overview of your regular affairs. It is entirely an alluring package to deal with your business sphere. But one thing we have to know before knowing the features – WP Ever Accounting plugin takes care of its calculation on an accrual basis.
What is Accrual Accounting?
You may do not know what Accrual Accounting is. In general, accrual accounting is revenue earned and expenses incurred by the company in the fiscal period. You can report your incomes even if the transaction has not yet changed hand. On the other hand, whether you have paid your expenses or not, it will be deducted in the fiscal period.
Overview of WP Ever Accounting
When you enter into the WP Ever Accounting, the first thing you will see is the “Overview section”. This section contains different types of information like total income/expenses/profit, cash flow graphs, latest incomes/expenses, and more. One thing you need to know – the total income/expenses/profits, cash flow, income, and expenses by category are date based interactive. That means you can choose a range of dates to see the overview of that particular period.
Now let’s talk about the features shown in the overview section.
Totals
This section shows summations of income, expense, and profit separately. Suppose, you have multiple accounts to maintain your income and expenses. From this overview section, you can check your total incomes, expenses, and profits separately.
Total Sales
Total sales is the summation of all sales. The currency of the total sales is the default currency set from the setting. In addition, this total income is accumulated in the default account. Incomes from accounts with other currencies will be converted to the default currency and will be shown in this section as a total.
In the total sales section, there is another field called Receivable. Accounts receivable is the money that is owed to the company, typically by customers.
Total Expenses
Total expenses are the summation of all expenses. The currency of the total expense is the default currency set from the setting. In addition, the total expense is accumulated in the default account. Expenses from accounts with other currencies will be converted to the default currency and will be shown in this section as a total.
In the total expense section, there is another field called Payable. Accounts payable is the money a company owes its vendors.
Total Profit
The profits shown here is the subtraction of total incomes and total expenses which occurs in the default currency.
In the total profit section, there is another field called Upcoming. The upcoming amount is the subtraction of the receivable amount and payable amount.
Cash Flow
This segment shows the income, expense, and profit graphs separately. This helps you to visualize your state of business affairs appropriately.
Income Graph
The blue-colored line graph is the income graph. In general, the graph shows a contemporary annual results month by month. The peak of the income for the months in the graph indicates the summation of the income of that month. You can also filter out the graph result such as last year’s results, last 12 months’ results, and so on.
Expense Graph
The red-colored line graph is the expense graph. In general, the graph shows a contemporary annual results month by month. The peak of the expense for the months in the graph indicates the summation of the expense of that month. You can also filter out the graph result such as last year’s results, last 12 months’ results, and so on.
Profit Graph
The green-colored line graph is the profit graph. In general, the graph shows a contemporary annual results month by month. The peak of the profit for the months in the graph indicates the summation of the profit of that month. You can also filter out the graph result by last year’s results, last 12 months’ results, and so on.
Incomes by category
Incomes represented by pie charts help you to acknowledge the incomes categorically. Each category is identifiable by the color selected for that category. The name of the income categories will also be visible alongside the pie chart.
Expenses by category
Expenses represented by pie charts help you to acknowledge the expenses categorically. Each category is identifiable by the color selected for that category. The name of the expense categories will also be visible alongside the pie chart.
Latest Incomes
This is a list of the most recent 5 incomes. The latest incomes can be identified by the dates and the category names.
Latest Expenses
There is another list of the most recent 5 expenses as well. The latest expenses can be identified by the dates and the category names.
Account Balance
Account balances show the balances in each of the accounts. The amount in each account will change according to the incomes and expenses.
