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Accounting

The Nextsoft Accounting system includes a full suite of operational and administrative functions for managing the business books, including Financials, General Ledger, Receivables and Payables, order entry, purchasing, bank reconciliation, finance, payroll and many other functions. 

Accounting is tightly integrated with Service and Jobcost, so hours and materials entered on a timesheet are passed directly to Payroll, Order Entry, and the General Ledger.

Since all data flows in real-time, financials are always current and do not require posting or end-of period procedures. Complete financial statements are always available and current, including the present day’s activity.

Chart of Accounts
The heart of the accounting system is the Chart of Accounts. Configured in a hierarchical tree, each account displays the complete life transaction history, along with transaction details, highs and lows, month-to-date and year-to-date balances.

While viewing an account, drill down into the detail to view and edit the underlying transactions, regardless of where they came from. Account balances are immediately recalculated when changes occur to transaction amounts or dates, keeping the Chart of Accounts up-to-the-moment accurate.

Navigational aids help to move quickly from one month end to another, or to a prior year end to lookup balances or research transactions. Search tools allow you to find accounts based on their description. 

Account management is made easy with drag-and-drop reformatting of the Chart of Accounts. Want to move an account to another area of the Chart? Simply drag it there, and all balances are updated accordingly.

Budget information on a month-by-month and year over year basis is maintained for preparing budget and variance reports.

General Ledger
Building on the Chart of Accounts is a General Ledger, which handles all top-line transactions for the business, including depreciation, capital assets, account transfers and other non-standard transactions.

The General Ledger Journal holds copies of all summary transactions from other areas, such as payroll. Journal entries, such as depreciation, can be automated using the Recurring Transactions feature.

Reports cover all areas, including Trial Balance, Chart of Accounts, General Ledger Detail and General Ledger Summary, and can be run for any current or prior period.

End of Month
One of the most significant features of the Nextsoft system is the real-time processing of transactions. Because there are no batches, or procedures to run, each transaction—invoices, purchase orders, payments, timesheets—immediately updates all other related areas, such as receivable balances, checkbook balances and the Chart of Accounts. 

There is no need to perform any month-end functions, yet at the same time you can continue entering information for a new month even as you are preparing financials and statements for a prior month. All transactions and reports are based on actual date, so you can easily backdate a transaction into a prior period if needed. At the same time, a prior period can be locked so that additional transactions cannot be entered accidentally, such as after the tax return is prepared.

Departments & Locations
Financial data within Nextsoft is stored three dimensionally, such that all General Ledger account balances can be viewed by Department, Location or both. Departments are used to assign sales or expenses to customer demographics, such as wholesale, retail and commercial. Locations include your physical store or office locations. As a result, management decisions can be based on performance of a single location, a single department within a location, or a department across all locations. 

Sales Tax
Nextsoft’s sales tax tables handle retail sales tax, use tax, county and city taxes, including graduated and fixed rate taxes. Canadian GST and PST is fully supported.

Sales tax reports enable you to view all sales and tax collected by tax jurisdiction, and present the data needed to file monthly sales tax returns.

Order Entry & Invoicing
The Order Entry and Invoicing tools include the ability to create customer quotes, turn quotes into sales orders or invoices, generate purchase orders from approved sales orders, and complete integration with shipping and the warehouse.

Orders are entered into a flexible form which allows you to select from Inventory, labor rates, or direct to General Ledger billing codes, bypassing Inventory for services and other non-product sales.

While creating orders, information from the customer file is automatically displayed or immediately available, such as past due invoices, payment history, and credit/collections activity. Special notes or comments can be attached to a customer, which appear each time a new order is entered.

Descriptions within the body of an order can be unlimited in length, and can be entered separately from billable line items, resulting in a more flexible invoice presentation.

In addition, all invoices and quotes can be printed, faxed or emailed.

Purchasing & Receiving
The Purchasing system is tightly integrated with Order Entry, Inventory and the warehouse functions. Purchase orders can be linked directly to orders or jobs, such that receiving can automatically release an order or job. Vendor pricing is maintained so the best price can always be selected for an order. 

Vendor delivery performance compares the expected delivery time with the actual delivery, allowing you to rank vendor performance.

Received shipments automatically stock inventory and forward all transactional data to Accounts Payable for payment processing.

See the Purchasing and Warehouse sections of the Tour for more information on these topics. 

Payables
All vendor invoices, including non-purchased invoices, are entered into a single Vendor Invoice form which handles all terms, discounts, freight, tax and schedule to pay. For problem invoices, a hold function allows you to enter a payable but not pay until specifically released. 

AutoPay automates the process of finding and paying invoices without having to manually mark each for payment. AutoPay looks for discounts and compares due dates to present those invoices which should be paid.

Checks can be preprinted or essentially empty, with only the MICR encoding line at the bottom. Nextsoft’s Form Designer provides the ability to design your own forms, including logos, color and all other design elements.

Cash Management
Multiple cash or investment accounts can be setup, with checks for payables or payroll drawn from any account. Deposits, reconciliation, voiding and other functions are all available.

Cash balances are tracked and graphed in the Business Summary, with real-time balances. Automatic payments to or from a checking account can be setup through Recurring Transactions. 

See the Finance section of the Tour for more cash management details. 

Recurring Transactions
Transactions which recur monthly, such as rent, car payments, bank fees, customer maintenance invoices and loan payments, can be setup to automatically appear each month on a specified date. Transactions appear as if entered manually, and update the rest of the Nextsoft system accordingly. A recurring schedule determines the frequency by which to create the transaction, and an end-date if necessary.

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