If you're struggling to keep up with all the financial data that accumulates with your business (such as customer orders & payments, wholesale purchases, travel, office expenses, petty cash, and bank activity), UnitWise can help you out. Simply add the Bank Accounts that you use to your UnitWise account. It can be a checking account, savings account, or a credit card. After the bank accounts are created, you can match account balances in UnitWise to the actual account balances. After you've finished, you can start creating your expense accounts.
In the expenses section, you will notice that we have already included the most commonly occurring expenses (cost of goods, taxes, credit card fees, utilities, etc). We call these accounts "system accounts". Some of the expenses are recorded automatically when you perform certain tasks in UnitWise. For example, when you accept a payment from a customer via a credit card, the credit card processing fee is automatically recorded based on the card type. The cost of goods, taxes, shipping, and Business Builder Bucks are recorded when you import your wholesale orders from InTouch!
If you have expenses that fall outside the system accounts, you can add as many expense accounts as you need. As you work on expense accounts, think of the people or organizations you make payments to on a regular basis. They would be considered your payees. So, the next step will be to add those people and businesses as your payees on your expense account forms.
Most of your income as an Independent Beauty Consultant may be coming from customer orders, but what do you do with the income that came from other sources? They can be tracked as "other income" in UnitWise. The examples of other income might be: team/unit commissions, reimbursements for adoptee gifts from other directors, and referral credits from businesses.
Olivia: Hi. I recently joined UnitWise and heard that you can help me keep track of accounting stuff. Do I need to enter my bank information or give you my bank statements?
Hero at UnitWise: No, Olivia. All you need to do is add the account you use and match their balances with UnitWise. Going forward, the transactions you make in real life will be matched in UnitWise, so you can track your financial activity all in one place.
Olivia: I have several bank accounts, what is the limit in UnitWise?
Hero at UnitWise: You can list an unlimited number of bank accounts in UnitWise.