Spring is in the air. Flowers are blooming. The robins have returned. The days are getting longer. And with the month of May comes Mother’s Day. In the Worrall family, Mother’s Day has been extra special. Both my grandma and my mother had birthdays around Mother’s Day. Always reason to celebrate. But did you know Visual is very much like a family. “What” you say. It can’t be. But wait, here are a few examples:
- The Chart of Accounts is like one big family with lots of generations. Each posting account has a summary or parent account. Then the parent account can have another parent. And so on. All the way up to the great-great-great grandmother TOTAL ASSETS. The next generation down would be CURRENT ASSETS. And then another generation BANK, ACCOUNTS RECEIVABLE, INVENTORY, PREPAID EXPENSES. The next level could have posting level accounts or even another generation.
- This parent-child (or let’s say mother-daughter) structure can be used for financial reporting. Pick 1 account, let’s say SALES and go down 1 level. Even though you have selected 1 account, it could display 3, 4, 10 or however many children exist.
- Another way that Visual’s Chart of Accounts is like a family is Account Groups, or as I like to call them, Foster Parents. These allow you to create another way to show accounts on financial reports. For example, you could have a Foster Parent – TOTAL WAGES. Then you could select accounts from anywhere in the chart of accounts to belong to that group. Again, in the report writer you could select the Account Group. You have the option of showing this as a 1 line total or showing the accounts that make up the group.
- We have Customer Groups that allow you to select multiple customers into their group or family. For example – the Group might be called Momma’s Bakery but then you have multiple unique customers that belong to Momma’s Bakery. There’s Momma Marilyn’s Bakery, Momma Michelle’s, Momma Wendy’s, Momma Lori’s and Momma Carey’s. These ladies pool their resources and send 1 payment to you as the flour supplier. No worries – the cash receipt can be done by Customer Group to pay invoices for all the customers.
- There is the similar functionality on the Vendors side. Here our vendor groups are more how the family is paying the money. Our ladies are out buying ingredients and appliances for the bakery (you know how ladies like their appliances, just not as gifts from their husbands.). They have followed the company procedure and set up the PO’s to the individual vendors. But then they paid with the AMEX card. We can make a group AMEX and include all the vendors that are paid with the credit card. When the payment is made, the vendor group is selected and the invoices from the various vendors can be paid on one payment.