Glossary of words

Accumulated depreciation: Accumulated depreciation is a valuable tool for accounting and financial reporting. It helps to ensure that your assets are properly valued on the balance sheet and that depreciation expense is accurately calculated. 

Aged accounts payable: This report shows purchase invoices that you haven’t paid for yet.  You can run this report to see what is and will be due to help you keep track of payments. 

Aged accounts receivable: This report shows sales invoices that haven’t been paid by the customer.  You can run this report to see what is and will be due, to help you with debt collection. 

Approval entries: In Wiise, approval entries are created when the workflow for a document type is enabled, and they track the status of the approval process. Approval entries can be used to track the approval of a variety of documents, including invoices, purchase orders, expense reports, and employee timesheets.   

Approval user setup: Approval user setup is the process of configuring users to participate in approval workflows. This involves assigning users to approval roles, setting approval limits, and defining substitute approvers. 

Assisted setup: This is where you set up core Wiise functionality such as sales tax, sending documents as email and workflows. 

Bank account reconciliation: A bank account reconciliation is the process of comparing your bank statement to your accounting records to ensure that they match. This is an important task to do regularly to ensure the accuracy of your financial records and to identify any potential errors or fraudulent activity. 

Bank deposits: A bank deposit is a sum of money that is placed into a bank account. Deposits can be made in cash, by check, or by electronic transfer. When you make a deposit, the bank credits your account with the amount of the deposit. 

Banking: The banking action in the role centre is where you can register a customer payment to the club or create a payment to a vendor. 

Bulk emailing: Bulk emailing is the process of sending the same email to many recipients. It is a common marketing tool used by businesses to promote their products or services. Bulk emails can also be used to send newsletters, announcements, or other types of communications to a large audience. 

Business Activity Statements (BAS): A business activity statement (BAS) is a tax return that businesses in Australia must submit to the Australian Taxation Office (ATO). BASs are used to report on a variety of taxes, including goods and services tax (GST), pay as you go (PAYG) withholding, and fringe benefits tax (FBT). 

Cash flow:  In Wiise, cash flow is the movement of money into and out of your business. It can help you understand your business's financial health and make better business decisions. 

Cash receipt journals: A cash receipt journal in Wiise is a special journal where you record all cash receipts.  You can use the journal to post transactions to the general ledger, customer or vendor accounts. 

Chart of accounts: This is a list of all your business ledger accounts that store your financial information. 

Configuration packages: Configuration packages are a tool that Microsoft provides to import and export data in Wiise. A configuration package is a file that contains data that can be used to set up a new company, update the configuration of an existing company or migrate data from one company to another. Configuration packages can be created and edited manually, or they can save you time and effort by automating the configuration process. 

Consolidation: Consolidation refers to the process of combining the financial statements of two or more companies into a single set of financial statements. This is typically done when one company owns another company or when two companies are merged. Consolidation allows investors and creditors to see the financial performance of a company and its subsidiaries as a single entity. 

Create vendor payment: When you pay money to a supplier for items; expenses such as hire fees; or charges such as coaching, you need to record the payment in Wiise. This is called creating a vendor payment. It allows you to track what payments are due when, what payments are for, and which payments are outstanding. 

Currencies: A currency is a system of money in common use in a particular country or economic area. A currency's functions include, a medium of exchange to buy and sell goods and services, measure the value of goods and services and to store and to purchase goods and services in the future.  

Customer card: Customers are anyone you sell something to. Each customer must be registered by creating a customer card. This record has all the details you need to create sales documents, including sales orders and invoices. 

Customer ledger entries: These are the financial transactions you have with customers, such as sales, credits and receipts. 

Depreciation: Depreciation is an accounting concept that allocates the cost of an asset over its useful life. The useful life of an asset is the period during which it is expected to be used and generate revenue for the company. Depreciation is calculated using a depreciation method, such as the straight-line method or the declining-balance method. 

Detailed trial balance: A detailed trial balance is a list of all the accounts in a company's general ledger, along with their balances. It is called a "detailed" trial balance because it includes more information than a regular trial balance. A regular trial balance only shows the total debits and credits for each account, while a detailed trial balance shows the individual transactions that have affected each account. 

Device license: A device license is a type of software license that is assigned to a specific device, rather than a specific user. This means that anyone who signs into the device with a valid user account will be able to use the software on the device, regardless of who owns the user account. 

Dimensions: Dimensions are information categories such as location, department, or date that you apply to transactions so you can produce reporting. You use dimensions to develop the specific reporting you need. For example, you can report on all sales made by state and the state is your dimension. 

Document date: Document date is a date field that can be used to record the date of the transaction as displayed on a document received by the business. This can be a supplier's invoice or a customer's credit request. 

Employees: Employees are the people who work for a company or organisation. They are typically paid a salary or wage in exchange for their work. Employees have a variety of job titles and responsibilities, depending on the company or organisation they work for. 

Expenses:  Expenses are the costs that your company incurs to operate your business. These expenses can be tracked in a variety of ways, but one common way is to use the General Ledger (G/L) in Wiise. 

Expiry date: An expiry date, also known as an expiration date or best before date, is a date printed on a product that indicates the last date by which the product should be used, sold, or consumed. Expiry dates are typically printed on food, medication, and other consumables. The purpose of an expiry date is to ensure the safety and quality of the product.  

Extension: An extension is a software you install in Wiise to add or change functionality or get access to online services. Some extensions are already installed when you launch Wiise. Extensions are written by system developers to allow you to enhance functionality based on your business requirements.  

External accountant license: An external accountant license is a type of license that allows an accountant to provide accounting services to businesses and individuals who are not their employers. External accountants are typically hired by businesses to help with tasks such as bookkeeping, financial reporting, and tax preparation. 

External document number: An external document number is a unique identifier assigned to a document by an external system. External document numbers are often used to track documents that are exchanged between businesses or organisations. 

Financial reporting: Financial reporting is the process of summarizing and reporting financial information about a business or organisation. It is used to communicate financial performance to a variety of stakeholders, including investors, creditors, and regulators.  

Fixed assets: A fixed asset is a tangible asset that a company owns and uses in its operations for more than one year. Fixed assets are typically depreciated over their useful life, which is the period during which they are expected to be used by the company. 

Forecast: A forecast uses past and current accounting information to predict future trends like cash flow, purchase patterns and sales demand. 

Full user license: A full user license in Wiise gives the user access to all the features and functions in Wiise. This includes the ability to create and manage documents, track finances, and collaborate with other users. Full user licenses are purchased for employees who need to use Wiise on a regular basis. 

General ledger (G/L):  The general ledger (G/L) in Wiise is divided into two main sections: the chart of accounts (COA) and the ledger. The COA is a list of all the accounts that you use in your accounting system. The ledger which stores your financial data is a detailed record of all the transactions that have been posted to the G/L. 

G/L budget: A general ledger budget is a financial plan that outlines the expected revenue and expenses for a specific period. It is used to track and control financial performance, and to make informed decisions about the future. 

G/L account category: A general ledger account category is a classification system used to organize general ledger accounts. It is a way of grouping similar accounts together to make it easier to understand and manage financial data. Some common G/L account categories include assets, liabilities, equity, revenue and expenses.  

Goods and Services Tax (GST): is a value-added tax (VAT) that is applied to most goods and services sold or consumed in Australia. It is a broad-based tax of 10%, with some exemptions and concessions. GST was introduced in 2000 and is administered by the Australian Taxation Office (ATO).  

GST entries: GST entries are accounting entries that are made to record the GST that is collected and paid by a business. GST is a consumption tax, which means that it is paid by the final consumer of the goods or services. The supplier of the goods or services is required to collect GST from the customer and remit it to the Australian Taxation Office (ATO). 

GST register: A GST register is a record of all GST transactions that a business makes. It is used to track the GST that is collected and paid by the business, and to ensure that the business is complying with the GST laws. 

GST returns: A GST return is a tax return that businesses must file with the Australian Taxation Office (ATO) to report their GST activity. It is used to report the GST that has been collected and paid by the business, and to claim back any GST credits. 

GST statements: A GST statement is a document that is issued by a business to its customers to show the GST that has been charged on the goods or services sold. 

Integration: Integration is the process of combining two or more systems or applications so that they can work together. This can be done in several ways, including data integration, application integration and process integration and can provide several benefits with improved efficiency, accuracy and decision-making. 

Intercompany transactions: Intercompany transactions are transactions between two or more companies that are under common control. Common control can be through ownership, management, or a combination of both. Intercompany transactions can be complex and can have a significant impact on the financial statements of the companies involved. 

Items: Items are the goods or services that your business buys and sells. Each item must be registered as an item card as these hold the information you need to buy, store, sell, deliver, and account for items. 

Inventory picks: An inventory pick is a document that is used to track the movement of inventory within a warehouse. It is used to identify the quantity and location of the items to be picked. Inventory picks are typically created by warehouse workers when they receive a picking order from a customer or another department within the company. The picking order specifies the quantity and location of the items that needs to be picked. 

Inventory put aways: Inventory put away is the process of storing new or returned inventory in a warehouse. It is an important part of the warehouse process, as it ensures that inventory is stored in a way that is efficient, accurate, and secure. There are a few different methods for inventory put away and the best method for a particular warehouse will depend on several factors, such as the size of the warehouse, the type of inventory, and the volume of inventory that is being stored. 

Item charges: Item charges are additional costs that are associated with the sale or purchase of an item. They can be added to the price of the item, or they can be charged separately. Item charges can be used to cover a variety of costs, such as shipping, handling, taxes, and insurance. 

Item tracing: Item tracing is the process of tracking the movement of an item from its origin to its destination. It can be used to track a variety of items, including products, materials, and equipment. Item tracing can be used for a variety of purposes, including compliance, quality control, inventory management and customer service.  

Job journals: A Wiise job journal is a type of journal that is used to track the progress of a job or project. It can be used to record tasks, deadlines, and progress, as well as any challenges or issues that arise. 

Journal:  A journal is the first place you'll record a transaction in Wiise, such as a payment from a customer or to a vendor. 

Landed Cost: The total price of purchased goods, including all item charges. 

Locations: An inventory location is a physical place where inventory is stored. Inventory locations can be anything from a warehouse to a retail store to a customer's home. It is important to track inventory locations so that you can easily find the items you need and to ensure that your inventory is accurate. 

No. Series: In Wiise, a number series is a set of consecutive numbers that are used to identify records. Number series can be used for a variety of records, such as customers, vendors, and inventory items. Number series can be set up to automatically assign numbers to records as they are created. This can help to ensure that records are uniquely identified and that they are easy to find. 

Payment journal: A payment journal is a type of journal that is used to record payments made by a business. It can be used to record payments to vendors, employees, and other creditors.  

Payment method code:  In Wiise, a payment method code is a short code that is used to represent the payment method for a customer or vendor. The payment method code includes information about the type of payment method, such as by cash, credit card, cheque, or bank transfer. You can then use the payment method code in invoices, purchase orders and other documents. 

Payment reconciliations journal:  A payment reconciliation journal is a journal in Wiise that is used to apply for payments from customers and/or vendors to their related open entries. When you post this journal, we can choose to Post Payments and Reconcile Bank Accounts which will post payments as applied and close related bank account ledger entries or Post Payments Only which will only post payments as applied and leave related bank account ledger entries as open. 

Payment terms code:  A payment terms code is a short code that is used to represent the payment terms for a customer or vendor. The payment terms code includes information about the number of days until payment is due, whether there is a discount for early payment, and the amount of the discount. Payment terms code receivable refers to the date by which the customer agrees to pay the full amount of the invoice. The payment terms code payable are the payment rules imposed by vendors on their customers. This is to make sure payments are received by vendors within a reasonable period.  

Permissions: Permissions in Wiise are used to control access to data and functionality. They can be assigned to users, roles, and business units. Permissions can be used to control who can access data, who can use functionality or create custom roles.  

Permission sets: Permission sets in Wiise are collections of permissions that allow users to access specific data and functionality. Permission sets are assigned to users, and they determine what users can do in Wiise.  

Post and Send: Post and Send is a feature in Wiise that allows you to post a document and send it to a customer or vendor at the same time. This can save you time and effort, as you do not need to post the document separately and then send it manually. 

Post Batch: A batch post in Wiise is a process of posting multiple documents at the same time. This can be useful for businesses that need to post many documents, such as invoices or purchase orders. 

P/L statement: A profit and loss statement (P&L), also known as an income statement, is a financial statement that reports a company's revenues, expenses, and profits or losses over a specified period. The P&L statement is one of the three main financial statements, along with the balance sheet and statement of cash flows. 

Post: When you post something in Wiise like posting a payment, you're simply recording and transferring the journal entry or transaction to the general account. 

Posting date:  In Wiise, the posting date is the date on which a transaction is recorded in the general ledger. The posting date is important because it determines when the transaction is included in financial reports for accounting purposes. 

Production: Wiise production is the process of deploying and using Wiise in a live environment. It is the final stage in the Wiise implementation process, and it is where Wiise is put to the test to ensure that it meets the needs of users and that it is reliable and scalable. Wiise in a production environment is updated on a regular basis to fix bugs and add new features. These updates are performed automatically, and they are usually scheduled for off-peak hours to minimize the impact on users. 

Purchase budget: A purchase budget is an estimate of the total cost of all goods and services that a company plans to acquire over a specific period. This budget is used to track actual spending and compare it against the forecasted costs. The purchase budget may also include a breakdown of costs by category, such as raw materials, office supplies, and marketing expenses. 

Purchase CR/Adj notes: A purchase credit memo (CR/Adj note) is a document that is used to record a reduction in the amount that is owed to a vendor. This can be done for a variety of reasons, such as a return of goods, a price reduction and a discount.  

Purchase invoice: A purchase invoice in Wiise is a document that is used to record the purchase of goods or services from a vendor. The purchase invoice document includes information about the items that were purchased, the quantity purchased, the unit price, the tax, and the total amount due. 

Purchase journals: A purchase journal is a specialised accounting journal which is used in an accounting system to keep track of the orders of items placed using accounts payable. Purchase journals are used to record all the purchases that a business makes on credit. This includes purchases of inventory, supplies, and services. Purchase journals are typically organized by vendor, and they may also include information such as the purchase date, the invoice number, and the amount of the purchase. 

Purchase order: You'd create a purchase order to record the cost of purchases, allowing you to track your payments and keep your inventory up to date. Use a purchase order specifically if you want to record partial receipt of an order as perhaps the full quantity was not available from the vendor. Or if you sell items by delivering them directly from your vendor to your customer. 

Purchase quote: You'd create a purchase quote to request a quote from a vendor. When you've accepted the vendor's offer, convert the purchase quote to a purchase order. 

Purchase receipts: A purchase receipt is a document that is issued by a vendor to a buyer to acknowledge the purchase of goods or services. Purchase receipts are used to track purchases, return goods or services, claim a refund and document a business expense.  

Purchase requisition: A purchase requisition is a document that is used to request the purchase of goods or services. It is typically used by employees to request the purchase of items that are needed for their work. 

Purchase return orders: A purchase return order is a document that is used to return goods or services that have been purchased. It is issued by the buyer to the vendor. A purchase return order can be used for a variety of reasons, such as defective goods, unwanted goods or overstock. 

Purchase return shipment: When we post a purchase return order it will create a purchase return shipment. A purchase return shipment in Wiise is a document that is used to track the return shipment of items that have been purchased from a vendor. The purchase return shipment document includes information about the items that were shipped, the quantity shipped, the date shipped, and the shipping method. 

Recurring journals: A recurring journal is a type of journal entry that is repeated on a regular basis. Recurring journals are typically used to record expenses that occur on a regular basis, such as rent, insurance, and salaries. 

Recurring sales invoices: A recurring sales invoice is an invoice that is automatically generated and sent to a customer on a regular basis. Recurring sales invoices are often used for subscription services, such as software, cloud storage, or website hosting. 

Register customer payment: If you’re looking to improve your company’s account receivable, register customer payments in Wiise. This is a simple way to improve your cash flow, reduce errors, improve visibility and automate tasks.  

Reminders: Reminders are notifications that are sent to you at a specific time or date to remind you to do something. They can be used for a variety of purposes, such as to-do lists, appointments, events and deadlines.  

Reports: Wiise comes with many built-in reports that can be used to support your business. These reports cover a wide range of topics including financial reports and inventory reports. In addition to built-in reports, you can create custom reports to meet your specific needs using the Report Layouts. 

Report Layouts: Report layouts is a tool that allows you to create and modify report layouts without having to write any code. You can change captions, style and the way a report is arranged. 

Resources: To manage company resource activities, set up your resources and related costs and prices in Wiise. Resources are like items, as they can be put on a sales order and sold. They have prices but are different from items as there’s no inventory. You don't keep track of quantity on hand. 

Role centre: The role centre is the home page of Wiise. This will look different depending on your role which is your access level in Wiise. 

Sales budgets: A sales budget is a financial plan that estimates the total revenue a company expects to generate from sales in a specific period. It is typically used to help businesses make decisions about pricing, marketing, and staffing. 

Sales CR/Adj notes: A sales CR/Adj note, also known as a credit or adjustment note, is a document that is used to record a change to a sales invoice. This can be done for a variety of reasons, such as to correct an error, to issue a refund, or to provide a discount.  

Sales document: Sales documents are quotes, orders and invoices that you send to customers to request for payment. 

Sales invoice: A sales invoice is a document that is given to a customer at the time of purchase. It serves as proof of purchase and may be used for warranty purposes, returns, or tax deductions. Sales invoices are important for both businesses and customers. Businesses use sales invoices to track their sales and to keep track of their inventory. Customers use sales invoices to return items, get refunds, or file tax deductions. 

Sales journals: A sales journal is a specialised accounting journal used to record credit sales transactions. It is a subsidiary ledger of the general ledger, and it is used to track the sales of items that customers have purchased on account. 

Sales quote: You'd create a sales quote to offer items or services to a customer. It includes delivery and payment terms. 

Sales returns order: A sales return order is a document that is used to return goods that have been sold. It is typically used when goods are defective, damaged, or not as described. 

Sales shipments: Sales shipments are documents in Wiise that indicate the delivery of goods to a customer. They are an important part of the sales process and can have a significant impact on customer satisfaction. 

Sandbox: A Wiise sandbox environment is a safe space where software developers can test new code or software applications without affecting the production environment 

Service connection: A service connection is how you connect with online services through Wiise, like sales and inventory forecast setup or online map setup. 

Service costs: Service costs are the costs incurred by a business to provide a service to its customers. These costs can include the cost of labour, materials, and overhead. 

Service items: A service item is a unit of work that is performed by a business to provide a service to its customers. Service items are typically priced based on the labour and materials that are required to perform the service. However, other factors, such as the level of expertise required to perform the service, the time it takes to perform the service, and the value that the service provides to the customer, can also affect the price of a service item. 

Shopify assisted setup: Shopify assisted setup is a service that helps businesses set up and launch their Shopify store. The assisted setup includes steps that provide an easy-to-follow guide for the setup of features. This can help businesses save time and money such as expert guidance, customisation, training and support.  

Statement of cash flows: A statement of cash flows is a financial statement that shows how much cash a company has generated and spent during a specific period. It is one of the three main financial statements, along with the balance sheet and the income statement. 

Team member licenses: A Wiise Team Member license is a type of license that is designed for users who do light tasks in Wiise where no transactions or records need to be created. They are also a good option for businesses that want to give their employees the ability to use Wiise without giving them access to sensitive data. 

Timesheets: Wiise timesheets are a powerful tool that can help you track employee time and productivity. With timesheets, you can track employee hours, assign tasks, track billable hours, identify trends and improve productivity.  

Trial balance: A trial balance provides balance information for all accounts, and includes opening and closing balances, debit and credit balances, together with their net difference. 

User setup: The user setup page allows you to control your posting dates and other setup fields. It defines periods of time during which specified users can post and also specifies if the system logs the amount of time users are logged on.  

Users: Wiise users are the individuals who have access to use the Wiise software. They can be employees, partners, or customers of the business. There are different types of Wiise users, each with their own set of permissions. 

Vendor card:  A vendor card is a record of a vendor's information, such as their name, address, contact information, and payment terms. Vendor cards are used in accounting and procurement systems to track the purchase of goods and services from vendors. 

Vendor ledger:  The vendor ledger in Wiise is a record of all transactions between your company and its vendors. It includes information about invoices, credit memos, payments, and other adjustments. The vendor ledger is used to track the balance due to each vendor and to generate reports on vendor activity. 

Vendor priority: Vendor priority payment is a process of assigning priority to vendors when making payments. This can be done for a variety of reasons, such as to ensure that payments are made on time to critical vendors, to take advantage of early payment discounts, or to prioritize vendors that are providing essential services. 

Warehouse putaways: A warehouse putaway list is a document that is used to detail the items that need to be put away in inventory after they have been received from a supplier. The document includes the quantity, location, and other information required to put away an item. 

Warehouse picks: A warehouse pick list is a document that is used to detail the items that need to be retrieved from inventory to fulfill a customer order. The document includes the quantity, location, and other information required to fulfill an order.  

Warehouse receipts: A warehouse receipt is a document issued by a warehouseman (or the warehouse company) that acknowledges the receipt of goods and the terms under which the warehouseman will store those goods. Warehouse receipts are often used as collateral for loans or to transfer ownership of goods. 

Warehouse shipment: A warehouse shipment is a document that is used to track the movement of goods from a warehouse to a customer or another warehouse. It includes information such as the date of shipment, the destination, the quantity of goods being shipped, and the shipping method. 

Wiise Payroll: Wiise payroll is a comprehensive solution that helps businesses manage all aspects of their payroll process, from employee setup to tax reporting. With Wiise automated payroll, businesses can set up employees, calculate pay, generate payslips, pay employees, file taxes and manage benefits.  

Workflow: A workflow is an approval request sent through Wiise for a document or record (like a purchase order or customer card). The approver will receive a notification from Wiise to approve the record. 

Work types: Work types in Wiise are a way to categorise the different types of work that your company does. This can be helpful for tracking costs, planning resources, when managing projects.