PLUTUSTechnologies

Documentation

Accounting

Accounts, invoices, bills, journals, bank reconciliation, statements and the lock date.

In this guide, and all guides

Chart of accounts

In the app
Accounts, then Financial Information, then General Ledger, then Chart of Accounts
Who
  • Super Admin
  • Payroll Manager
  • Accountant

Plutus starts you with the accounts payroll, tax, receivables, payables and fixed assets post to, marked Default. Inventory adds its own accounts when you switch it on.

  1. Choose New Account.
  2. Enter a code and a name, and choose the type: asset, liability, equity, revenue or expense.
The Chart of Accounts(opens full size in a new tab)
Sample dataDefault accounts are seeded for you; add your own beside them.

Invoice customers

In the app
Accounts, then Payables & Receivables, then Customers
Who
  • Super Admin
  • Payroll Manager
  • Accountant
  1. Add the customer first: Customer List, then New Customer, with their name, contact email and phone, and TIN.
  2. Choose New Customer Invoice. Pick the customer and enter the invoice number, issue date, due date, revenue account, amount and a description.
  3. Choose Send to issue it. This posts the amount to Accounts Receivable.
  4. When the customer pays, choose Mark Paid.
  • Credit Note reduces an issued invoice; Void cancels it.
  • PDF downloads the invoice and Email sends it.
  • Recurring sets up invoices that repeat on a schedule.
The Customers page listing invoices(opens full size in a new tab)
Sample dataEach invoice's status, with the actions that apply to it.

Record and pay vendor bills

In the app
Accounts, then Payables & Receivables, then Vendors
Who
  • Super Admin
  • Payroll Manager
  • Accountant
  1. Add the vendor first: Vendor List, then New Vendor.
  2. Choose New Vendor Bill. Enter the vendor, bill number, bill date, due date, expense account, amount and any VAT.
  3. Choose the WHT Category: None, Goods or Services. Plutus works out the withholding tax.
  4. If the bill is for stock you have received, link it to the goods receipt.
  5. Choose Approve to post it to Accounts Payable, then Mark Paid when you pay it.

Net payable is the amount plus VAT, less withholding tax. Each bill keeps a History of what happened to it.

The Vendors page listing bills(opens full size in a new tab)
Sample dataVAT and withholding tax show under each bill's net payable.

General ledger and journal entries

In the app
Accounts, then Financial Information, then General Ledger
Who
  • Super Admin
  • Payroll Manager
  • Accountant

The trial balance lists every account with its debits, credits and balance. Payroll, invoices, bills and inventory post here on their own.

  1. Choose New Journal Entry and enter a description.
  2. Add a line for each account, with the side (debit or credit) and the amount.
  3. Post it. Plutus refuses an entry until total debits equal total credits.
The General Ledger trial balance(opens full size in a new tab)
Sample dataEvery posting from payroll, WHT and manual journal entries.

Reconcile the bank

In the app
Accounts, then Financial Information, then Bank Reconciliation
Who
  • Super Admin
  • Payroll Manager
  • Accountant
  1. Choose New Bank Account and enter the bank name, account number, account name and the ledger account it maps to.
  2. Choose Add Statement Line for each line on your bank statement: the date, description, money in or out, and amount.
  3. Choose Match to pair a statement line with the ledger entry of the same amount.

The bank balance, ledger balance and difference update as you match. When every line is matched, both lists read “Nothing outstanding”.

The Bank Reconciliation page(opens full size in a new tab)
Sample dataUnmatched statement lines on the left, unmatched ledger entries on the right.

Profit and loss, and the balance sheet

In the app
Accounts, then Financial Information, then Profit and Loss Account
Who
  • Super Admin
  • Payroll Manager
  • Accountant

Both statements are computed live from the general ledger, so they always match it.

  1. For the profit and loss account, choose the From and To dates.
  2. For the balance sheet (under Balance Sheet), choose the As of date.
  3. Choose PDF to download either statement, or Email to send it.
The Profit and Loss Account(opens full size in a new tab)
Sample dataRevenue and expenses by account for the dates you choose.
The Balance Sheet(opens full size in a new tab)
Sample dataAssets against liabilities and equity at a point in time.

Close a period with the lock date

In the app
Accounts, then Financial Information, then Accounting Settings
Who
  • Super Admin
  • Accountant
  1. Choose the date in Lock the books up to.
  2. Choose Save lock date. Nothing can then be posted on or before it: no journals, bills, invoices, payroll or inventory documents.

Only a Super Admin or an Accountant can change the lock date. On the same page, Statutory remittances decides whether marking a statutory liability as remitted also posts the payment.

The Accounting Settings page(opens full size in a new tab)
Sample dataThe lock date, and whether statutory remittances post to the ledger.