Wings Accounting Nxt
Total control of your finances all the time.
Wings Accounting Nxt is the next generation accounting and inventory software, giving you total control over your finances and inventory, all the time. It takes care of all your business processes in one integrated system.
A technology upgrade to Wings Accounting 16
Users of Wings Accounting 16 would find that functionally is an almost replica of that great software – but on completely modern technology and with amazing features and utilities. Wings Accounting Nxt also offers tools of quick import of masters and opening balances from Wings Accounting 16 so that upgrades are smooth and easy.
Finance
Complete financial including General Ledger, Profit & Loss, Balance Sheet, Cash & Funds Flow, Bank Reconciliation, PDCs etc.
Below is a graphic explaining broadly the processes covered.
(*) This chart represents the entire Finance function covered by Wings Accounting NXT. Most processes are optional and not mandatory for Billing.
Cash
- Cash Receipts: Receive cash from customers or others. The cash and party ledgers, party receivables and cash book are automatically updated. While receiving cash, you may also adjust pending items, such as list of sales invoices or advances.
- Cash Payments: Pay cash to suppliers or others. The cash and party ledgers, party payables and cash book are automatically updated. While receiving cash, you may also adjust pending items, such as list of purchase invoices or advances.
Bank
- Bank Receipts: Receive amount from customers by cheques. Record details such as the cheque number, date of issue of cheque, bank name and branch of the cheque, bank charges etc. The bank and party ledgers, party receivables and bank book are automatically updated. You can also adjust pending bills.
- Bank Payments: Issue cheques tosuppliers. Record details such as the cheque number, date of issue of cheque, bank name and branch of the cheque, bank charges etc. The bank and party ledgers, party payables and bank book are automatically updated. You can also adjust pending bills.
- Bank Reconciliation: Wings provides an efficient way to reconcile your bank statement. You can:
- Reconcile statement of each bank account
- Mark the clearing status of un-cleared cheques along with dates
- Bank, party, other account ledgers and books are automatically updated.
Post-Dated Cheques
Manage post-dated cheque transactions effectively.
- Receipts: Receive amounts from customers and other parties by PDC. Store details such as the cheque number, cheque date, bank and branch names, taxes etc. The ledger accounts are automatically updated.
- Payments: Pay to customers and other parties by PDC. Store details such as the cheque number, cheque date, bank and branch names, applicable taxes etc. The ledger accounts are automatically updated.
- PDC Deposits: Mark all post-dated cheques received as deposited. Store the dates on which the PDCs were deposited into the bank.
- Clear PDCs: Wings enables you to clear the post-dated cheques manually or automatically. If manually, you may choose one or more PDCs to clear, set the date on which the cheque is cleared and the status of clearance.
The ledger accounts and the books are automatically updated upon clearing.
Adjustments
Adjustments such as, debit and credit notes, journal vouchers.
You can also adjust pending bills of parties in bulk.
Opening Entries
Record details of previous balances that are carried forward to the new financial year. You can record balances of all your ledger accounts such as cash, bank, assets, debtors and creditors etc.
The graphic below shows the list of reports covered under the Finance module:
Sales
Manage sales flow completely, from orders to invoicing and collections.
The workflow covered by the Sales module is shown below.
(*) This chart represents the entire Sales function covered by Wings Accounting NXT. Most processes are optional and not mandatory for Billing.
Book Orders
Record products ordered with terms and conditions, delivery address, advances payments. Automatically calculate taxes applicable or manually enter them.
Deliveries
Deliver stocks based on pending orders, store delivery address etc. , applicable taxes and terms and conditions.
Invoicing
- Create customer invoices against or without orders/deliveries.
- Create Invoices at a particular branch/location, with automatic or manual taxes. Invoice may be against pending orders or delivered stock, against cash or on credit.
- Receive and record amounts from customer by cash, cheque or PDC. Adjust pending bills and record terms and conditions.
- Know previous sales history while invoicing.
- Wings automatically posts values to ledger accounts and creates a receivable.
Sales Returns
Record stocks returned by customers. Wings Accounting NXT automatically updates the stock and account ledgers.
Discounts
Apply discounts based on product/service or a party. You can:
- Apply discounts in bulk for products/services.
- Apply discounts in bulk for your customers.
- Mention the percentage of discount to be applied.
- et effective date from which the discounts need to be applied.
Reports
The graphic below shows the list of reports covered under the Sales module:
Purchase
Manage your purchases flow efficiently with your suppliers, from placing enquires with your suppliers to managing their invoices.
The workflow covered by the Purchase module is shown below.
(*) This chart represents the entire Purchase function covered by Wings Accounting NXT. Most processes are optional and not mandatory for Billing.
Manage Orders
Record products ordered with your supplier along with terms and conditions, delivery address, advances payments. Automatically calculate taxes applicable or manually enter them.
- Record the stocks received from your supplier with or without orders.
- Record stock received fully or partly.
- You can receive stock at a particular branch or location.
- Record details of taxes such as service tax, VAT, CST etc.
- Record terms and conditions.
- Record details of manufacturer and supplier details. Additional details such as invoice number and date, mode of transport and vehicle details, time of issue etc. can be recorded.
Manage Supplier Invoices
Enter supplier invoices with or without orders/receipts.
- Enter Invoices made at a particular branch/location.
- Know applicable taxes automatically. Or, manually enter taxes for products, such as Service Tax, Excise, VAT etc.
- Record other costs on products.
- Invoice against pending orders or received stocks.
- Know previous purchase history of the supplier.
- Pay to your supplier by cash, cheque or PDC.
- Adjust against pending amount payable to your supplier.
- Record terms and conditions.
- Wings automatically posts values to ledger accounts and creates payables.
Manage Returns
Record the details of stock returned to your supplier or vendor in case of a damage, exchange etc. You can also store details of payments made by Cash, Cheques or PDC.
Reports
The graphic below shows the list of reports covered under the Purchase module:
Receivables & Payables
Wings Accounting NXT facilitates comprehensive debtors and creditors management, bill-wise, overdue bills, interest calculations on overdue bills, user-defined ageing, reminder letters etc.
For example: If you save a sales invoice, a receivable on your customer account is automatically created and you then can obtain a detailed ageing report of all the receivables. Similarly, a purchase invoice when you save will automatically create a payable to your supplier. List of pending payments along with ages can be obtained from payables report.
Wings Accounting NXT has many reports to give you complete information about all your receivables and payables.
Inventory Management
The most complete inventory management in its class. It allows any number of products with detailed master information, product codes and attributes.
The module is extremely powerful and has huge depth.
Workflow
The workflow covered by the Inventory module is shown below.
(*) This chart represents the entire Inventory function covered by Wings Accounting NXT. Most processes are optional and not mandatory for Billing.
Multiple Units of Measurement
Maintain products with respect to their base and alternate measurement units. For instance, you may want to sell a product with a different measurement unit such as Nos, Pcs, etc. being its base unit as Packs. You can also define conversion factors between the base and alternate units.
Multiple Price Lists
Wings Accounting NXT allows you to maintain 26 price lists apart from the standard sales and purchase prices which come by default in the software. You can customise these price lists if required. For example: South Zone Price List, Regular Customer Price List, etc. The price lists can be assigned to products. Prices, in transactions, will be automatically picked based on the price list you select.
Locations
Maintain inventory across multiple locations. You can enter transactions based on a particular branch or a location. In transactions, the stock position is displayed based on the branch and location you select. Reports let you to see the stock balances based on one or more branches or locations.
You may record internal consumption, excesses and shortages of stocks found.
Manage inventory by various attributes, such as product types, categories, sub-categories, brands, manufacturers etc.: Wings provides various attributes to categorise your inventory in more detail manner. For example: You may want to classify your inventory based on a brand or by its manufacturer etc.
Valuations
Assess your stock with strong analytical reports. Reports such as Stock Valuation, Stock Balances etc. give you in-depth information of your stock in hand. Know the current position and value of your inventory with Stock Valuation report.
Reports can be filtered by branch, location.
Reports
The graphic below shows the list of reports covered under the Inventory module:
Budgeting
Create and manage any number of budgets, for any account or group of accounts, segment-wise, for any period. You can also get a variance analysis.
Taxes
Wings offers a complete Taxes module which takes care of all your taxes. The Tax module is likely to work across several countries without modification.
You can manage taxes such as VAT, CST, Sales Tax, TDS, Excise, Cenvat, Excise Invoice, Inclusive & Exclusive Taxes, Automatic & Manual tax entries, Tax Registers etc. are all supported in Wings . Reports can be generated for each tax for statutory returns and VAT returns for all states.
Most of the taxes for different states in India come pre-configured and ready to be used. You can however, with just few clicks, easily reconfigure taxes of any kind and start using them. From the Settings Manager, you may select the tax that applies to your company or branch. For example, you may select only VAT and Service Tax and ignore others.
VAT and Other Taxes
Manual Taxes
You can override automatic tax calculations in transactions by manually selecting any tax slab and rate.
Maintain Commodity Codes
- Maintain commodity codes for taxes in your region and assign them to products
- Give schedule information such as the Serial Number etc.
- Specify the basis for tax calculation – Gross Amount, Discounted Value etc.
- Maintain tax codes for the services you offer
Tax Forms
Manage as many as Tax Forms as required and use them in transactions. Store the list of tax forms received or issued while entering transactions. You can store information such as, if a tax form is received, date on which the tax form is received, tax form number etc.
Inclusive Taxes
Specify if taxes are inclusive or exclusive of product prices. You can:
- Specify if taxes are inclusive or exclusive for standard prices of products
- Create your own price lists and set if taxes needs to be calculated inclusive of rates
Inclusive taxes and net prices for products are automatically calculated in transactions based on the price list selection.
Tax Structures
Group one or more taxes and assign them to products. For example, you can group VAT, Service Tax and Excise Duty etc. Tax Structures enable you reuse the taxes that apply in common to your products.
Tax Transaction Types
Choose from various tax transaction types while configuring – VAT For Regular Sales, VAT for Inter State Purchases etc.
Product Categories and Applicable Dates
Select from the list of product categories to which the taxes apply.
Set dates from which taxes should be applied. Applicable dates can be set separately for each product category.
Tax on Tax
Calculate automatically tax on other taxes, such as Education Cess, Secondary Education Cess, VAT on Excise etc.
Tax Accounts
Tax amounts can be posted to different ledger accounts, if required. For example, you may specify VAT amounts to be posted to VAT Collected and VAT Paid accounts separately.
Taxes for all states
Taxes various states in India come pre-configured and ready to be used. You can set the effective dates and product categories for required product and start using them. However, the Taxes Wizard helps you to additionally configure taxes, if required.
Wings also lets you view/print ready VAT forms of all states of India.
VAT Month End
Automatically know the list of transactions in which VAT has been applied for a given month, branch and state. The list of transactions will be automatically displayed along with respective tax amounts.
The difference of VAT input and output is automatically carried forward as opening for the next month.
VAT Payments
Make VAT payments for a given year and month. Pay the amount by cash or cheque. Post the payments to desired accounts.
VAT Returns
Generate statutory VAT return forms easily for e-Filing. VAT return forms for most of the Indian states come pre-configured in the product. Wings keeps adding forms whenever required. You can select the form that applies to your state, take print and do e-Filing.
TDS
Manage your TDS effectively. You can:
- Create and manage Assessee Types.
- Create and manage TDS types and sub-types.
- Create and manage transaction natures.
- Record TDS collected and paid.
- Define tax percentages to accounts.
The following are the transactions available to manage TDS:
Previous Balances : Record previous closing TDS balances of accounts.
Payments: Record details of TDS payments made for a specific year. Mark TDS paid for selected transactions. Pay TDS by cheques.
Certificate Receipts/Issues: Record details of TDS certificates received or issued for a specific year and month. Record details of TDS certificate number received/issued against each transaction.
Taxes are optional module in the software. You may enable or disable taxes whenever required. Or, choose only the tax that applies to your company.
Segments
Allocate your transactions to various segments such as a , department, project, profit center, or a cost center. Take reports based on desired segments.
Segments are optional. You may disable segments if not required and enable them whenever you wish to use them again.
Download detailed specifications and know Wings Accounting Nxt
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