What I Owe

Your Accounts Payable Report

Overview

The What I Owe report is technically your Accounts Payable. It shows you all the outstanding Expenses that are in the system and yet to be paid.

Of course in many small businesses it may very well be the same person who manages Projects, creates  Expenses, and processes payments at the bank. That person will have the Owner or Super Admin User Role with full access and control of the workflow.

However it is very common for a book keeper to be involved with part of this process and therefore it's important to understand what this User Role isn't mean to do with this What I Owe report.

Key points:

  1. Only Finalised Expenses appear in this report.
  2. The Accountant Role doesn't get to approve payments, they only get to mark payments as paid once they are Approved by the Owner or Super Admin User.

Why split this process? By having a Book Keeper enter payments at the Bank (though they may not actually authorise the payments) not only streamlines the process but more importantly introduces a check and balance so as to eliminate the possible fraudulent activities as well as provide a double check by someone else to ensure that expenses aren't paid twice or unnecessarily.

The What I Owe report is more than just a report showing what is outstanding, it also provides a workflow where Expenses in this list can be reviewed before being approved for payment.

Why doesn't the Accountant Role get to approve payments?

The reason is that generally speaking a Book Keeper isn't usually involved in the day to day running of projects. Therefore they will not generally know why an Expense has been create, if it is correct (otherthan teh attached invoice) or if there are certain circumstances relating to that Expense that may require it from not being paid. That's the responsibility of the Manager role. This User will be either a Producer or Production MAnager or even an Account Manager, but rarely will they also have the ability to process payments at the bank. Even the Manager needs to be made accountable and this is why the Approval process has this workflow ensuring the the Owner or Super Admin User has the final check and final say a so whetehr an Expense should be paid.

This Report therefore provides a workflow whereby only the Owner or a Super Admin user can Approve expenses to be paid. They do this by clicking on the Approve button on the far right of each Expense line.

Importantly this report shows if an Expense does or does not have an attached Supplier invoice. It makes sense that someone approving an Expense for payment probably wants to see the original Supplier Invoice to cross check this with the amounts in the Expense. Think of this as a double check for someone to ensure that the Expense reflects the actual Invoice amount that has been received from a supplier. Sometimes they may slip in additional amounts that were perhaps agreed to be included but somehow found their way onto the invoice. While this may be considered the Managers responsibility, the person managing the project, sometimes it's missed and it takes a second eye (usually with a vested interest in ensuring the business is not overpaying for something) to over see it. By having this workflow in place it provides a workflow that encourages all involved to make sure things are done right. More importantly it eliminates the possibility of any fraudulent payments from being processed. It's also provides a secondary check for someone to ensure that expenses aren't paid twice or unnecessarily.

Generally the User responsible for approving payments will likely check that the attached Invoice matches the amount that the Expense is for. They will be able to see if anything looks out of order before they Approve the Expense for payment. Once they click on the approve button this reveals a checkbox which then allows the Expense to processed or allow the Expense to have a Payment applied to it. This will be done at the same time that the Expense payment is set up at the bank or a Cheque written for the Expense. In other words, revealing the check box provides an indication that this Expense has been approved for payment.

Let's look at each Role

Owner

AKA: The Boss

This is the Owner of the Account and more often than not they are also the Owner of the business. The business Owner should obviously see everything so of course they have Full Access to all parts of the application but importantly they are unique in that they are the ones who are responsible for managing the Beeswax Subscription and associated Plan.
It's likely they have a business partner or a dedicated senior staff member who needs to be able to see and do all the same things that the Owner can. That's what the Super
Admin Role which we get to next.

Super Admin

Business Partner or a Senior Employee

The Super Admin User also has Full Access to everything however they don’t have access to the Subscription but that’s all. These are usually Partners in the business or Senior Employees who need to see and control everything in the Business. Warts and all!

Manager

Production Manager or Account Manager

The Manager Role is generally the person who takes care of the day to day running of Projects, and oversees Tasks.
This Role would be for a Production Manager,  Studio Manager or Account Manager for instance.
They generally don’t get involved in Payroll financial reports and as such are not expected to know anything about Accounting or Tax related matters.

Of course these things aren’t necessarily that difficult to understand, however,  so as to avoid the potential pitfalls associated with incorrectly allocated transaction Accounts and / or Taxes we have chosen to limit this Users access and control over such things.
So, while Manager can create Quotes, Expenses and  Invoices, they can’t change the Transaction Account and Tax when working on any of these documents. While Managers can create Quotes, Expenses and  Invoices, they can’t change the Transaction Account allocation nor the Tax Allocation when the are preparing any

These are defined by the Items that make up these documents and are therefore meant to be set up specifically by someone with this knowledge such as your Bookkeeper or Accountant.

Accountant

Your Accountant (obviously) or your Bookkeeper

This Accountant Role is obviously for the Accountant or Bookkeeper who need access to all things Money. They essentially have full access to the entire system with the exception of being able to manage the subscription.

Basic

A User who primarily works on Tasks

This Accountant Role is obviously for the Accountant or Bookkeeper who need access to all things Money. They essentially have full access to the entire system with the exception of being able to manage the subscription.

Contractor

External Resource

This is someone who usually is a freelancer that needs access to Tasks but not much more. They have a similar level of access as the Basic User but we've included this for future use.

Client

The Client

Someone who probably would like to get access to all your stuff but really you only want them to see things you want them to see. Like outstanding invoices and access to Files you share with them but apart from this you don't really need much more.

Roles
Owner
Super Admin
Accountant
Manager
Basic
Contractor
Client

Dashboard

Projects

Companies & People

Companies

The businesses you work with every day

Contacts

Just like the ones in your phone only it's for everyone in your business

Users

Users are those people you wish to invite into your account to do something

Money

Items

The Services you Sell or the things you Buy

Templates

Templates will save you heaps of time

Bank Reconciliation

Bank reconciliation or statement check

Bank Import

Import your Bank CSV file to allocate transactions

Scheduled

Used to automate the generation and sending of regular invoices

Bank Transfers

Move money from one bank account to another

Manual Journal

Need to fudge something. That's the only reason you should be here

Chart of Accounts

The heart of any accounting system

Reports

Reports

Reports...the ones you need and non you don't

Who Owes Me

See at a glance your Accounts Receivables

What I Owe

Your Accounts Payable Report

General Ledger

The report you accountant needs

Profit & Loss

Perhaps the most important report for any business

Tax Report

Yeah...no getting out of it

Time

Logging time is easy in Beeswax

Statement

A list of all outstanding Invoices

Subscription

Subscription

Manage your Plan under the Subscription page

Overview

Companies exist for two main reasons:

  • Assigning Projects & other related things
  • Grouping Contacts and Users

1. Assigning – Projects and other related things

Projects

Quotes

Expenses

Most things in Beeswax, like Projects, Quotes or Invoices, need to be assigned to a Company. These things can’t be assigned to a specific User or Contact.

Why? Because small businesses, those businesses that Beeswax is specifically built for, generally work with and provide services to other businesses rather than individuals or customers. In other words, we think of Beeswax as being a B2B application rather than a B2C. It’s one of the key assumptions we’ve made when building Beeswax.

Remember a Quote or Invoice is technically a legal document that relates to the obligations that your business has to another party. And therefore the name of the other party, which is usually a business, should be stated specifically. Of course you will have a contact who will receive documents from you but they are still technically representing the third party and are usually not themselves obligated to fulfil their financial obligations to pay you.
It’s the company or business they represent. When they leave the company still owes you money.However, while we think of these entities as Companies, it’s not to say that a Company can’t be something else. That’s for you to decide.In any case just remember that Projects, Invoices, Quotes and Expenses are all allocated to this idea, this entity, this concept, that we call a Company.

2. Grouping Contacts & Users

SM

JC

DJ

JC

It’s the way Beeswax groups or organises Users and Contacts. We think it makes sense to keep all Users and Contacts under the specific Company that they are associated with.

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