Easy FIS

Common Questions About easyFS

What is easyFS?

easyFS – is a Software as a Service (SAAS) Accounting with Sales and Inventory Integration that is designed for Philippine Market.

What are Financial Statements?

Financial Statements – a financial report that shows company’s financial position, performance and liquidity. They are the written records in summary about the business activities and financial results or performance over a period of time. Financial statements are often audited by third parties such as government agencies BIR – Bureau of Internal Revenue), LGU – Local Government Units, Banks, Accountants, Investors and other stakeholders that are interested in the financial standing of the company.

Basic Financial Statements include the following:

  1. Balance Sheet also known as Statement of Financial Position
  2. Income Statement also known as as Profit and Loss Statement
  3. Statement of Cash Flow

What is a Balance Sheet?

Balance Sheet – a consolidated financial report that shows company’s assets, liabilities and owner’s equity. The technical theory behind a Balance sheet is that Total Assets is a combination of debts (Liabilities) and equity (or Owners capitalization). Thus, Asset (A) = Liabilities(L) + Equity (E). At any point in time, you can evaluate the financial standing of the company.

What is an Income Statement?

Income Statement – a consolidated financial report that shows company’s income and expenses. Also known as profit and loss statement, it shows the Revenue (Sales), Expenses and its net result. The net result is Profit or Loss. Thus the formula Net Profit or Loss is equal to Sales less Expenses. Income statement can be generated over a period of time, meaning making it would require a start date and end date. Unlike the Balance Sheet, you will only need a certain period or specific date. Both Balance Sheet and Income Statement will compliment each other to give its readers an overview of the company’s financial health.

What is a Statement of Cash Flow?

Statement of Cash Flow – a financial report that shows company’s cash movement into operating, investing and financing activities. This report supplements the Balance Sheet and Income Statement. It shows the Cash In and Cash Out in the company’s financial records and transactions.

  1. What are Operating Activities in the Statement of Cash Flows?
    – Operating activities means normal operations and activities of the business which is typically selling and purchasing the products and services that directly relate to the company. Technically Cash movements from Accounts Receivable, Inventory, Accounts Payable, Income Tax Payable, Depreciation, Salaries and Wages, Rent, Utilities, etc.

  2. What are Investing Activities in the Statement of Cash Flows?
    – Investing Activities are those related to long-term future activities such as purchasing of land, properties and equipment for the business. Selling and acquiring such investments falls into this category. The Cash In and Out used by the company for these transactions fall into the Investing Activities.

  3. What are Financing Activities in the Statement of Cash Flows?
    – Cash from financing activities include the sources of cash from investors or banks, as well as the uses of cash paid to shareholders. Financing activities include debt issuance, equity issuance, stock repurchases, loans, dividends paid, and repayments of debt.

What is an Accounts Payable Report?

Accounts Payable (AP) Report – shows the total payable of the company to its suppliers. This report falls under the debts or liabilities section in the Balance Sheet. The Accounts Payable (AP) report details the supplier name, the reference document of the debt, the date the transactions occurred and the date when it needs to be paid, the total amount to be paid. In some cases the report will include the description product or services as well as the age of the accounts payable.

  1. What is Accounts Payable Aging or What is Aging of Accounts Payable?
    – This simply means how long the debt was still unpaid. Typically the aging is in days and computed based on the due date. If the debt has a due date of Jan 1, 2022 and the current date today is Jan 15, 2022, the Age of the Accounts Payable is already 15 days.

  2. Why is it important to check Accounts Payable Aging?
    – Aging of Accounts Payable will determine or assess the company’s lead time in paying its debts to its suppliers. It is a strong indicator of how efficient an organization is in fulfilling its obligations. The longer the age for a particular Accounts Payable means that the creditors should be careful of this company as it would take a long time for them to collect the product or service they delivered.

What is an Accounts Receivable Report?

Accounts Receivable (AR) Report – shows the total amount that needs to be collected from the customer. It details the name of the customer, the date of transaction, the reference document, the due date and total amount to be collected. It also shows the details of the product or service that is given to the customer. The Accounts Receivable (AR) Report is the complete opposite of the Accounts Payable (AP) Report.

  1. What is an Accounts Receivable (AR) Aging Report?
    – The Accounts Receivable (AR) Aging Report shows the details in list form those customers who still have not paid the company. The age computation refers to the difference between the current date and the supposedly due date.

  2. What is the significance of the Accounts Receivable Aging Report?
    – It is important to note that the Accounts Receivable (AR) aging report will determine the company’s ability to collect outstanding receivables from its customers. It will also identify or flag those customers who are difficult to collect if the age of the AR is quite overdue or too long already. This report is very important for management for operations and cash management budgeting. This will also become the basis for estimating the Doubtful accounts allowance or Bad Debts.

  3. What are Customer Bad Debts or Doubtful Accounts?
    – Bad Debts or Doubtful Accounts refers to our collectible amount from the customers that we are having a problem with. We cannot collect it due to many reasons. Either the customer is unable to pay or the customer will not pay due to some valid or non-valid reason. The bottom line is that Bad Debts are those difficult to collect and most often or not the company will just write it off or cross it out of the Accounts Receivable Aging Report.

Inventory Reports

Inventory Reports – easyFS inventory report shows the company’s inventory stocks on hand, movement (in and out), within the organization’s branch. easyFS Inventory monitoring makes multi-branch easy to check. easyFS Inventory shows both detail and summary of each item and can drill down to the original entry.

What is a Fixed Asset Report?

Fixed Asset Reports – Shows the company’s Assets such as properties, plant, equipment, furniture’s, fixtures and land.

What is Sales Invoice?

Sales Invoice – a document that records sales transactions with Customers that includes the product/service and amount owed/receivable.

What is Collection Receipt?

Collection Receipt – a document that records the amount of collection from Customers.

What is Purchase Request?

Purchase Request (PR) – a document used to create a request for certain item/s forwarded to the Purchasing Department.

What is Purchase Order?

Purchase Order – a document used to create an order to the Supplier for certain item/s sent by the Purchasing Department.

What is Receiving Receipt?

Receiving Receipt – a document that records the actual item/s received from the Supplier.

What is Cash / Check Voucher?

Cash / Check Voucher – a transaction where you pay all payables and direct expenses.

What is Accounts Payable Voucher?

Accounts Payable Voucher – a report or document where they can generate the payables due for a range period that supports the invoices from the Suppliers.

What is A/P Memo?

A/P Memo – a document that records adjustments to the accounts payable balance such as discounts, rebates and returns to Suppliers.

What is A/R Memo?

A/R Memo – a document that records adjustments to the accounts receivable balance such as discounts, allowances and returns from Customers.

Easy HR

Common Questions About easyHR

What is easyHR?

easyHR – is a Software as a Service (SAAS) Payroll and Human Resource System designed for Philippine Market.

What is a Payroll Worksheet?

Payroll Worksheet – a summary report or the payroll register that shows the net income of each employee, gross deductions, total hours worked, mandatory government deductions.

What is a Payslip?

Payslip – a print out report for the breakdown of each employee’s income and deductions.

What is a Demographics ?

Demographics – an employee 201 report.

What is Employee 201 File?

Employee 201 File – a feature wherein you can encode all the information of the employees like General Information, Payroll Information, Memos, History of Changes.

What is a Leave Form?

Leave Form – a transaction wherein you can input the applied leaves of each employee.

What is a Overtime Form?

Overtime Form – a transaction wherein you can input the applied Overtime of each employee.

What is a Change Shift Form?

Change Shift Form – a transaction wherein you can change the shifts of employees.

Easy POS

Common Questions About easyPOS

What is EasyPOS?

easyPOS – is a Point-Of-Sale (POS) software application, accredited by the BIR (Bureau of Internal Revenue) to issue Official Receipts (OR) or Sales Invoices (SI) without using Manual / written forms.

What is X-Reading?

X – Reading – a per user report or summary of all transactions that can be submitted to the BIR.

What is a Z-Reading?

Z – Reading – an end of day report or summary of all transactions that will be submitted to the BIR as an attachment.

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