New Users

We welcome our new clients to our group of users and friends. We know you will benefit just as much from this amazing accounting system, as all the long standing users have.

Updates

One of the key aspects of EconoAccounting is to continue improving the package for your benefit. As always updates are free of charge to all users. The latest update is dated 3rd December 2004, but a new version will be made available within two weeks.

New Features:
The main improvements relate to the complete financial accounts - your balance sheet and income statement. The new version will allow you to produce an Excel spreadsheet giving month by month figures.This will assist in better analysis of your business, and is geared towards implementing budgeting which is in the pipeline for later this year.

New Tutorial

We have revised our Powerpoint tutorial. It now incorporates all the latest features of EconoAccounting, and is a vast improvement over the first version. The Powerpoint presentation is over 2meg in size, so we will not be putting it on the web site. We will email it to anyone who requests it. Thanks to Gavin who has spent a huge amount of time on this task.

New Website

We have appointed Quirk to redesign our web site and our newsletters. Keep visiting our web site.

Proudly South African

As you will have noticed from the banner at the top of this email, we are now accredited with Proudly South Africa.

User Group/Networking

As we have stated previously we intend starting a user group of EconoAccounting users. One of the best ways of generating new business for ourselves, and yourselves is via networking - meeting people in business, talking to them and getting new business. The intention is to meet regularly, network our wide variety of users and discuss interesting topics relating to EconoAccounting, finance, accounting, tax, SARS, and economics in general. We want to help your business grow and you to get the most out of EconoAccounting.

On the same topic, we are also members of Business Warriors, a group of small businesses who chat on-line, exchange information and try to work together where possible. It is run by the well known Peter Carruthers, and I'd recommend you visit his website to gain a lot of useful insight and benefit.

User Questions

Question:

When I try to change or add an old transaction, the system does not allow me to update?

Answer:

You have the freezedata feature enabled. Freezedata does not allow you to change data that is older than your freeze date. To change the freeze date, go to File/Set Defaults/Freezedata.

Question:

My customer is a bad debt, how do I process this?

Answer:

Various ways - some easier than others. Also please refer to your accountant or financial advisor.
The easiest way is to issue a credit note. 
An alternate way is to pass a journal. Go to Edit Journals, choose DEBTORS. Then ADD a transaction. Because your intention is to DECREASE debtors, use a negative value, being the amount of the bad debt. Use a description like "Bad Debt written off". When adding the transaction, include the CONTACT, as well as the Invoice Number being written off. The CONTRA account for this transaction is INCOME, and then remember to include VAT, so that also decreases your VAT liability.
NB. It may be necessary to create an account called BAD DEBT WRITTEN OFF, and allocate the various journal entries via this new account. Our approach is not to complicate the issue, but if your accountant or financial advisor wants it this way, ask him/her to call us.

Question:

Answer:

EconoAccounting TIPS and TRICKS

Contacts contain some very useful features: We have over 4000 contacts in our contacts list. We store our customers, suppliers, and leads in this database. If we did not have EconoAccounting, we would have had to purchase some complex, expensive CRM system.
1) Use Categories in contacts to manage your customers, suppliers. We even use the category feature to manage this very mailing list. We have created a category called NEWSLETTER, and all contacts, who are part of this category will be emailed the newsletter. (For the actual emailing we use our other product EconoMail).
2) The task manager in contacts helps us manage our day, just like a calendar or diary. Every time someone phones we try to record it in the task manager, especially support calls so we can build up a knowledgebase.

Help us

User recommendations are our best way of making sales. We will keep you informed of dates and venue.

All the very best

The EconoAccounting Team