overview : general ledger : fixed assets : prepaid expenses : accounts payable

Wisdom offers several different accounting packages designed to meet your specific credit union needs.

General Ledger: Includes Cost Center / Branch / Department Accounting & Custom Report Writer
Wisdom G/L is a comprehensive accounting package with a flexible Chart of Accounts and utilities such as Recurring and Standing Journal Entries. It offers many reports and graphs and interfaces with Wisdom ALM.

Cost Center / Branch / Department Accounting Program: Allows you to allocate the balance of a single G/L account across branches or cost centers without having to add a new set of G/L numbers for each center.

Custom Report Writer: Produces custom financial statements displaying only information desired for specific Board or management purposes.

Fixed Assets: Tracks fixed assets by branch, department, or both and prepares a monthly accounting of purchases, sales, transfers between locations, and depreciation expense entries.

Prepaid Expenses: Tracks Prepaid Expenses by branch, department, or both and prepares a monthly accounting of purchases, dispositions, transfers between locations, and monthly expense entries.

Accounts Payable: Maintains vendors, invoices, credit memos with G/L entries automatically created. Accounts Payable features recurring invoices, flexible allocation and check writing for any number of accounts using standard dot-matrix or laser printed checks. Plus, the Check Reconciliation functionality allows you to write checks against any number of accounts with reconciliation for each account. Importing capabilities include options to import written checks from your data processor and/or cleared checks from your bank account or corporate CU.

Wisdom Accounting Suite: Provides a complete package combining four Wisdom accounting programs: General Ledger, Fixed Assets, Prepaid Expenses, and Accounts Payable. Wisdom Accounts Payable, Fixed Assets, and Prepaid Expenses automatically create G/L entries for Wisdom G/L or can be formatted as a standard ASCII file for uploading to other G/L programs.

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General Ledger
Wisdom General Ledger is a comprehensive accounting package designed specifically for credit unions using a flexible Chart of Accounts with 3 to 12-digit general ledger numbers.

Cost Center / Branch / Department accounting allocates the balance of a single G/L account across as many branches or cost centers as desired without having to add a new set of G/L numbers for each center. This method allows a single G/L number to be used in almost any allocation scheme, for example, in both branch and departmental analysis. G/L balances may be allocated using a fixed dollar amount or a percentage and as balances are logically allocated, they never change.

Features include User-defined "roll-up" titles for custom financial statements, monthly Budget amount fields on accounts for Budget-to-Actual reporting, and automatic backup at month-end closing after all unposted transactions and recurring entries have been posted.

Month-End Recurring Entries provide an easy way to record and process G/L transactions like monthly transfers to provision for loan loss. Journal Templates feature groups of journal entries containing G/L numbers and descriptions with or without dollar amounts attached, such as all the daily VISA processing entries. Each day the template batch is sent to a manual journal to be filled in easily with the proper dollar figures.

Wisdom ALM interface! If you use the full Wisdom ALM suite, the Investment Portfolio Management System automatically creates G/L transactions as investments are purchased or sold, for interest payments, and for month-end accruals and accretion of premiums/discounts. Data automatically transfers into Board Reports.

The Wisdom General Ledger System includes Wisdom’s Custom Report Writer. The Wisdom Custom Report Writer creates 37 reports including: Standard Financial Statements, FASB Notes to Financials, Flash Financials/ Trial Balance (Detailed or Consolidated, for All accounts, a range of accounts or a single account, all based upon a single date or range of dates, and/or a specific Teller ID), Chart of Account listings, Budget Comparison (both Balance Sheet and Income Statement), Prior Year Comparison, Recurring Entries listing, Standing Journal Listing, Accounts Payable listing, re-print of the Audit Trail for an already posted batch, the ALM Loans Repricing report, and a Sample Check. You can print only the reports you need.

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Fixed Assets
Fixed Assets provides monthly accounting of fixed asset purchases, sales, transfers between locations, and depreciation expense entries. You can use Fixed Assets with the Wisdom General Ledger or as an independent utility.

Fixed Assets are tracked by branch, department, or both. A History record created for each fixed asset during monthly processing includes the credit union’s internal ID, the serial number of the item, beginning book value, monthly depreciation, ending book value, current branch, and location. The INFO tab tracks vendor information, warranty information such as warranty expiration date and PO number, and includes two user-defined 40-character fields.

Fixed Assets can generate G/L transactions for purchases, dispositions, and monthly expense entries with the Wisdom General Ledger System, or, for uploading to other G/L packages.

A fixed asset requires action only when it is sold or moved to a new location. The system handles the depreciation, book value, etc. each month until it is fully depreciated, at which time it remains in the system at the salvage value entered. The History Report provides an amortization schedule, including the location of the asset throughout its life.

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Prepaid Expenses
Prepaid Expenses tracks Prepaid or Deferred Expenses and provides monthly accounting for purchases, dispositions, transfers between locations, and monthly expense entries. Prepaid Expenses can be used with Wisdom General Ledger or as an independent utility.

Prepaid Expenses tracks prepaid expenses by branch, department, or both. A History record created for each Prepaid Expense during monthly processing includes: the credit union’s internal ID, the serial number of the item, beginning book value, monthly expense, ending book value, current branch, and location. The INFO tab tracks vendor information, warranty information such as warranty expiration date and PO number, and includes two user-defined 40-character fields.

The system calculates the Book Value, Monthly expense, expected Maturity Date, and the number of months remaining to expense. Once the item is fully expensed, no further transactions are created. A Transactions Log is created each time a Purchase or Disposition is made; the Transactions Report lists the contents of the log.

Prepaid Expenses generates G/L transactions for purchases, dispositions, and monthly expense entries with the Wisdom General Ledger System, or for uploading to other G/L packages.

A Prepaid Expense requires maintenance if it is physically moved to a new location, or disposed of prior to being fully expensed. The system handles the expense, book value, etc. each month until it is fully expensed, at which time it remains in the system at a value of zero. The History Report provides an amortization schedule, including the location of the asset throughout its life.

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Accounts Payable
Accounts Payable maintains vendors, invoices, and credit memos. G/L entries are automatically created as they are entered and paid. Recurring Invoices are entered once for automatic processing on a monthly, quarterly, semi-annual or annual basis. Invoices can be assigned to a branch, cost center, or department and, using Wisdom G/L, allocated across any combination.

Accounts Payable’s integrated BillMinder™ searches both current and recurring invoices to detect bills due each time the system starts, and prompts payment if bills due are found. Accounts Payable allows you to write checks using any number of checking accounts on standard dot-matrix and laser checks. Wisdom’s Accounts Payable system can print on almost any check.

Take advantage of Accounts Payable’s ACH bill pay for those vendors that want direct deposit instead of a check.

Accounts Payable also includes Check Reconciliation for each account, including full and outstanding check registers and a Reconciliation Form. You can import written checks from your data processor and/or cleared checks from your bank or corporate CU. Plus, Accounts Payable provides the following reports:

• Recap
• Cash Requirements
• Discounts Available
• A/P Aging
• Invoices (Detailed & Quick)
• Credit Memos
• Recurring Entries
• Vendors (Detailed, Quick,& Mailing Labels)
• Transactions
• History (By Date or By Vendor)
• G/L Transactions
• G/L History (for date range & G/L number range)
• 1099s (1099s and 1099 Exceptions)
• Check Register

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