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Chart of Accounts

A Chart of Accounts (COA) is crucial for organizing your finances. It contains five main Types : assets, liabilities, equity, revenue, and expenses. Each account has a unique Code for easy classification in the general ledger, which can be numeric, alphanumeric, or a combination. Also, add a Description for each account to explain its purpose.

Importance of a Chart of Account

A well-structured COA ensures reliable financial reports like balance sheets and income statements.
Financial analysis: Categorized data helps reveal insights into business performance and areas needing improvement.
Internal controls: COAs clarify responsibilities for different accounts and prevent mistakes.
Compliance: Following accounting standards like GAAP often requires a properly organized COA.

Chart of Accounts is essential for effective financial tracking, decision-making, and maintaining accurate records.

Access Chart of Accounts

1. Click the nine-dot menu in the upper right corner to open the Visp Admin Page.

2. Click on Billing

3. Select Chart of Accounts

Add New Chart of Account Category

4. Click on Add New Account

5. Input a Unique Code

6. Select an Account Type

7. Click on Edit List to update the existing types.

8. Click on the blue plus icon to add additional account types.

9. Save your work when done.

10. Back in the Type field, select the new type added.

11. Add an explanation for this account type.

12. Click on “Add” to save.

13. Prompt “Saved Successfully” Appears

14. Click on the X icon to close the panel.

Set Chart of Accounts on an Item
15. Click the nine-dot menu in the upper right corner to open the Visp Admin Page.

16. Click on Billing

17. Select Items

18. Click on Add New Item

19. Add a Code

20. Use the dropdown and select the item Type.

21. Ensure that the item is active.

22. Input the item Description

23. Use the dropdown to assign the item to a Chart of Account.

24. Click on Revenue

25. Click on Add, to save your changes.

Additional Steps

26. Click on the Rates tab, and input a value for the item.

27. Save your work when done.

Add an Item (with Chart of Accounts)

28. Click on the Subscriber’s List

29. Search for the subscriber or select from the list.

30. Click on an Open Invoice and add an +Other Item

31. Select the item that you added and configured with a Chart of Account

32. Click “Add”, to add the item to the invoice.

33. Save your work when done.

Confirm Chart of Account Entry in Reports

34. Click the nine-dot menu in the upper right corner to open the Visp Admin Page.

35. Click on General

36. Select Reports

37. From the Reports page, select Billing.

38. Select “Income By Account” Report (Date Bound)

39. Search for the Account Type or Category for the Chart of Account.
In the example, we used “Revenue”

40. Click on the gray + / – icon to maximize or minimize the report.

41. Verify that the Chart of Account contains the code for the newly added item.

💡 For more information about this and all other features in Visp, reach out to your Visp Client Success Team today.
Phone: 541-955-6900

Email: success@visp.net

Open a ticket via www.visp.net/ticket

1. Enable Automatic Payment of Invoices to VISP.net

To enable the automatic payment of your invoices to Visp.net, go to the menu in VISP and select My VISP. Scroll and expand Payments. Add the person’s email address who will receive your billing reminders or notifications from Visp.net. Add an amount to the Balance…

2. Taxes

VISP supports integration with Avalara for automated taxation. It’s also designed to manage tax settings that support multiple criterias for every transaction. To add a tax setting, go to Main Menu > Invoicing > Taxes and clicking on the plus sign or Add New…

3. Supported Merchant Processors

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4. Late Fee or Re-billing Fee

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5. Update Billing Cycle

For UBO or desktop (Java) version, refer to this link. To change or update the billing cycle of a subscriber, first click and open your subscriber’s list. Click on a subscriber’s account. Click on the Billing Options tab. In the section labeled Cycle, you can click…

6. Refund Payments

For UBO or desktop (Java) version, refer to this link. Whether it’s a mistake in receiving payments or a discount you forgot to enter, the Refund feature is your life-saver. To process a refund, you first need to have the Payment refunding function enabled in your…

7. Receive Payments

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8. Print Invoices

For UBO or desktop (Java) version, refer to this link. In VISP, you may print invoices individually or by batch. Here’s how to print it individually: Click on a subscriber’s account. In the Transactions section, click on the invoice you want to print. Once the…

9. Add Scheduled Actions (Reschedule Late Fee / Suspension)

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10. Enable and Set Paper Invoices

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11. Enable and Set Grace Periods

For UBO or desktop (Java) version, refer to this link. A grace period is the amount of time you give your subscribers so they can pay their balance due without getting suspended. For example, if payment is due on the 10th of the month and the grace period was set for…

12. Edit an Invoice

For UBO or desktop (Java) version, refer to this link. To edit an invoice in an account, first go to your subscriber list. Click on a subscriber’s account and do the following: In the Transactions section, select the invoice you want to edit. Or under Packages and…

13. Delete an Invoice

For UBO or desktop (Java) version, refer to this link. To delete an invoice, first go to your subscriber list. Click on a subscriber’s account, and do the following: In the Transactions section, click on the invoice you want to delete. If you want to delete the…

14. Add Equipment Charge to an Invoice

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15. Add a Custom invoice

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Use the Bill-to-Another feature to pay for an item on another customer’s bill. Customer A (Parent Account) is paying for an item on Customer B’s (Child Account) invoice. First, go to Customer B (Child Account), and hover over the item. Click on the vertical ellipsis…

18. Add Scheduled Actions

To reschedule suspensions and late fees to another date, go to your subscribers’ list and pick a subscriber. In the subscriber’s profile, go to the Logs section Click on the vertical ellipsis ⋮ or the three dots . on the account Click on Add Scheduled Action On the…

19. Credit Memo Redesigned

In VISP, a credit memo or a credit note is a commercial document issued by an ISP to a subscriber account that reduces the amount of money the subscriber owes. It is used when services are canceled, when products (devices) are returned or not delivered, or when a…

20. Chart of Accounts

1.Click the nine-dot menu in the upper right corner to open the VISP Admin Page. 2. Click on Billing. 3. Select Chart of Accounts 4. Click on “Add New Account” 5. Enter a Chart of Accounts code. 5. Enter a Chart of Accounts code. 6. Use the dropdown to select a Chart…

21. Add and Configure Taxes

1. Click the nine-dot menu in the upper right corner to open the VISP Admin Page. 2. Click on Billing. 3. Select Invoicing 4. Select Invoicing 5. Enter a new label for taxes. 6. Toggle “Require selection upon adding new subscriber.” to require the selection of a tax…

22. Add and Configure Taxes

23. Bundled Charges – Packages and Items

1. Click the nine-dot menu in the upper right corner to open the Visp Admin Page 2. Click on Billing. 3. Select Items 4. To create a new custom item that will be bundled or included in a package, follow these steps: Click on Add New Item Enter a unique item code From…

24. Lock Transactions: Activate and Configure

1. Click the nine-dot menu in the upper right corner to open the Visp admin page. 2. Click Billing. 3. Select Invoicing. 4. Click on Accounting Controls. 5. In “Warn Users on Closed Books,” toggle, “Automatically warn users on closed books.” 6. Set a “Closing Date” 7….

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28. Setup Your Merchant, Autopay, and Payment Retry Settings

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33. Configure Invoice Defaults

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34. Process Payments to Visp

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35. Configure Primary, Billing, and Contact Us Information

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36. Credit Memo

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37. Grace Periods and Grace Amount Settings

This covers the activation of the Grace Period and Grace Amount. It also covers the sequence that triggers an account’s grace periods and grace amounts. Activate and Set the Global Grace Period and Grace Amount Settings. Grace Periods are fixed periods where you can…

38. Account History and Payments

The account history shows your financial transactions, such as invoices and payments to Visp. Additionally, the invoices in the Account History show your subscribers’ growth or decline over time. This guide covers making payments and setting up auto-payments to Visp….

39. Recurring Discount

To enable the automatic addition of a line item on future invoices, simply create a CUSTOM type and activate the “Recurring” option. How to Create an Invoice and Add a Custom Line Item 1. Click and open the Subscribers’ table. 2. Search for the subscriber or select…

40. Forms

Building Brand Recognition and Improved Customer Experience Adding logos can help create a professional look. Custom design makes invoices unique and memorable, increasing brand recall and recognition. Including marketing messages or promotions for other products and…

41. Refunds

To process a refund, you must wait at least 24 hours after the payment was made or ensure the payment has settled. If you need to refund immediately after a transaction, simply log into your merchant portal and choose to void the transaction there. Voiding the payment…

42. Taxes and Fees

The Taxes and Fees feature lets you apply taxes to invoices- items, and packages. Here, you can set up tax rates, a critical step in the billing process. Configure Tax Labels 1. Click the nine-dot menu in the upper right corner to open the Visp Admin Page. 2. Click on…

43. Setup Multiple Payment Gateways for Different Billing Methods

Customers may choose from various payment methods including credit cards, cash, or checks. To accommodate this, enabling several payment gateways in your system might be necessary. Ideally, your primary gateway should handle both credit card and eCheck transactions….

44. Bill All to Another

The “bill all to another” feature streamlines the billing process by allowing all invoices and item charges to be transferred from one account to another, such as from a child to a parent account. 1. Click and open the Subscribers list. 2. Search for the subscriber or…