Accounting (PAS)

If your company has enabled Wrapbook’s Production Accounting Suite (PAS), there will be an option in to configure the Accounting settings at the project level.

Access Accounting settings

Accounting settings are permission based

To update, your account must have one of the following roles enabled:

• Role: Company Admin, Accountant

• Custom role with: Accounting settings - Full access

To access Accounting settings:

1. In the left-side navigation, click the dropdown menu

2. In the dropdown menu, select the name of the project that you want to see the settings for

3. In the left-side navigation, click Project settings

4. Under PROJECT SETTINGS, click Accounting

Accounting settings options

On the Accounting settings page, you can click the Manage button to update the following:

Periods

• Defines how accounting periods are tracked

• You can choose between period numbers or effective dates

• This setting cannot be changed after saving

Bank accounts

• Setup of bank accounts including CASHétPay integration (if using) and clearing accounts

Tags

Tags are used to categorize and track transactions throughout a project. Each tag includes a code, description, and other relevant details that need to be saved after setup. In the Accounting settings, there are pre-defined tag types. You can update a tag’s definition, by clicking the Manage tags link.

Each Tag type has options for:

• Tag type - One of the predefined Tag types listed below

• Code length - Automatically populates based on the number of characters in the tag

• Label - This the tag that will be used

• # of active tags - Automatically populates based on the number of times the tag is currently being used

• Actions - click the Manage tags link next to a tag type to update it’s definition and settings. On a Manage tags page, you can click the fields to make changes, or click the three dots in a row to deactivate or delete it. If you make changes to a Manage tags page, be sure to click the Save all button.

The pre-defined Tag types available are:

• Location -  Identifies where filming is conducted or where expenses occur

• Prod/Epi -  Used to identify specific episodes or production segments

• Set - Tracks set-related costs, including construction and furnishings

• Free Fields - Can be used to track custom items like production incentives, reshoots, or insurance claims

• 1099 - Identifies payments to vendors that qualify as reportable income to the IRS

Payroll transactions

• Identifies the default bank and clearing account for payroll transactions, with options to automatically create accounts payable (AP) invoices or journal entries (JEs) for each payroll transaction

• You can click on the fields to make updates.  The options available are based on your Company settings and other Project settings

• You can click the three dots to Copy to all

• If you make changes, be sure to click the Save button

Company

The Company setting in Project settings, Accounting is useful when projects have multiple investors who need detailed reports on how their specific contributions are being used, while maintaining confidentiality between different funding sources.

When a project has multiple funding sources that need to be tracked separately, you can use this setting to:

• Designate a default accounting company tag for all transaction types, 1099 reporting, MICR AP checks, and reports

• Link payroll settings to specific accounting company tags to ensure costs are properly associated

• Generate reports for single or multiple accounting companies, including: the Generalo Ledger and Cost report

When only one accounting company exists, the system will automatically apply it to all transactions without requiring manual selection.

Chart of accounts

Format

• Defines the format for account numbers, ensuring consistent entries and reporting

• Once saved, this format cannot be changed

Ranges

On this page you can define the ranges for three types of accounts: Assets, Liabilities, and Expenses. Each account type needs a specific number range. For example, Assets accounts might use the range 1000-1999. This setup is crucial and cannot be changed later, so make sure to review everything carefully before saving.

When setting up ranges, be aware of the following:

• Ranges cannot be accessed until the Chart of accounts format page is set up

• You’ll need to leave enough room in each range - typically allow for at least 100 account numbers (for example, 1600-1699)

• If you’re using an incomplete range, extend it to accommodate future accounts (for example, if range is 0101-0120, define it as 0100-0199)

• After setting up ranges, you can import a Movie Magic budget file to build your Chart of Accounts based on these defined ranges

• If you click the COA entry button, he Chart of accounts page in Project settings, Accounting will open

Chart of accounts

On the Chart of accounts page, you can set up your summary and detail accounts. On this page you can:

• Click the Import button to import a Movie Magic budget file

• Click the Export button to download a CSV file containing chart of accounts details

• Click on a Description to make changes

• Click the Manage link next to a Code to update Descriptions, deactivate codes

• Click the three dots to add or remove lines from the chart

• Click the COA ranges link to go to the Chart of accounts ranges page