Description

The accounting module is responsible for gathering and maintaining financial data utilizes Chart of Accounts, special journals, A/P, A/R, General Journal, G/L and financial reports. Our software may be setup to use either cash or accrual method.

Chart of Accounts

Chart of accounts screen is used to enter various accounts customer uses to manage the company business. These usually include assets, liabilities, income, capital and expenses. Each user is setting up different numbers and those numbers are automatically used by the system, so the user does not have to type it on all the time. For the business with multiple locations, we add an extra digit to the account numbers to differentiate the locations. That is the common practice in larger companies.

Special Journals

We make the use of special journals, those are: sales journal, cash receipts journal, purchase journal and cash payments journal. Special journals traditionally are used for the companies with large transaction volumes. These journals have benefits over traditional transaction recording. Since this can all be automated we decided to take advantage of it and use these journals in our system.

A/P

Accounts payable is also automated, that is where the transactions are stored, when the business making payments to vendors or other entities on credit. At the end of the month it is posting into G/L account.

A/R

Accounts receivable is the sub-module that stores all transactions has to do with payments to the business on credit. That is also posted in G/L account at the end of the month

General Journal

General journal is used to make manual entries, adjustments and reversals to the system. At the end of the month it is also posted in General Ledger accounts.

G/L

General Ledger is a master ledger; this is a final posting place of all accounting transactions.

Reports

The accounting system produces financial reports such as: Income Loss Statement, Balance sheet, Statement of capital and others.

Features