Financial & Accounting Management System
The general ledger is the central repository of accounting information, receiving entries from other modules, such as accounts payable,
accounts receivable, and payroll modules.
The general ledger is the basis for creating key financial documents, including trial balance, balance sheet, and profit and loss statement.
The general ledger is used to record financial transactions not recorded
in other modules.
The general ledger creates a trail of information used for audit purposes.
Chart of Accounts
The chart of accounts uses a series of codes to identify assets, income, expenses, and equity being tracked by the system by the accounting system.
The chart of accounts determines the level of detail of the information tracked and the reports generated by the accounting system.
The chart of accounts can use sub-coding at the department, location, project, funding source, division, work order, or activity level to gather more detailed information, if required.
The trial balance will have the balance for each account in the chart of accounts.
The trial balance is used to create all other financial statements, including the balance sheet, income statement, and cash flow statement.
The balance sheet lists the company’s assets, liabilities, and equity.
The balance sheet is used to create reports on cash flow, budgets, and conduct other financial analysis of the business’s financial condition.
The accounts receivable module handles the invoicing of customers and processing of customer payments.
The accounts receivable module is often used to create bills or invoices to send to customers.
The accounts receivable module often has the ability to recognize deposits to bank accounts so that deposit information can be upload and applied to customer accounts automatically.
The master files contain customer information, including name, address, and phone number.
The accounts receivable aging report will show all money due to the business by customer and will be able to show how long the customer’s balance has been outstanding.
The Accounts Payable module tracks money due to vendors, discounts, and payment terms for all invoices.
This module has the ability to print computer-generated
checks to vendors.
The accounts payable master files contain vendor information, including name, address, and phone number.
Point of Sale
The point of sale is the place where a sales transaction takes place,
which can be at a retail store, online, or in any other venue.