Accounting management module having various features like configurable chart of accounts , multi currency, dashboards and other ledger posting controls.
transactions, accounting system uses double-entry accounting.
implies that transactions are always recorded using two sides, debit and
- The sum of debit side amounts should equal to the sum of credit side amounts.
The basic accounting rules are as follows:
It is majorly categorized as Assets, Expenses (are Debit Accounts), Liabilities and Incomes (are Credit Accounts).
- Add / Debit the value when Assets or Expenses are increasing
- Less / Credit the value when Assets or Expenses are decreasing
- Add / Credit the value when Liabilities and Incomes increasing
- Less / Debit the value when Liabilities and Incomes decreasing
Group and Ledgers are two things that user need to create to configure the chart of accounts. System will provide four major groups (Assets, liabilities, Incomes and Expenses) and four temporary ledgers which can not be allowed to delete but allowed to edit its name and code.