Introductions


Accounting management module having various features like configurable chart of accounts , multi currency, dashboards and other ledger posting controls.


Double-Entry Accounting:

  • To record transactions, accounting system uses double-entry accounting.
  • Double-entry implies that transactions are always recorded using two sides, debit and credit.
  • 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

  

Chart of Accounts:

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.

Posting groups and accounting setups are two major settings to record values from transactions.
  1. Posting Groups
    1. Business
    2. Product
    3. Inventory
    4. Bank
  2. Accounting Setup
    1. General
    2. Customer
    3. Vendor
    4. Item
    5. Bank
    6. Taxation