Double Entry Accounting
The Double Entry module ensures accurate financial
tracking and reporting for organisations
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Accounting
and billing, simplified
This system helps ensure accuracy and integrity in accounting records because every transaction affects at least two accounts, making it easier to identify errors and discrepancies.
CHART OF ACCOUNTS
Double Entry Accounting
Double Entry accounting is a fundamental accounting method that records financial transactions by entering them into two separate accounts: a debit and a credit. Each transaction affects both sides of the accounting equation, ensuring that assets equal liabilities plus equity. This system helps maintain the accuracy and integrity of financial records, enabling businesses to track their financial health and comply with accounting standards.
Journal Entry
Maintain Balance and Accuracy In Accounting
Journal Account typically refers to an account used in the double entry accounting system to record individual financial transactions. In the double entry system, each financial transaction is recorded in a journal account with both a debit and a credit entry to ensure the accounting equation (assets = liabilities + equity) remains balanced.
To perform accounting journal entries, identify the transaction, analyze its impact on accounts, and record it in a journal with debits and credits. Ensure entries balance and post them to the general ledger for accurate financial reporting.
Ledger Summary
Tools For Keeping An Accurate General Ledger
A ledger account is a record of all transactions affecting a particular account within the general ledger. Individual transactions are identified within the ledger account with a date, transaction number, and description to make it easier for business owners and accountants to research the reason for the transaction.
Fully Integrated
With Other Modules
Seamlessly connects and shares data among various modules
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