Accounting Function


The accounting function gives you the tools to prepare a financial report. The reports include comparative statements and customizable tree depth. The system is flexible to accommodate accounting periods for monthly, quarterly or annually

Functions

General Calculators Tools

The accounting software comes with assorted calculators that can be used to estimate future values of assets, compute interest rates, and figure out how much money you will receive if you invest at a certain rate of return. You can also use the tax calculator to estimate your tax burden based on your income.

Statement Reconciliation

Reconciliation is a process that checks the transactions between two statements and creates a list of transactions that need to be reconciled.

Tools are provided to fill out missing transactions and to create explanatory notes in case there are any discrepancies.

Accruals

Accruals helps to manage any accruals and provisions activities. It calculates the allocated values and automatically tracks the ongoing balances. Journal entries are generated whenever there are instalment payments or finalization of transactions. This makes it extremely easy to handles Provision for Taxation, CP500, and Audit Fees.

Accounting Periods

An accounting period is the date range that a company uses to close its books. The accounting period can be set to monthly, quarterly or yearly. It is used to complete an accounting cycle, which includes reconciliation and posting of all documents at the end of the period. With an accounting period defined, financial performance can be easily compared between two or more periods

Financial Report

Financial reporting provides extensive reporting including the most importantly, the statement of comprehensive income, statement of financial position, cash flow statement, and more.

Each report can be extensively filtered and customized, with the option of tree depth or narrowing down to particular customer or projects.

Reports generated are printer friendly, that can be exported to PDF, Printable spreadsheet, and spreadsheet that is compatible as pivot table source for further analysis.

Feature Highlights

Post closure adjustment

Post closure adjustment is a reporting function that allows for the ability to apply adjustments back into the previous period, without re-opening the book. This is commonly used for Audit Journal Adjustment (AJA).

Reporting function comes with options to account the adjustment into current or previous period. This allows accurate representation of the financial position while also staying truth to the adjustment posting date.

Process & Lifecycles

Complete accounting life cycle

Tours & Tutorials

Full set Accounting