General Ledger Accounting Software

Archive for May, 2010

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The questions I have for you accountants are:
1) What type of equipment and tools qualify as and asset and should therefore be added into an asset account (Vehicles I know do, but what about power tools, computers, office equipment, tractors, trailers, etc.) How can I distinguish?
2) Do equipment purchases that appear in an asset account also need to appear in an expense account?

Basically I have been given the task of accounting for this company and I’m not an accountant. The equipment thing is boggling my mind. Please help.

Business operations all over require means to generate billing for their customers, and also keep a track of all the related activities. Billing software is one which provides the facility to companies to generate customer billing and also maintain a record of the various kinds of details concerned with customer purchase orders. When you integrate the software with your website or with the business software that you have for your company, you can get all the information related to your cash flow and get to track the cash flow as well.

Billing software extends the transparency in your business operation and your accounting transactions. This increases the efficiency of your company and also facilitates increase in your profitability. You will be in a better position to manage your business, and the strategic planning that you have for your company.

Most of the billing software comes with SQL as the database, though there are several open source platforms that are in demand. The software is available mostly as web enabled application, and caters for large business operations as well, having the facility to meet all the requirements that an organization might have in serving its clients coming from different sectors and businesses environments. You need to choose software which is user friendly, and caters to the requirement that you have.

The advanced features of billing software would provide you with general ledger, accounts receivable, account payable, and also double entry accounting. It will also provide you with the facility of invoicing at variable rates, allowing you to create schedules of all your purchases and payments, account debtor payments, reserve rebates, and negative reserve rebates. The software could be utilized to generate MIS and other reports for you, and through the features that it offers, you would be able to customize your reporting formats in HTML, Excel, MS Word, PDF, and others.

Billing software features online information relating to all the financial aspects regarding your customers and the receivables, including the other related financial information of invoices vis-a-vis the related purchase orders from your customers. This feature enables organizations to track their complete financial transactions, bringing in real time information available at the click of a button. The software brings in transparency to all the financial transactions of the company, especially those related with the orders received. The software helps to increase customer relationship, which is an important factor in any business operation.

The other important advantage of billing software is the amount of time that you save in automatically generating invoices and bills. The software can always be customized to your specific needs, and it is a better way to save cost by automating your billing and invoice generation without putting in any manual effort.

Besides the large and medium organizations, billing software is helpful to retail business, groceries, office supply companies, pharmaceutical outlets, publishing, direct marketing, automotive, and many others. Billing software is extensively used in service oriented companies, such as, companies providing VOIP services, and also for medical billing. The software used in VOIP service industries are specifically used for customer billing and other processes.

One of the most involving billing software is the software that is used for telecom billing. It is very crucial that the software follows a definite path of logic to entail smooth operation of such services. The software for telecom billing is also known as “telecom expense management software”, and consists of various modules utilized to track different types of call usages. The software enables tracking and auditing of telecom assets, sending out bills to customers, and help in analyzing different kinds of expenses. Billing software used for telecom is also used to generate complex reports and analysis of costs related to the usage by individual customers. These reports are generally based upon user-defined parameters, providing the facility for the telecom organization to analyze every aspect of the costs and revenue earnings generated through the service provided.

When choosing billing software, you would need to find out the features that it offers and its suitability to your application requirement. Besides this, the important aspect is that, you must be convinced about the level of security that the software offers for the data that you will be generating, so that it cannot be accessed easily by unauthorized people. The software should also have the feature which would enable you take secured back-ups, from time to time, of the data that you generate. These will safe guard your operational data if the system happens to crash. You should also look for free updates as and when they are made available by the software vendor.

Accounting Double Entry

Accounting involves the classification, analysis and dissemination of financial information to those parties who require such information in order to make informed judgments and decisions based on the material.

It is the measurement and control of financial transactions which are, in essence, the transfer of legal property rights, between one party and another, made under binding arrangements. However, transactions that are not financial in nature are specifically excluded since they are regarded as not material.

The double-entry bookkeeping system used in accountancy is the linchpin used by businesses and organisations to record all of their financial transactions. The concept was first introduced in 1494 by the Italian mathematician Luca Pacioli.

It is based on the proposition that a measure of a business’s financial well being and a record of the results of its operations are best recorded by the use of accounts.

Accordingly, each account records an historical log of the changes in the monetary values relating to different aspects of the business. The method originally enunciated by Pacioli is now called double-entry bookkeeping. 

The basis for this system is, quite simply, that each transaction is recorded in at least two accounts. It is established upon the supposition that for each financial transaction, there is at least one account being debited whilst, at the same time, at least one other account is being credited. The result of this process is that the total debits of the transaction are equal to the total credits so that the overall net value is zero.

Consider the following scenario. Suppose Mr A sells an article to Mr B, who then pays Mr A by means of a cheque. The bookkeeper working on behalf of Mr A would credit the account called “Sales” and debit the account called “Bank” (this would result in money flowing into the bank account). On the other hand, the bookkeeper working on behalf of Mr B would debit the account called “Purchases” and credit the account called “Bank”(this would result in money flowing out of the bank account).

It is the accepted principle that debit entries are added to the left hand side and credit entries to the right hand side of the general ledger account.

The general ledger, also known as the nominal ledger, is the main source for the recording of the accounting records of a business that makes use of the double entry process, bearing in mind that there is also a single entry process, which is a much more restrictive version.

It holds numerous accounts for such items as current assets, fixed assets, liabilities, revenue, expenses, gains and losses. The ledger accounts themselves are set up as T accounts, since they resemble the letter T when the account is empty.

It has been suggested that the double entry system dates back even further to the period of ancient Rome or Greece. Some critics of current accounting methods have suggested that the methodology has changed very little since this time, which must surely indicate that the principles set out hundreds of years ago were based on solid foundations.

Particularly pertinent in this respect is the approach engendered in social accounting which argues that business entities should pay more than lip service to the social and environmental impacts brought about by their activities.

It has been argued that accounting should not solely be concerned with the financial evaluation of economic events, but should embrace a wider audience, such as shareholders, and broaden its appeal beyond reporting simply financial profit and loss.

Accounting – How To Succeed

Peter Radford writes Articles with Websites on a wide range of subjects, under the heading: Subject – How To Succeed. Accounting Articles cover Background, Historical, Double Entry, Accounting Software and Applications. Website has many more.
View his Website at: accounting-how-to-succeed.com

 

Politi: Exonerating others now focus of former Duke lacrosse player Reade Seligmann
Ed Murray/The Star-Ledger Reade Seligmann, shown watching warmups before helping coach a Delbarton vs. Chaminade lacrosse game in 2007, says ‘It’s almost like I’ve lived an entire new life in the last four years.’

Read more on The Times of Trenton

Proformative Hosts ‘Cloud Computing’ Seminar Series for Corporate Finance and Accounting Professionals
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This article seeks to give you a solid knowledge base regarding the subject matter at hand, no matter what your previous experience on the topic.

Developer of practice management, general ledger, accounts payable and receivable, financial reporting, payroll, tax reporting, auditing, continuing education tracking and interfacing software. The report recommends a phased implementation plan using PeopleSoft financial software modules for general ledger, accounts payable, purchasing, asset management and accounts receivable. RSA Software – Business solutions accounting software which includes sales invoicing, accounts receivable, accounts payable, general ledger, payroll and costing.

With this accounts payable software, you can make payments to suppliers in any currency, or mix of currencies, as invoices become due for payment. The accounts payable software assigns the (default) due time for each invoice based on the vendor%u2019s terms. A extensive software platform for accounts payable and figures capture, forms scanning and processing, handwriting wording recognition, from input to output. Skills required contain knowledge of accounts payable procedures, computerized accounts payable software functions, 10-key by trace and figures entry.

Features: Get extensive visibility with accounts payable software into each procure order (PO), receipt and invoice. Goldenseal is integrated software, which means that you get more than just accounts payable when you penetrate expenses. Our hosted imaging integrates with all vacant accounts payable software products. MDI’s Accounts Payable software gives you information that helps supervise your coins flow more efficiently than ever before.

As we take a closer look, keep in mind all of the useful and important information that we have learned so far.If you have found our database of information on this subject useful, read some of our other topics as well.

http://www.accounting-master-degree.com/account-payable-software/

Choosing Payroll Software for Your Business

When choosing payroll software for your business, the most important factors are the simplicity of use, compatibility with other platforms, the ability to evolve to your business’s changing and growing needs, and customization of fields to accommodate your business’ unique structure. Payroll software is much more reliable than the traditional paper-based payroll methods which are becoming extinct.

If your business has less than 500 employees, then the choice to use payroll software will suit you well and take care of your accounting and payroll needs seamlessly and automatically. Being able to afford the option to hire individuals to keep up with payroll is a nice luxury, but for the rest of us, payroll software is a much more practical choice.

Saving time and money are very important aspects of payroll software. Payroll software should be simple to use so that inputting employee time is effortless and calculations can be performed at the click of a button. Ensure that the payroll software you choose has the most up-to-date calculations, as outdated calculating can ruin your efforts to be organized while making your data obsolete.

Your software should be compatible with many operating systems so that invoices, checks and statements, payroll tax forms and printable catalogs can be ported over to other systems if needed. If your payroll and accounting are separate, then it will be necessary to ensure the compatibility of your payroll software to your accounting software unless you have an integrated accounting and payroll system.

Ensuring that your software will allow you to make multiple files under one operator will allow you to organize regular hours as well as over time, bonuses, commissions and other miscellaneous benefits for your employees under one heading to keep you organized. Obtaining graphs or charts of the previous weeks sales, comparing the last 5 years or the inventories of the last two years is a handy tool, so be sure your payroll software includes these functions. Software that uses the input of partners and customers is very useful, because it ensures that the updates to the software are based on human use.

Payroll software should include bookkeeping in the form of payroll accounting, general ledger, accounts payable and checks as well as accounts receivable, after-the-fact journal and payroll systems. The payroll software you choose should have flexible formating and easily customizable fields as well.

For some reason, I’m just not understanding what the book is telling me.

The system involved in the accounting section of any company is complicated to say the least. Because of its complexity, it would be foolhardy for companies to maintain just one person to do all tasks. This is where the different accounting software comes into play.

Choosing which accounting software to go for can be a daunting task. You need to take into consideration several factors, the first of which is whether you would be going for a generic accounting program or one that is customized to your specific industry. Your choice would, however, depend on the other factors such as the price, your industry type, your employees’ readiness, and the navigability of the program.

Going for a customized accounting software would usually mean longer implementation timeline and high costs. However,   this would also mean a more efficient accounting system for your company as opposed to having a generic one. Generic accounting program, on the other hand, requires lesser time for set up and is very easy to learn. It is able to provide you with basic accounting reports that you need and is well suited for companies who are just starting up or who are on a tight budget.

Challenging as it may seem, it is actually possible to find an accounting software that offers the best of both worlds. With the rise of open source projects, a number of individuals and companies have started offering integrated accounting software that can be readily used by any company.

Although it is not an open source software, the Sage ACCPAC accounting software is one program that is able to afford its users with seamless accounting system that can be set up and used in a matter of hours instead of days.

What’s more, it does away with the need to maintain several computers or servers to host the software as it comes in a web-based form. It can accommodate common accounting functions such as general ledger, accounts payable, accounts receivable, inventory control, and order entry. The US and Canadian version even allows for payroll processing.

The Sage ACCPAC accounting software comes in three modules depending on the size of your company. Sage ACCPAC 500 ERP, the edition best suited for medium to enterprise-level companies, also supports multiple currency settings as well as intercompany transactions.