Accounting System

The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities. Managerial accounting contrasts with financial accounting in that managerial accounting is for internal decision making and does not have to follow any rules issued by standard-setting bodies. Financial accounting, on the other hand, is performed according to guidelines.

Accrual Vs. Cash Method
Many small businesses utilize an accounting system that recognizes revenue and expenses on a cash basis, meaning that neither revenue nor expenses are recognized until the cash associated with them actually is received. Most larger businesses, however, use the accrual method.

Under the accrual method, revenues and expenses are recorded according to when they are earned and incurred, not necessarily when the cash is received or paid. For example, under the accrual method revenue is recognized when customers are invoiced, regardless of when payment is received. Similarly, an expense is recognized when the bill is received, not when payment is made.

Under accrual accounting, even though employees may be paid in the next accounting period for work performed near the end of the present accounting period, the expense still is recorded in the current period since the current period is when the expense was incurred.

Financial Statements
Businesses have two primary objectives:

Earn a profit
Remain solvent

Double Entry Accounting
Financial accounting is based on double-entry bookkeeping procedures in which each transaction is recorded in opposite columns of the accounts affected by the exchange. Double entry accounting is a significant improvement over simple and more error-prone single-entry bookkeeping systems.

Fundamental Accounting Model
The balance sheet is based on the following fundamental accounting equation :
Assets = Liabilities + Equity
This model has been used since the 18th century. It essentially states that a business owes all of its assets to either creditors or owners, where the assets of a business are its resources, and the creditors and owners are the sources of those resources.

Security

Users access can be defined with role based access.
Role Based Menu View and Control.
Incorrect entry password Lock.
Pages can be encrypted using SSL
Log Information on Users.

Transactions

Receipt Voucher Add
Receipt Voucher Enquiry
Receipt Voucher Modifications
Receipt Voucher Delete
Payment Voucher Add
Payment Voucher Enquiry
Payment Voucher Modifications
Payment Voucher Delete
Contra Voucher Add
Contra Voucher Enquiry
Contra Voucher Modifications
Contra Voucher Delete
Journal Voucher Add
Journal Voucher Enquiry
Journal Voucher Modifications
Journal Voucher Delete
Payment Approvals
Email of Receipts / Payments / Journal Entries

Reports

Reporting against Budget
Trial Balance
Profit and Loss Statement
Balance Sheet
Inquiry on any account over a period.
Detail inquiries and reports
Journal Book
Voucher Book
Cash Book
Bank Book
Bank Enquiries and Reports
Detailed Payments and Deposits
Day Book
Groupwise Ledger
Ledger by Category
Ledger by Class
Opening Balance
Cash/Fund flow statements
Monthly analysis of all account heads
Payment Approved List
Data Zooming facility from Trial Balance/Balance Sheet to Vouchers and facility to modify vouchers

Key Features

Entirely web-based
Coded/Codeless versions
Runs on any web-server that can accommodate PHP - can use an ISP instead of having/maintaining own server
Minimal use of java-script for maximum compatibility with all web-browsers and web enabled devices
All processing on the server and no installation required on client machines
Produces reports to Portable Document Format - PDF for accurate positioning of text
All reports and scripts easily modifiable PHP text
Simple and easy User Interface
Multiple Companies
Unlimited Divisons
Multiple Financial Years
Multi User Access
Unlimited Number of Accounts
Account Classes
Account Groups
Account Ledgers
Manual Journal Entry
Ledger Budget Entry
Multiple Cash/Bank/Journal/Petty Cash Books
Multiple Debit/Credit entries through same voucher
Single/Multiple Cost Center entries through same voucher
Group/Sub-group-wise Trial Balance for any period
SEO friendly URLs and meta tags
Detailed Reports
Quick Statistics
Increase Communication
Better organized
Notices
Export/Import data into Microsoft Excel, CSV, Text, XML, MsSQL and MySQL script files
User friendly
Saves time and costs.
Remove the possibility of human error.
Auto Backup

Additional Features

Customised Menu with Rights for Users set by Admin
ReIndex Data / Vouchers
Yearly Closing (closing a fiscal year also closes the balances and brings forward retained earnings)
Database Backup/Restore
Themes
Menu Control by Admin