Differentiation of Operational Transactions from Accounting Transactions is a strong accomplishment of the system. The Operational Transactions which leads to the Accounting Transactions are kept loosely coupled from the Accounting Transaction. Accounting Periods of various durations can be created in the system to allow for accounting over those periods. Each accounting period requires definition of various months under that period. Immunity from fake records is provided to the enterprise. Enterprise can close/open a certain accounting period/month for data entry in the system. Financial Transactions database stores all the kind of transactions that corresponds financial activity of an enterprise. Generalization of Transactions is possible into 7 types - Supplier Bills, Payments, Deposits, Receipts, Credit Note, Debit Note, Agreement, Invoice and Journal. Offline Data Synchronization enables the system to synchronize the data into the database in batch mode processing. It is similar to the updating of backups to the database. Bank Accounts of the enterprise are enlisted in the system for keeping track of various financial transactions happening via bank accounts. Main Accounts are defined in the system under five accounting heads Assets, Liability, Capital, Income and Expenses. There can be two kinds of Main Accounts a Normal Main Account with no Sub Account or a Control Main Account with various Sub Accounts. Sub Accounts are created under Control Main Accounts to drill down financial accounting activities. Financial Transaction undertaken by an enterprise is recorded in the General Ledger as a pair of Debit and Credit Entry relating to the transaction. Correction or Reversal of a falsely recorded Ledger entry is possible in the system.
Bank Reconciliation Statement can also be prepared using the system. Receivables and Payablesare also tracked separately to confirm the details with users concerning the financial transactions. If a particular matching of Credit and Debit transaction goes wrong an Unmatching feature is also present. Accounting n-level hierarchy allows the enterprise to streamline accounting of a similar kind of transaction along its various divisions and sub divisions. Automatic Credit Note and Debit Note generation by the system is easily possible. It is functioned via the terms justified for any rental or Hire Purchase agreement. Advance Payment allocation allows the system to allocate the advance payment done by the enterprise related to several periods. Create various Charts of Accounting such as Balance Sheets, Profit and Loss Statement using the system. Customized Chart of Accounting can also be created using the system. Post Dated Cheques Issued/Received are separately recorded in the system and are properly managed. These cheques are not accounted in financial accounts until a confirmation is received regarding its clearance from the bank. PDC Processing involves various stages such as Suspension, Remittance and Clearance/Return. The system efficiently manages all these stages and provide tracking of PDC's through each of these stages. Payroll Management allows the enterprise to track salaries and wages of all their employees. It also tracks the dues of the enterprise and the employee.