Accounting Modules Essay

813 words - 3 pages

Accounting software typically consists of a group of accounting modules that create an accounting information system. Several listed a core group of modules that typically are included in a system however, even these differed slightly on what the core group consisted of. Below, you will find a grouping of the various core modules as discussed by the different websites along with an additional list of some of the add-on modules that are offered.General Ledger ModuleThe general ledger is the central repository of accounting information, receiving entries from other modules, such as accounts payable, accounts receivable, and payroll modules.The general ledger is the basis for creating key financial documents, including trial balance, balance sheet, and profit and loss statement.The general ledger is used to record financial transactions not recorded in other modules.The general ledger creates a trail of information used for audit purposes.Chart of Accounts Module - A chart of accounts is list of the accounts used by a business in the accounting process.The chart of accounts uses a series of codes to identify assets, income, expenses, and equity being tracked by the system by the accounting system.The chart of accounts determines the level of detail of the information tracked and the reports generated by the accounting system.The chart of accounts can use sub-coding at the department, location, project, funding source, division, work order, or activity level to gather more detailed information, if required.Trial Balance Module - The trial balance is a listing of all accounts in the company's chart of accounts that lists the balances in each of these accounts at a particular point in time.The trial balance will have the balance for each account in the chart of accounts.The trial balance is used to create all other financial statements, including the balance sheet, income statement, and cash flow statement.Balance Sheet Module - A balance sheet is often described as a "snapshot of a company's financial condition".The balance sheet lists the company's assets, liabilities, and equity.The balance sheet is used to create reports on cash flow, budgets, and conduct other financial analysis of the business's financial condition.Accounts Receivable Module - Accounts receivable are the money owed by customers to the business.The accounts receivable module handles the invoicing of customers and processing of customer payments.The accounts receivable module is often used to create bills or invoices to send to customers.The accounts receivable module often has the ability to recognize deposits to bank accounts so that deposit information can be upload and applied to customer accounts...

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