The latest technology accounting software comprises of various modules such as accounts payable, payroll, and accounts receivable management system. These modules help in maintaining precise records and process various accounting operations. When all these modules of the accounting software work together, they start working as an accounting information system. Here, in this article, we have made a list of various modules in the accounting software and make the entire process quite simpler. This list will be helpful for the business owners who are going to invest in the accounting software for the first time.
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General Ledger Module
This module in the accounting software is the central repository and helps in maintaining the optimum accounting record. The general ledger module acts as the central point for receiving the accounting information, collecting entries from different modules like accounts payable, payroll module, and accounts receivable management platform. This module helps in creating financial documents such as balance sheets, profit & loss statements, trial balance sheets, etc. This module helps in maintaining the optimum record of financial transactions that has not been recorded in various other modules. This module helps in creating the trail of information that is used for audit purposes.
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Chart of Accounts Module
This module in the accounting software will help in creating a list of modules that will execute various operations related to the accounting system. The chart of accounts generated by this module will let you determine the level of data recorded. In the chart of accounts, the sub-coding is used at the funding source, division, department, project, location, work order, activity level. The chart of the accounts module helps you to keep track of the maintained record and let you collect more information if required.
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Trial Balance Module
The trial balance can be described as the listing of various accounts in the company’s chart of accounts. The chart of accounts lists the balances in each account at a specific point of time. Therefore, the trial balance module will let you maintain the balance for all accounts in the chart of accounts. The trial balance is extremely helpful because it represents the balance in each account before doing adjustments and after doing that adjustment.
The trial balance will only be accessed by the authorized person and no outsider will be able to access the trial balance. By using the trial balance, you can easily create various kinds of financial statements like cash flow statements, income statements and balance sheets. The trial balance module also helps in representing the balance in various account maintained in the accounts receivable system.
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Balance Sheet Module
The balance sheet can be defined as a snapshot of the financial condition of the company. In the balance sheet module the list of the company’s assets, equity, and liability will be maintained. In the balance sheet, the company’s assets are financed by using cash, debit, or equity. Reports will be created by using the balance sheet module. The reports will be prepared on the budget and cash flow. The balance sheet module will help in doing the financial analysis of the various financial condition of the business.
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Accounts Receivable Module
This module helps in maintaining the record of money owed by the clients or consumers. This module will help in automating the invoice creation and sending process. With the help of the accounts receivable module, you can easily determine the amount deposited in your bank account. This deposited amount will be automatically updated in the record.
This accounts receivables automation software helps you to maintain the master file in which you can easily store the information of your clients or customers such as name, phone number, and address. It helps in creating the aging reports of all accounts of your customers. With the help of the aging report, you can easily find out the customers who failed to make the payment at the right time. In short, this module helps you to maintain a good cash flow in your business.
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Accounts Payable Module
The accounts payable module will let you know the amount that you have to pay to your vendors or suppliers. This module helps you to track the amount payable to suppliers or vendors. It is imperative to keep an eye on the accounts payable. With the help of the account payable module, you can easily generate the computer-generated checks. You can also maintain the accounts payable master file in which you can enter the information of vendor their contact number and addresses. With the help of accounts payable and receivable software, you can maintain the cash flow.
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Point of Sale Module
The POS is an abbreviation of the Point Of Sale. POS can be described as a place where the sales transaction takes place. The POS can take place at a retail store, or any other venue. If you integrated the POS module with the POS machine, every transaction will be automatically updated.