The Accounting module is used to record all payments made and received by the firm. Data from these records is integrated into many other areas of the program. Accounting transactions are automatically recorded into an unlimited number of electronic accounts (or checkbooks) that are incorporated into the accounting database. Payments and Receipts can also be stored independent of the electronic accounts (see Independent Record Keeping). Pre designed charts, graphs, tables and summary reports will organize the accounting data into meaningful information that you can analyze and print.
The Accounting module is joined to many other areas of the program and the data recorded in the accounting database will be used throughout the program to:
Establish and maintain an unlimited number of bank accounts (checkbooks)
Update amounts received for invoices stored in the Invoice database
Record payments made with check, cash, credit cards, electronic transfers
Automatically create and print three-part checks (customized layout)
Establish unlimited number of line items for each payment/receipt transaction
Calculate invoice outstanding balances and administrative late fees
Track payments made to consultants, suppliers, employees, etc... for projects
Determine reimbursable expenses incurred for specific projects
Establish reoccurring account payments that can be automatically posted
TIP: Update data in this and all related databases regularly. The information provided in the Accounting database summaries, reports, tables and charts is only as current as the data recorded in the accounting information records.