Accounting is the process of recording and tracking financial statements to assess the financial health of an entity. This is done by capturing, sorting, measuring, and then communicating the transactions in different forms. Accounting consists of bookkeeping and analysis. Bookkeeping, or financial accounting, is the recording of transactions, which can include an individual's or organization's purchases, sales, and receipts. Once the accountant has recorded and organized all the transactions, the next step in accounting is to analyze these transactions to produce useful reports that reflect the financial status. These reports can include profit and loss statements, cash flow reports, and can track sales tax to keep track of amounts owed when filing taxes. With well-managed small business accounting, a small business owner will be able to have a clear understanding of the state of their finances, allowing them to make better decisions based on what is available.

The benefits of an accounting and bookkeeping module #

Using this module helps ease the burden of manual data entry, prevents common human errors, assists businesses and accountants during tax season, and allows the user to view in-depth financial status reports. of their business. Perhaps the biggest advantage of this module is the time it saves. Thanks to this module, all their financial reports will be consolidated in an online system, which facilitates the follow-up of their files. An accounting module for businesses provides the ability to automate many processes, which not only saves time, but also ensures accuracy and efficiency in financial reporting.

Add an account #

To do this, activate the module “Accounting and Bookkeeping”

Go to Accounting then, Chart of accounts And click Add

In the field type of account choose the type of account you want to add.

In th field Type detail, new items appear depending on the account choice you want to add. Choose one.

In the field Name, write a name that will allow you to quickly identify the added account.

Depending on the type of account chosen, new fields will appear: Fill them all in, even the description field. Because they will allow you to manage your accounts efficiently.

Modify an account #

Once your accounts are added, use the accounts filter to search for it by the name you gave it. Pass your concern on it and click on edit, to modify it. Once modified, click Save.

That's it, you now know how to add and modify your accounts.