BITIGL

Chart of Accounts

A listing of the accounts available in the accounting system in which to record entries. The chart of accounts consists of balance sheet accounts (assets, liabilities, and stockholders’ equity) and income statement accounts (revenues, expenses, gains, losses). The chart of accounts can be expanded and tailored to reflect the operations of the company.

Project/Cost Center

A cost center is often a department within a company. The manager and employees of a cost center are responsible for its costs but are not responsible for revenues or investment decisions.A manufacturer’s cost centers include each of its production departments as well as the manufacturing service departments such as the maintenance department or quality control department. Other examples of cost centers include the human resource department, the IT department, the accounting department, and so on.Cost centers are not limited to departments. There might be several cost centers within a department. For example, each assembly line could be a cost center. Even a special machine could be a cost center.Cost centers are usually associated with the topic of decentralization, responsibility accounting, and planning and control.

Voucher Posting

The purpose of posting vouchers is to generate balanced accounting entries in the AP sub ledger. The process uses the Accounting Entry Template and inheritance rules to identify the offset accounts needed to create accounting entries You could run the process manually, from the Invoice Information page at the Voucher component.To verify if the voucher is posted, you can review its accounting entries.

Receipt & Payment-Report

Receipts and Payments Account is a report of Cash and Bank transactions during a period. It is used in place of an Income and Expenditure Statement when it is not considered appropriate to distinguish between Capital and Revenue transactions or to include accruals.In other words,
• It is a consolidated summary of Cash Book, prepared for the required period.
• It starts with opening balance of Cash and Bank and ends with closing balance of Cash and Bank.
• It does not take into account outstanding receivables and payables.
• It may be of Capital or Revenue in nature relating to the current, previous or subsequent year, so long as they are actually received or paid, they must appear in this account.

Balance Sheet-Report

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