Jun 30
Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting. Among the most common are:
Core Modules
- Accounts receivable—where the company enters money received
- Accounts payable—where the company enters its bills and pays money it owes
- General ledger—the company’s “books”
- Billing—where the company produces invoices to clients/customers
- Stock/Inventory—where the company keeps control of its inventory
- Purchase Order—where the company orders inventory
- Sales Order—where the company records customer order for the supply of inventory
Non Core Modules
- Debt Collection—where the company tracks attempts to collect overdue bills (sometimes part of accounts receivable)
- Expense—where employee business-related expenses are entered
- Inquiries—where the company looks up information on screen without any edits or additions
- Payroll—where the company tracks salary, wages, and related taxes
- Reports—where the company prints out data
- Timesheet—where professionals (such as attorneys and consultants) record time worked so that it can be billed to clients
- Purchase Requisition—where requests for purchase orders are made, approved and tracked