®  General Accounting

Basic accounting has been around for 2000 years. The SNAP-2-IT accounting module consists of the chart of accounts, the general journals, the closing and posting file and the reports.

The accounting functions are optional. It is not required that you close the books, post, etc. to operate the system. In fact, if your accountant normally does that for you, the sales journal, purchase journal, cash receipts register and check register will normally provide an excellent summary for your accountant, since they can provide an account distribution even without posting.

Chart of Accounts

• No limit on the number of accounts.

• Flexible -- up to 8 characters. May be numeric and/or alpha.

• You can use any numbering system you wish.

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General Journals

The general journal allows manual journals to be created, where you can make your own entries. You can enter as many journals as you need (up to 2,000,000,000) and each journal may have as many detail entries as necessary, providing the total number of detail entries doesn't exceed (2,000,000,000).

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Financial Reports

These include the general ledger, the income statement, the balance sheet, the trial balance and the detail general ledger. The trial balance is not required and functions primarily as a summary general ledger.

The general ledger can be run for ANY period for which there is data. This means you can produce financial statements for any period of time, not just the current or last period. The general ledger report allows you to specify the date range for the current period and fiscal year computes the values which will be used by the income statement and the balance sheet.

The income statement (or profit and loss statement) is fairly flexible. It comes formatted to produce the most common appearance. It produces a report based on the period computed by running the general ledger report.

The balance sheet is also fairly flexible and comes formatted to a standard appearance.

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Closing and Posting

The books must be "closed" or "posted" in order for the general ledger report to be able to produce data. The process of closing is very simple and requires that you specify the closing date. The books may be closed on a weekly, monthly, quarterly or any other basis.

Closing the books prevents changes to invoices. This provides an important safeguard for multi-user systems.

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