Accounting System

The purpose of accounting is to provide the information that is needed for sound economic decision making. The main purpose of financial accounting is to prepare financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities. Managerial accounting contrasts with financial accounting in that managerial accounting is for internal decision making and does not have to follow any rules issued by standard-setting bodies. Financial accounting, on the other hand, is performed according to guidelines.

Accrual  Vs. Cash Method
Many small businesses utilize an accounting system that recognizes revenue and expenses on a cash basis, meaning that neither revenue nor expenses are recognized until the cash associated with them actually is received. Most larger businesses, however, use the accrual method.

Under the accrual method, revenues and expenses are recorded according to when they are earned and incurred, not necessarily when the cash is received or paid. For example, under the accrual method revenue is recognized when customers are invoiced, regardless of when payment is received. Similarly, an expense is recognized when the bill is received, not when payment is made.

Under accrual accounting, even though employees may be paid in the next accounting period for work performed near the end of the present accounting period, the expense still is recorded in the current period since the current period is when the expense was incurred.

Financial Statements
Businesses have two primary objectives:

  • Earn a profit
  • Remain solvent

Double Entry Accounting
Financial accounting is based on double-entry bookkeeping procedures in which each transaction is recorded in opposite columns of the accounts affected by the exchange. Double entry accounting is a significant improvement over simple and more error-prone single-entry bookkeeping systems.

Fundamental Accounting Model
The balance sheet is based on the following fundamental accounting equation :
Assets  =  Liabilities  +  Equity
This model has been used since the 18th century. It essentially states that a business owes all of its assets to either creditors or owners, where the assets of a business are its resources, and the creditors and owners are the sources of those resources.


  • Users access can be defined with role based access.
  • Role Based Menu View and Control.
  • Incorrect entry password Lock.
  • Pages can be encrypted using SSL
  • Log Information on Users.


  • Receipt Voucher Add
  • Receipt Voucher Enquiry
  • Receipt Voucher Modifications
  • Receipt Voucher Delete
  • Payment Voucher Add
  • Payment Voucher Enquiry
  • Payment Voucher Modifications
  • Payment Voucher Delete
  • Contra Voucher Add
  • Contra Voucher Enquiry
  • Contra Voucher Modifications
  • Contra Voucher Delete
  • Journal Voucher Add
  • Journal Voucher Enquiry
  • Journal Voucher Modifications
  • Journal Voucher Delete
  • Payment Approvals
  • Email of Receipts / Payments / Journal Entries


  • Reporting against Budget
  • Trial Balance
  • Profit and Loss Statement
  • Balance Sheet
  • Inquiry on any account over a period.
  • Detail inquiries and reports
  • Journal Book
  • Voucher Book
  • Cash Book
  • Bank Book
  • Bank Enquiries and Reports
  • Detailed Payments and Deposits
  • Day Book
  • Groupwise Ledger
  • Ledger by Category
  • Ledger by Class
  • Opening Balance
  • Cash/Fund flow statements
  • Monthly analysis of all account heads
  • Payment Approved List
  • Data Zooming facility from Trial Balance/Balance Sheet to Vouchers and facility to modify vouchers

Key Features

  • Entirely web-based
  • Coded/Codeless versions
  • Runs on any web-server that can accommodate PHP - can use an ISP instead of having/maintaining own server
  • Minimal use of java-script for maximum compatibility with all web-browsers and web enabled devices
  • All processing on the server and no installation required on client machines
  • Produces reports to Portable Document Format - PDF for accurate positioning of text
  • All reports and scripts easily modifiable PHP text
  • Simple and easy User Interface
  • Multiple Companies
  • Unlimited Divisons
  • Multiple Financial Years
  • Multi User Access
  • Unlimited Number of Accounts
  • Account Classes
  • Account Groups
  • Account Ledgers
  • Manual Journal Entry
  • Ledger Budget Entry
  • Multiple Cash/Bank/Journal/Petty Cash Books
  • Multiple Debit/Credit entries through same voucher
  • Single/Multiple Cost Center entries through same voucher
  • Group/Sub-group-wise Trial Balance for any period
  • SEO friendly URLs and meta tags
  • Detailed Reports
  • Quick Statistics
  • Increase Communication
  • Better organized
  • Notices
  • Export/Import data into Microsoft Excel, CSV, Text, XML, MsSQL and MySQL script files
  • User friendly
  • Saves time and costs.
  • Remove the possibility of human error.
  • Auto Backup

Additional Features

  • Customised Menu with Rights for Users set by Admin
  • ReIndex Data / Vouchers
  • Yearly Closing (closing a fiscal year also closes the balances and brings forward retained earnings)
  • Database Backup/Restore
  • Themes
  • Menu Control by Admin

Optional Features

  • Customization
  • Data Management Services
  • Yearly Maintenance Contract

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