General Accounting Software in Bangladesh : Accounting is the center of business activity and it involves recording, classifying, updating, and analyzing financial data. Some companies use accounting software such as Troyee Software and Multi-Ledger to aid them in their accounting services. One method of accounting is the double-entry method that uses the general ledger to record the debit and credit transactions. This ledger will give the business a view of their financial condition and performance.
In order to have accurate and organized financial records, companies choose to use general accounting software in Bangladesh. This software will do the following services:
(1) Help with recording all the transactions of the business including sales journals, receipts, and other disbursements.
(2) Posting both the debit and credit transaction in the ledger and updating it regularly to show the accounts payable, receivables, and other accounts incurred by the company.
(3) Adjusting the financial records on the general ledger to correct and verify any inaccuracies.
(4) Finally closing the book of accounts after all the accounts are balanced and preparing detailed financial reports that show the income statements, balance sheets, cash flows, and other reports that will determine all the financial activity of the business in a particular period.
Use of the ledger software should be handled by experienced accounting professionals in order to provide accurate and organized records. The software is only as good as the person who is using it. Professional accountants should provide accounting services such as ledger maintenance, reconciliation, and preparation of all financial statements. An accurate general ledger will result in accurate financial data and this brings a good reputation to the company when it comes to financial reporting.
Having general accounting software in Bangladesh, the business will result in accurate, consistent, and organized financial statements that will also help the management team of the company to make good decisions and come up with effective solutions to the financial issues that the company is facing. The software also performs proper adjustments on any errors in the financial reports. It will provide the company a better outlook on their business, regarding their productivity and profitability levels.
Accounting services cannot be taken for granted because they are a core activity of every business entity. Every business performs accounting in order to monitor the financial activity of the company. One of the accounting services is preparing the ledger where accounts are kept balanced. A financial report is created afterwards in order to monitor the over all performance of the company. It is worthwhile to invest in general ledger software.
General Ledger Software Bangladesh
The general ledger software in Bangladesh helps in generating a balance sheet and an income statement; it checks the status of each account thereby ensuring proper balance. Thus, the software helps in maintaining an integrative application between these accounts while maintaining a check and balance.
Therefore, whether they are revenue expenditures or capital expenditures, relevant account balances are maintained on a daily basis and same goes for the child account too where the account name needs to be changed with that of the child account relevant to the head account.
Similarly, the ledger module is a standalone module and gives an added benefit of being integrated with other modules. Moreover, it gives an ease of producing all financial entries through entries that had been made in the journal. Therefore, they can be directly transferred to the general ledger module. These in turn can also be updated from other modules. Likewise, comparative analysis is done based on historical records of the previous year’s data, comparison is easily facilitated through this general accounting software in Bangladesh.
Furthermore, this software contains the account head and transaction column followed by debit or credit entries in it.
The sum of the transactions gives the aggregate balance which goes for the child account as well.
Moreover, this software provides extra security based on the task users are performing, the account number they are using and even the ‘inquiry only’ access. Therefore, there are three main aspects of providing security in the form of task based access, account number based use and inquiry only access.
The General accounting software in Bangladesh collect posting from various account modules such as:
o Accounts Receivables (Debtors),
o Accounts Payable (Creditors),
o Fixed Assets,
o Job Cost,
o Expanse Accounts etcetera.
Other than this, the bank reconciliation statement collects, checks and posts data from the general ledger itself as part of the reconciliation process.
Some of the feature the Genera ledger accounting Software has are as follows:
o Complete audit,
o Ease of reversal entries,
o Statistical modifications,
o Interface to spreadsheet,
o Integration with other application,
o User defined statements and allocations,
o Module sufficient to accommodate up to a thousand companies.
The RTS – Advantage General Ledger module is one such type of software most readily in use. In this, the user can have numerous postings and an unlimited number of accounts that result in many key numbers that keep track of relevant postings made in the ledger. At the same time, multiple entries could be posted within the same time period while the net profit figure could also be posted manually or referred to the system for automatic generation once calculated by the ledger. This as a result paves way for automated generations for different departments and account.
Prior entries are then tracked and credited to historical accounts and present ones are updated to keep all the financial data as current as possible.
Thus, the General accounting Software in Bangladesh helps in keeping track of all account entries made and net profit generated accordingly.