Tuesday, July 2, 2013

Accounting package-Transaction



Openmiracle is a open source accounting package. That means it is available at free of cost. Anyone can use it any time. It is very easy to learn, understand and use when compared to other accounting packages. Different modules are included in this package. I’m discussing here one of the important module like transaction.

TRANSACTION :  

In order to begin with the accounting cycle,first it is necessary to understand what actually your business transactions are? 
Transaction part is the one that majorly effects the financial condition of your business.Transaction is an agreement between a buyer and a seller to exchange an asset for payment. 

The vital importance for an accounting professionals in any business or organization is their ability to accurately record business transactions.In this free OpenMiracle accounting software, you will be introduced to ledger accounts, journals and recording your transactions in them.

Transaction module in OPENMIRACLE Software consists of 26 sub modules.The first four sub modules are
·         Contra Voucher
·         Payment Voucher
·         Receipt Voucher
·         Journal Voucher

Contra voucher is to record transfer of funds between cash and bank accounts.  
Payment voucher is to record payment of money by cash, cheque, bank transfers etc.                                                                                      
Receipt voucher is to record receipts of money by cash, cheque, bank transfers etc.
Journal voucher is an adjustment voucher normally used to record all non cash transactions.

Transaction module includes all account affecting and inventory affecting operations of company .It includes:

Payment
Handles all cash, cheque payments of company. Here we can do multiple payments in a single voucher

Receipt
Handles all cash, cheque receipt of company. Here we can do multiple receipts in a single voucher

Contra
It’s for recording depositing to a bank or withdrawal from a bank. Multiple deposit, withdraw can be done in same voucher

Journal
Its for entering miscellaneous account, it can be used for adjusting gap between actual ledger balance and expected ledger balance. it also can done multiple in a single voucher

Interest payable
It is paying the interest against a ledger. Here we can view all interest amounts to pay from where they can pay the amount fully or partially

Interest receivable
It is receiving the interest from a ledger. Here we can view all interest amounts to receive from where they can pay the amount fully or partially

PDC payable
Here we can do the payment where we have given the amount as Post Dated Cheque. Clearance of PDC will be carried out later

PDC receivable
Here we can do the receipt where we received the amount as Post Dated Cheque. Clearance of PDC will be carried out later

PDC clearance
It’s for clearing PDC payable, receivable. Here cheque may be cleared or bounced which can be recorded here .further changes according to it will be done by system automatically 

Bank reconciliation
This is to check whether any difference between bank statement and the book kept by company 

VAT journal
Its for doing VAT payable or Refundable. Here all input tax, out put taxes are listed, if input tax exceeds it is Vat refundable, if output tax exceeds it is Vat payable

Purchase order
It’s for placing a purchase order to a particular vendor. Here we specify the items that we needed for company, due date etc 

Material receipt

It is the receiving of goods that are ordered or purchased, but bill not received .That is the receiving of goods before bill. Here we have to add entry to stock, but accounts could not be affected as we didn’t receive the bill


Rejection out
It is the rejection of goods received via material receipt due to damage or any other reason. We have reduce the stock value according to it, no need of affecting accounts as material receipt didn’t affect the account

Purchase
Purchasing of goods against an order, or by direct or entering bill details of a material receipt. Direct purchase, against an order will affect both stock and account as there occurred movement of cash, items. It affects only the account if it is against a material receipt, since the stock is affected at the time of material receipt

Purchase return
It is the returning of purchase goods, due to damage or any other reason. Return can be done directly without having purchase invoice number. Here both stock and account will be affected as the purchase affected the both

Sales order
It is for placing a order for a sales. Here we specify the customer, items that we want sail, its rate details etc 

Delivery note
It is the delivering of goods that are ordered or sold, but bill not delivered .That is the delivering of goods before bill. Here we have to reduce the stock, but accounts could not be affected as we didn't deliver the bill 

Rejection in
It is the rejection back of goods delivered via delivery note due to damage or any other reason. We have add the stock value according to it, no need of affecting accounts as delivery note didn’t affect the account

Sales
Selling of goods against an order, or by direct or issuing bill details of a delivery note. Direct sale, against an order will affect both stock and account as there occurred movement of cash, items. It affects only the account if it is against a delivery note, since the stock is affected at the time of delivery note

Sales return
It is the returning of sold goods, due to damage or any other reason. Return can be done directly without having sales invoice number. Here both stock and account will be affected as the sales affected the both

Counter sale
It is the small scale sales happening at counter. It will affect the stock, but affect the account only if the user wants to affect the account

Package sale
It is special feature for sales, were we can sale the products as components of a product as a package.                  

Physical  stock
It is for adjusting gap between the actual stock and expected stock

Damage stock
It is for entering damaged items of company .

Learn more about the transaction part in Openmiracle by experiencing it.Track your money Transfer !!!!


The best solution to opt for making your business grow!!!


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