Saturday, January 4, 2014

Financial Statements

Yeah, as the name specifies,'OPENMIRACLE' is an open source software. It is developed to make accounting much more easy than ever. It is easy to learn and understand the software compared to other prominent packages available in market. This software is going to place a milestone in accounting, due to its customization facility. As the source code is freely available, anybody who knows programming can modify it to their requirement(s). A lot of modules have been incorporated in this software. I would like to discuss about Financial Statement module. Financial Statement is a formal record of the financial activities of a business, person, or other entity .This module contains about 6 subdivisions.
They are:


Trial balance: This is a list of all businesses accounts balances which should net to zero
Balance sheet: This shows a snapshot at a given point in time of the net worth of the business. It details the assets, liabilities and owner’s equity
Profit and loss: This is a  financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time - usually a fiscal quarter or year.
Cash flow : Is the movement of money into or out of a business, project, or financial product
Fund flow: The net of all cash inflows and outflows in and out of various financial assets
Chart of account: List of the accounts used by an organization to define each class of items for which money or the equivalent is spent or received.


And it goes on…


Remember, the best part is …. You could be the designer of your version of Open Miracle. 


Grab a chance, and change your destiny!!! Good luck!!!




Anees . K