Accounting
"Accounting Masters" refer to the foundational data elements essential for managing financial accounting processes within the system. These elements include key components such as the Chart of Accounts, accounting periods, fiscal years, and payment terms. By effectively managing these accounting masters, organizations can ensure accurate financial reporting, compliance with regulatory requirements, and gain valuable insights into their financial performance.
iVendNext provides a structured approach to setting up and maintaining these masters, allowing businesses to streamline their accounting operations and make informed financial decisions. This integration of accounting masters within iVendNext is crucial for maintaining the integrity and accuracy of financial data across the organization.
Whether you have an accountant in your internal team OR you do it yourself OR you have chosen to outsource it, the financial accounting process is at the center of any business management system.
In iVendNext, accounting operations consists of 3 main transactions:
Sales Invoice:
The bills that you raise to your Customers for the products or services you provide.
Purchase Invoice:
Bills that your Suppliers give you for their products or services.
Journal Entries:
For accounting entries, like payments, credit and other types.