FAS is the field of accountancy concerned with the preparation of financial statements for decision makers, such as employees, stockholders, suppliers, banks, owners and government agencies. Financial accountancy is used to prepare accounting information for people outside the organization or not involved in the day to day running of the company. It is also capable of preparing financial statements for decision makers such as employees, stockholders, suppliers, banks, owners etc.

1. Masters : "Masters" is a module in our FAS which is a cluster of 2 sub modules. This module deals with Suppliers & Customers. It serves to define the data and helps to create data which will be used in all other modules. This ensures that there is no duplication or repetition of entries in other modules. Every screen or every module has got a code which is either auto generated or user defined.

2. Opening balance : It is a new accounting period, Transferred from the previous period. Its an one time activity. The closing balance amount of the previous year which is carried forward, will be considered as the Opening Balance amount for the current year.

3. Transactions : It is the heart of the Application, containing the entire forms of Transactions, It contains 7 modules, which are discussed below....

  • Journal Voucher :An accounting record that notes the details of a transaction for record keeping and auditing purposes. Journal vouchers include the names of the accounts affected, the date of transaction, a discription of the transaction,signatures of authorizing parties, and other details critical atto proper accounting procedures.,

  • Payment Voucher :All the payment (Expenditures) transactions done from the organization (eg : Employee Salaries, Building Rent, all bills, other miscellaneous expenditures etc) as both cash & Bank Transactions are noted down under Payment Vouchers.

  • Receipt Voucher :All the payment transactions done in favour of the organiztaion as both cask & Bank Transaction are made under Reciept Vouchers.

  • Petty Cash Voucher :It deals with the limited amount as cash in hand of the accounts authority to be used for small, miscellaneous expenditure in the organization. This is normally paid in cash using the petty cash in the office. The items transaction may be for small delivery charges, emergency supplies or stamps. It only deals with the cash amount.

  • Contra Voucher :This voucher is used for fund transfers between Cash and Bank accounts only. Like Fund transfer from one Bank/Cash account to another Bank/Cash account, Cash Depoist/Withdrawals into/from Bank.

  • Debit Note :It is also termed as Debit Memo. It is a commercial document issued by a buyer to a seller as a means of formally requesting a credit note. A seller might also issue a debit note instead of an invoice in order to adjust upwards the amount of an invoice already issued.

  • Credit Note :It is also termed as Credit Memo. It is a commercial document issued by a seller to a buyer. The seller usually issues a credit memo for the same or lower amount than the invoice, and then repays the money to the buyer or sets it off against a balance due from other transactions.

4. PDC Management :Post Dated Cheque Any cheque or draft that has a future date written upon it by the user. The amount of the cheque can not be drawn from the account until the date written on the checque. For example, a cheque written on the 10th of the month but dated for the 16th will not be cashed for another two weeks.

5. Cheque Bounce :A slang word for a cheque that cannot be processed because the writer has insufficient funds. A bounced cheque will often be returned to the writer along with a penalty fee for non-sufficient funds. "Passing" bad cheques is illegal, and the crime, depending on the amounts involved and whether the activity involved crossing state lines.

6. BankReconcilliation :It is a process that compares the difference between the bank balance shown in an organisation's bank statement, as supplied by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time. The differences may occur, for example, a cheque issued by the organization has not been presented to the bank etc.. For this reason, and to minimise the amount of work involved, it is good practice to carry out such reconciliations at reasonably frequent intervals.

7. Payables :It can be considered as the sub module of paymet voucher, as it contains all the details of bill payments done in terms of both Cash & Cheques. All the payment vouchers for the Suppliers are generated in this module.

8. Receivables :It can be conisdered as the sub module of reciept voucher, as it generates all the vouchers of amount (Cash & Cheques) recieved from the customers.

9. Reports :"Reports" module helps in generating reports pertaining to Chart Of Account, General Ledger, Voucher Status Report, BRS Report “Reports” module has got all the above mentioned modules through which you can view the reports pertaining to it.

10. Final Reports :This module deals with the reporting of the records which are rarely used( may be once in a financial year) for example Trial balance, Profit & Loss, Balance Sheet.This module can give you the details of Annual Profit or Loss of the organizatons, your entire Balancesheet etc..