Financial Accounting System

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.

Features Of FAS

"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.

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.

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