Accounting Module - Complete Guide

Comprehensive guide to the Accounting module with invoicing, expense tracking, financial reporting, and tax management

Accounting Features

Module Overview

What is the Accounting Module?

The Accounting module is a comprehensive financial management system that provides complete accounting functionality including customer and vendor management, invoicing, bill processing, banking operations, income and expense tracking, and comprehensive financial reporting.

Access Path

Company Dashboard → Accounting → Module Features

Platform URL

Production URL: https://chosenpathinnovations.com/

Key Capabilities

Customer & Vendor Management

Complete customer and vendor database with transaction tracking

Banking Operations

Bank accounts, transfers, reconciliation, and cash flow management

Income Management

Revenue tracking, credit notes, and income reporting

Expense Management

Bill processing, payments, debit notes, and expense tracking

Financial Reporting

Comprehensive reports including P&L, cash flow, and tax summaries

Tax Management

Tax calculation, tracking, and compliance reporting

Accounting Dashboard

Overview

The Accounting Dashboard provides a comprehensive overview of your financial position, including key metrics, recent transactions, income vs expenses, and quick access to common accounting tasks.

Access Path

Company Dashboard → Accounting Dashboard

Dashboard Features

  • Financial Summary: Overview of total income, expenses, and profit/loss
  • Account Balances: Current balances for all bank accounts
  • Recent Transactions: Latest income and expense transactions
  • Outstanding Invoices: Unpaid invoices and amounts due
  • Unpaid Bills: Bills pending payment
  • Cash Flow Chart: Visual representation of cash flow trends
  • Quick Actions: Quick access to create invoices, bills, payments, and revenue

Module Overview

What is the Accounting Module?

The Accounting module is a comprehensive financial management system that provides complete accounting functionality including customer and vendor management, invoicing, bill processing, banking operations, income and expense tracking, and comprehensive financial reporting.

Access Path

Company Dashboard → Accounting → Module Features

Platform URL

Production URL: https://chosenpathinnovations.com/

Key Capabilities

Customer & Vendor Management

Complete customer and vendor database with statements and transaction history

Banking Operations

Bank account management, transfers, and reconciliation

Income Management

Revenue tracking, credit notes, and income reporting

Expense Management

Bill processing, payments, and debit notes

Financial Reporting

Comprehensive financial reports and analytics

Chart of Accounts

Organized account structure and classification

Cost Centers

Overview

Cost Centers allow you to track expenses and income by department, project, or business unit for better financial analysis and budgeting.

Access Path

Accounting → Banking → Cost Centers

Creating a Cost Center

  1. Navigate: Accounting → Banking → Cost Centers → Create
  2. Cost Center Information:
    • Cost Center Name (required)
    • Code (optional)
    • Description
    • Status (Active/Inactive)
  3. Save: Click "Create" to save the cost center

Cost Center Features

  • Department Tracking: Track expenses and income by department
  • Project Tracking: Track financials by project
  • Budget Allocation: Allocate budgets to cost centers
  • Reporting: Generate reports by cost center
  • Expense Assignment: Assign expenses to cost centers when creating bills

Bank Transfers

Overview

Bank Transfers allows you to record transfers between bank accounts, track transfer history, and maintain accurate account balances.

Access Path

Accounting → Banking → Transfer

Creating a Bank Transfer

  1. Navigate: Accounting → Banking → Transfer → Create
  2. Transfer Information:
    • From Account (required) - Source bank account
    • To Account (required) - Destination bank account
    • Amount (required)
    • Date (required)
    • Reference Number
    • Description
  3. Save: Click "Create" to record the transfer

Bank Transfer Features

  • Transfer Recording: Record transfers between accounts
  • Automatic Balance Update: Automatically updates both account balances
  • Transfer History: View all transfer transactions
  • Transfer Reports: Generate transfer reports
  • Reconciliation: Include transfers in bank reconciliation

Chart of Accounts

Overview

Chart of Accounts provides a comprehensive account structure system with customizable account classification. It allows you to organize all your accounts into categories (Assets, Liabilities, Equity, Revenue, Expense) and create a hierarchical account structure with sub-accounts.

Access Path

Accounting → Banking → Chart Of Accounts

Account Categories

The chart of accounts is organized into five main categories:

Creating a Chart of Account

  1. Navigate: Accounting → Banking → Chart Of Accounts → Create
  2. Account Information:
    • Account Name (required)
    • Account Code/Number (required)
    • Account Type (required: Asset, Liability, Equity, Revenue, Expense)
    • Sub-type (based on account type selected)
    • Parent Account (optional - if creating a sub-account)
  3. Account Settings:
    • Opening Balance (optional)
    • Account Status (Active/Inactive)
    • Description (optional)
  4. Save: Click "Create" to save the account

Chart of Accounts Features

  • Account Hierarchy: Create parent accounts and sub-accounts
  • Custom Account Numbers: Customizable account numbering system
  • Account Types: Five main account types (Asset, Liability, Equity, Revenue, Expense)
  • Sub-accounts: Hierarchical account structure for detailed tracking
  • Account Status: Activate or deactivate accounts
  • Tax Mapping: Assign tax codes to accounts
  • Account Reports: Generate account reports and statements
  • Account Search: Search and filter accounts

Account Management

Account Configuration Options
  • Account Numbers: Customizable account numbering system for easy identification
  • Account Types: Five main types: Asset, Liability, Equity, Revenue, Expense
  • Sub-accounts: Create hierarchical account structure with parent and child accounts
  • Account Status: Activate or deactivate accounts without deleting them
  • Tax Mapping: Assign tax codes to accounts for automatic tax calculations
  • Opening Balance: Set opening balances for accounts

Customer Management

Overview

Customer Management allows you to maintain a complete database of your customers, track their transactions, view statements, and manage customer-related financial activities.

Access Path

Accounting → Customer

Creating a Customer

  1. Navigate: Accounting → Customer → Create Customer
  2. Customer Information:
    • Customer name (required)
    • Contact number (required)
    • Email address
    • Tax number
    • Website (optional)
  3. Billing Address:
    • Billing name (required)
    • Billing phone (required)
    • Billing address (required)
    • Billing city (required)
    • Billing state/province (required)
    • Billing country (required)
    • Billing postal code (required)
  4. Shipping Address: (Optional, can be same as billing)
  5. User Account:
    • Create user account (optional)
    • If creating user account, provide email and password
    • Customer can log in to view invoices and make payments
  6. Save: Click "Create" to save the customer

Customer Features

  • Customer List: View all customers in a table with search and filter options
  • Customer Grid: Visual grid view of customers
  • Customer Statement: Generate customer account statements showing all transactions
  • Import/Export: Import customers from CSV or export customer data
  • Edit Customer: Update customer information
  • Delete Customer: Remove customer (if no transactions exist)

Customer Statement

To view a customer's statement:

  1. Navigate: Accounting → Customer
  2. Select Customer: Click on a customer or use the statement action
  3. View Statement: Customer statement shows:
    • All invoices issued to the customer
    • All payments received from the customer
    • Credit notes applied
    • Outstanding balance
    • Transaction history
  4. Filter: Filter by date range, transaction type, or status
  5. Export: Export statement as PDF or Excel

Income Management

Overview

The Income section manages all income-related transactions including revenue and credit notes.

Access Path

Accounting → Income

Income Sub-Menus

  • Revenue: Record revenue transactions
  • Credit Notes: Manage credit notes for customers

Revenue

Overview

Revenue allows you to record income transactions, track revenue by category, and generate revenue reports.

Access Path

Accounting → Income → Revenue

Creating a Revenue Entry

  1. Navigate: Accounting → Income → Revenue → Create
  2. Revenue Information:
    • Date (required)
    • Amount (required)
    • Account (required) - Select revenue account from chart of accounts
    • Customer (optional)
    • Payment Method
    • Reference Number
    • Description
    • Category
  3. Attachments: Upload supporting documents (optional)
  4. Save: Click "Create" to record the revenue

Revenue Features

  • Revenue Recording: Record all income transactions
  • Account Mapping: Map revenue to specific accounts
  • Customer Linking: Link revenue to customers
  • Category Tracking: Categorize revenue for reporting
  • Revenue Reports: Generate revenue summary and detailed reports
  • Tax Handling: Include tax calculations in revenue entries

Credit Notes

Overview

Credit Notes allow you to issue credit memos to customers for returns, refunds, or adjustments to invoices.

Access Path

Accounting → Income → Credit Notes

Creating a Credit Note

  1. Navigate: Accounting → Income → Credit Notes → Create
  2. Credit Note Information:
    • Customer (required)
    • Credit Note Date (required)
    • Credit Note Number (auto-generated or manual)
    • Related Invoice (optional - if crediting a specific invoice)
    • Items/Products:
      • Product/Service name
      • Quantity
      • Unit price
      • Tax (if applicable)
      • Total
    • Subtotal
    • Tax Amount
    • Total Amount
    • Reason for Credit Note
  3. Save: Click "Create" to issue the credit note

Credit Note Features

  • Credit Issuance: Issue credit notes to customers
  • Invoice Linking: Link credit notes to original invoices
  • Account Adjustment: Automatically adjusts customer account balance
  • Credit Note PDF: Generate and send credit note PDFs
  • Credit Note Reports: Generate credit note reports
  • Refund Processing: Process refunds based on credit notes

Vendor Management

Overview

Vendor Management allows you to maintain a complete database of your vendors/suppliers, track bills, payments, and manage vendor-related financial activities.

Access Path

Accounting → Vendor

Creating a Vendor

  1. Navigate: Accounting → Vendor → Create Vendor
  2. Vendor Information:
    • Vendor name (required)
    • Contact number (required)
    • Email address
    • Tax number
    • Website (optional)
  3. Billing Address:
    • Billing name (required)
    • Billing phone (required)
    • Billing address (required)
    • Billing city (required)
    • Billing state/province (required)
    • Billing country (required)
    • Billing postal code (required)
  4. Shipping Address: (Optional)
  5. User Account:
    • Create user account (optional)
    • Vendor can log in to view bills and payment status
  6. Save: Click "Create" to save the vendor

Vendor Features

  • Vendor List: View all vendors with search and filter options
  • Vendor Grid: Visual grid view of vendors
  • Vendor Statement: Generate vendor account statements showing all bills and payments
  • Import/Export: Import vendors from CSV or export vendor data
  • Edit Vendor: Update vendor information
  • Delete Vendor: Remove vendor (if no transactions exist)

Vendor Statement

To view a vendor's statement:

  1. Navigate: Accounting → Vendor
  2. Select Vendor: Click on a vendor or use the statement action
  3. View Statement: Vendor statement shows:
    • All bills from the vendor
    • All payments made to the vendor
    • Debit notes applied
    • Outstanding balance
    • Transaction history
  4. Filter: Filter by date range, transaction type, or status
  5. Export: Export statement as PDF or Excel

Journal Entries

Journal Entry Management

Complete journal entry system with automated entries and manual transaction recording.

Journal Entry Types
Manual Entries
  • General journal entries
  • Adjusting entries
  • Closing entries
  • Reversing entries
  • Compound entries
Automated Entries
  • Payroll entries
  • Invoice entries
  • Payment entries
  • Depreciation entries
  • Recurring entries
Entry Management
Entry Creation
  • Debit/Credit entry
  • Account selection
  • Amount entry
  • Description/Reference
  • Date assignment
Entry Approval
  • Entry validation
  • Balance verification
  • Approval workflow
  • Entry posting
  • Audit trail
Entry Workflow
Journal Entry Process
  1. Entry Creation: Create journal entry with accounts and amounts
  2. Validation: System validates debit/credit balance
  3. Review: Entry review and approval process
  4. Posting: Entry posted to general ledger
  5. Reporting: Entry reflected in financial reports

Invoicing

Complete Invoicing System

Comprehensive invoicing system with automated invoice generation and payment tracking.

Invoice Creation
Invoice Generation
  • Customer selection
  • Product/service selection
  • Quantity and pricing
  • Tax calculations
  • Invoice numbering
Invoice Templates
  • Custom templates
  • Company branding
  • Terms and conditions
  • Payment terms
  • Logo integration
Invoice Management
Invoice Delivery
  • Email delivery
  • PDF generation
  • Print options
  • Online viewing
  • Delivery tracking
Payment Tracking
  • Payment status
  • Payment matching
  • Overdue tracking
  • Payment reminders
  • Collection management
Invoice Automation
Automated Invoicing
  • Recurring Invoices: Automatic recurring invoice generation
  • Payment Reminders: Automated overdue payment reminders
  • Late Fees: Automatic late fee calculation and application
  • Credit Notes: Automatic credit note generation for returns
  • Integration: Seamless integration with payment gateways

Expense Tracking

Complete Expense Management

Comprehensive expense tracking system with receipt management and approval workflows.

Expense Categories
Business Expenses
  • Meals and entertainment
  • Travel expenses
  • Office supplies
  • Professional services
  • Marketing expenses
Operating Expenses
  • Vehicle expenses
  • Utilities
  • Rent and lease
  • Insurance
  • Maintenance
Expense Management
Receipt Management
  • Receipt capture
  • OCR text extraction
  • Receipt storage
  • Receipt matching
  • Digital receipts
Approval Workflow
  • Expense submission
  • Manager approval
  • Policy compliance
  • Reimbursement processing
  • Expense reporting
Expense Analytics
Expense Analysis
  • Category Analysis: Expense breakdown by category
  • Trend Analysis: Monthly and yearly expense trends
  • Budget Tracking: Actual vs. budgeted expenses
  • Vendor Analysis: Expense analysis by vendor
  • Tax Reporting: Tax-deductible expense tracking

Banking

Overview

The Banking section provides comprehensive banking management including bank accounts, chart of accounts, cost centers, and bank transfers.

Access Path

Accounting → Banking

Banking Sub-Menus

  • Account: Manage bank accounts
  • Chart Of Accounts: Manage chart of accounts
  • Cost Centers: Manage cost centers
  • Transfer: Manage bank transfers

Bank Accounts

Overview

Bank Accounts allows you to manage all your bank accounts, track balances, and reconcile transactions.

Access Path

Accounting → Banking → Account

Creating a Bank Account

  1. Navigate: Accounting → Banking → Account → Create
  2. Account Information:
    • Account Name (required)
    • Account Number
    • Bank Name (required)
    • Account Type (Checking, Savings, Credit Card, etc.)
    • Currency
    • Opening Balance
    • Contact Number
    • Bank Address
  3. Save: Click "Create" to save the bank account

Bank Account Features

  • Account Management: Create, edit, and manage multiple bank accounts
  • Balance Tracking: Track current balance for each account
  • Transaction History: View all transactions for an account
  • Reconciliation: Reconcile bank statements with account transactions
  • Account Statement: Generate account statements
Bank Account Management
Account Setup
  • Bank account registration
  • Account type classification
  • Opening balance entry
  • Account permissions
  • Multi-currency support
Transaction Management
  • Transaction import
  • Manual entry
  • Transaction categorization
  • Payment processing
  • Transaction matching
Bank Reconciliation
Reconciliation Process
  • Statement import
  • Transaction matching
  • Discrepancy identification
  • Adjustment entries
  • Reconciliation reports
Cash Flow Management
  • Cash flow forecasting
  • Liquidity analysis
  • Bank balance tracking
  • Transfer management
  • Investment tracking
Banking Integration
Bank Integration Features
  • API Integration: Direct bank API integration for real-time data
  • File Import: Bank statement file import (CSV, OFX, QIF)
  • Payment Processing: Automated payment processing
  • Multi-Bank Support: Support for multiple bank accounts
  • Security: Bank-level security and encryption

Expense Management

Overview

The Expense section manages all expense-related transactions including bills, payments, and debit notes.

Access Path

Accounting → Expense

Expense Sub-Menus

  • Bill: Record and manage vendor bills
  • Payment: Record bill payments
  • Debit Notes: Manage debit notes for vendors

Bills

Overview

Bills allows you to record vendor invoices, track accounts payable, and manage bill payments.

Access Path

Accounting → Expense → Bill

Creating a Bill

  1. Navigate: Accounting → Expense → Bill → Create
  2. Bill Information:
    • Vendor (required)
    • Bill Date (required)
    • Due Date (required)
    • Bill Number (auto-generated or manual)
    • Category
    • Items/Products:
      • Product/Service name
      • Description
      • Quantity
      • Unit price
      • Tax (if applicable)
      • Total
    • Subtotal
    • Tax Amount
    • Total Amount
    • Cost Center (optional)
  3. Attachments: Upload bill document (optional)
  4. Save: Click "Create" to record the bill

Bill Features

  • Bill Recording: Record all vendor bills
  • Payment Tracking: Track bill payment status
  • Due Date Management: Track bills by due date
  • Bill PDF: Generate and download bill PDFs
  • Bill Reports: Generate bill summary reports
  • Accounts Payable: Track accounts payable aging
  • Cost Center Assignment: Assign bills to cost centers

Payments

Overview

Payments allows you to record payments made to vendors for bills, track payment history, and manage accounts payable.

Access Path

Accounting → Expense → Payment

Recording a Payment

  1. Navigate: Accounting → Expense → Payment → Create
  2. Payment Information:
    • Vendor (required)
    • Payment Date (required)
    • Amount (required)
    • Payment Method (required: Cash, Bank Transfer, Check, Credit Card, etc.)
    • Account (required) - Select bank account for payment
    • Bills to Pay:
      • Select bills to pay
      • Allocate payment amount to each bill
      • Partial payments supported
    • Reference Number
    • Description
  3. Save: Click "Create" to record the payment

Payment Features

  • Payment Recording: Record all vendor payments
  • Bill Allocation: Allocate payments to specific bills
  • Partial Payments: Support for partial bill payments
  • Payment Methods: Multiple payment method options
  • Account Reconciliation: Payments automatically update bank account balance
  • Payment Reports: Generate payment reports
  • Payment History: View complete payment history

Debit Notes

Overview

Debit Notes allow you to issue debit memos to vendors for returns, adjustments, or additional charges to bills.

Access Path

Accounting → Expense → Debit Notes

Creating a Debit Note

  1. Navigate: Accounting → Expense → Debit Notes → Create
  2. Debit Note Information:
    • Vendor (required)
    • Debit Note Date (required)
    • Debit Note Number (auto-generated or manual)
    • Related Bill (optional - if adjusting a specific bill)
    • Items/Products:
      • Product/Service name
      • Quantity
      • Unit price
      • Tax (if applicable)
      • Total
    • Subtotal
    • Tax Amount
    • Total Amount
    • Reason for Debit Note
  3. Save: Click "Create" to issue the debit note

Debit Note Features

  • Debit Note Issuance: Issue debit notes to vendors
  • Bill Linking: Link debit notes to original bills
  • Account Adjustment: Automatically adjusts vendor account balance
  • Debit Note PDF: Generate and send debit note PDFs
  • Debit Note Reports: Generate debit note reports

Tax Management

Complete Tax Management System

Comprehensive tax management system with Canadian tax compliance and reporting.

Tax Configuration
Tax Setup
  • Tax rates configuration
  • Tax codes setup
  • Provincial tax rates
  • Federal tax rates
  • Tax exemptions
Tax Calculations
  • Automatic tax calculation
  • Tax on invoices
  • Tax on expenses
  • Tax adjustments
  • Tax refunds
Tax Reporting
Tax Returns
  • GST/HST returns
  • Provincial tax returns
  • Payroll tax returns
  • Corporate tax returns
  • Tax filing deadlines
Tax Reports
  • Tax summary reports
  • Tax liability reports
  • Tax payment tracking
  • Tax audit reports
  • Compliance reports
Canadian Tax Compliance
Canadian Tax Features
  • GST/HST Management: Goods and Services Tax handling
  • Provincial Taxes: Provincial sales tax management
  • Payroll Taxes: CPP, EI, and income tax calculations
  • Corporate Taxes: Corporate income tax management
  • Tax Filing: Automated tax return preparation

Reports

Overview

The Reports section provides comprehensive financial reporting including transactions, account statements, income and expense summaries, tax reports, profit & loss, and cash flow analysis.

Access Path

Accounting → Report

Available Reports

Transaction Report

Access: Accounting → Report → Transaction

View all accounting transactions with filters by date, account, type, and status.

Account Statement

Access: Accounting → Report → Account Statement

Generate detailed account statements for any account showing all debits, credits, and running balance.

Income Summary

Access: Accounting → Report → Income Summary

Summary of all income transactions by account, category, and period with totals and trends.

Expense Summary

Access: Accounting → Report → Expense Summary

Summary of all expense transactions by account, category, vendor, and period with totals and analysis.

Income Vs Expense

Access: Accounting → Report → Income Vs Expense

Comparative report showing income vs expenses with profit/loss calculation and variance analysis.

Tax Summary

Access: Accounting → Report → Tax Summary

Complete tax summary showing all tax collected, tax paid, and net tax liability by period.

Profit & Loss

Access: Accounting → Report → Profit & Loss

Comprehensive profit and loss statement showing revenue, expenses, and net profit/loss for selected period.

Invoice Summary

Access: Accounting → Report → Invoice Summary

Summary of all invoices including issued, paid, and outstanding invoices with customer breakdown.

Bill Summary

Access: Accounting → Report → Bill Summary

Summary of all bills including received, paid, and outstanding bills with vendor breakdown.

Product Stock

Access: Accounting → Report → Product Stock

Inventory stock report showing product quantities, values, and stock movements.

Cash Flow

Access: Accounting → Report → Cash Flow

Cash flow statement showing operating, investing, and financing activities with net cash flow.

Report Features

  • Date Range Filtering: Filter reports by custom date ranges
  • Account Filtering: Filter by specific accounts or account groups
  • Export Options: Export reports as PDF, Excel, or CSV
  • Print Reports: Print reports directly from the system
  • Email Reports: Email reports to stakeholders
  • Scheduled Reports: Schedule automatic report generation

Financial Reporting

Comprehensive Financial Reports

Complete financial reporting system with standard reports and custom analytics.

Standard Financial Reports
Balance Sheet
  • Assets and liabilities
  • Equity position
  • Financial position
  • Comparative analysis
  • Trend analysis
Income Statement
  • Revenue and expenses
  • Profit and loss
  • Gross margin analysis
  • Operating income
  • Net income tracking
Cash Flow & Analytics
Cash Flow Statement
  • Operating cash flow
  • Investing activities
  • Financing activities
  • Cash position
  • Liquidity analysis
Financial Analytics
  • Profitability ratios
  • Liquidity ratios
  • Efficiency ratios
  • Growth analysis
  • Benchmarking
Custom Reporting
Advanced Reporting Features
  • Custom Reports: User-defined report creation
  • Dashboard Analytics: Interactive financial dashboards
  • Export Options: PDF, Excel, CSV export formats
  • Scheduled Reports: Automated report generation
  • Real-time Data: Live financial data updates

Integration & Workflows

Accounting Module Integration

The Accounting module integrates seamlessly with other platform modules to create a unified financial management system.

Module Integrations
HRM Integration
  • Payroll integration
  • Employee expense tracking
  • Benefits accounting
  • Tax calculations
  • Financial reporting
Sales Integration
  • Invoice generation
  • Revenue recognition
  • Customer payments
  • Sales reporting
  • Commission tracking
Automated Workflows
Smart Automation
  • Invoice Processing: Automatic invoice creation and posting
  • Payment Matching: Automatic payment matching and reconciliation
  • Expense Processing: Automated expense categorization and approval
  • Tax Calculations: Automatic tax calculations and reporting
  • Financial Reporting: Automated report generation and distribution

Additional Resources

Related Documentation
Quick Actions
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Support & Resources

Getting Help

Access support resources and documentation to help you get the most out of your Accounting module.

Documentation
  • Accounting user guides
  • Financial reporting tutorials
  • Tax management guides
  • Banking integration guides
Technical Support
  • 24/7 technical support
  • Accounting compliance assistance
  • Email support
  • Phone support