Financial Accounting

Abelisk’s Accounting module provides the structure and backend control of the accounting for all Abelisk modules and imported transactions. Accounting transactions flow into the accounting on an accrual and cash basis from all modules. These transactions then form the basis of the financial and cost (job/project) accounting reports.
The Accounting module tracks all transactions with relevant detail in the home currency plus an alternate, if desired.  Gains and losses on foreign exchange transactions can be monitored.  General journal transactions are created and processed in the Accounting module. This provides full flexibility at an accounting level for standard journal, repeating and reversing journal entries.

Abelisk is a rules driven system where you set the rules.

Abelisk™ Financial Accounting Module Advantages

  • All accounting entries associated with each module are stored in detail in the accounting module, including source transaction, date, transaction number, order number, customer or vendor code, description, reference, amounts, quantities, transaction and pay currencies, bank reference, and more
  • The accounting transactions can be reported by batch, account, department, fund, job and activity on an accrual or cash basis by fiscal period, reporting period or by transaction date
  • All accounting entries are maintained in the “home” currency.  In addition, the original foreign transaction currency and amount along with the foreign pay currency and amount are maintained, as relevant
  • An alternate currency can be specified so that all accounting records can be maintained on a transactional basis in that currency that is then available for financial reporting purposes
  • The currency gain or loss on all transactions involving a foreign pay currency is recorded as a realized foreign exchange gain or loss
  • Journal entries allow for accounting adjustments, including repeating and reversing transactions
  • Repeating journal entries can be set up for any frequency and range of dates
  • A history of journal transactions is maintained of committed journal transactions
  • The accounting setup provides for centralized control over fiscal periods where posting to prior or future periods is limited based on user rules.  You control how each module is closed for fiscal reporting purposes
  • The structure of the accounting codes is defined in the setup to provide consistency over the codes when defined, including the length of major, minor and sub accounts
  • The chart of accounts can be structured following international GAAP rules or based on a mandated coding structure where that exists
  • Each account code is categorized by type, currency and, where applicable, by use such as cash, receivable and payable accounts
  • Department and fund reporting is by fiscal period and year.
  • Jobs/projects can be for fiscal years or for user defined periods.  Job parameters can be defined
  • Activity codes can be defined and used throughout to provide for Activity Based Costing reporting and analysis
  • Currency codes can be defined with exchange rates set  and updated by date in any from/to combination
  • Accounting distributions can be set up for use in accounting, AR and AP to simplify entry
  • Payment methods can be set up to include banking information, EFT and check setup, accounting to simplify payment processing in AP
  • A batch log is maintained concurrently with all batch transactions
  • Grids allow selecting data to print or export
  • The accounting management screens allow drilling back to the source transaction
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