Accounting Features
![transaction](https://loyalwings.com/wp-content/uploads/2024/02/transaction.png)
Transaction
- Record financial transactions in real-time, capturing details such as date, amount, and transaction type.
- Classify transactions based on categories such as revenue, expenses, assets, and liabilities.
- Handle transactions in multiple currencies, facilitating international business operations.
- Implement an approval workflow for certain transactions to ensure control and accuracy.
![journal-entry](https://loyalwings.com/wp-content/uploads/2024/02/journal-entry.png)
Journal Entry
- Record journal entries for accruals and deferrals to align financial reporting with actual economic events.
- Make adjusting journal entries to correct errors or reflect changes in financial conditions.
- Implement reversing entries for transactions that span multiple accounting periods.
- Establish an approval process for critical journal entries to maintain financial accuracy.
![](https://loyalwings.com/wp-content/uploads/2024/02/budget.png)
Budget
- Create and manage budget plans for different departments, projects, or cost centers.
- Implement budget versioning to accommodate changes and what-if scenarios.
- Allocate budget amounts to specific accounts or categories based on organizational priorities.
- Monitor budget vs. actual performance to ensure adherence and take corrective actions.
![transfer](https://loyalwings.com/wp-content/uploads/2024/02/transfer.png)
Transfer
- Facilitate transfers between different accounts within the organization.
- Transfer funds or expenses between different cost centers or departments.
- Record transfers between bank accounts, ensuring accurate reconciliation.
- Document the transfer of assets from one location or department to another.
![reconcile](https://loyalwings.com/wp-content/uploads/2024/02/reconcile.png)
Chart Of accounts
- Define and organize accounts based on categories such as assets, liabilities, equity, revenue, and expenses.
- Create a hierarchical structure for the chart of accounts to reflect the organization's financial structure.
- Ensure the chart of accounts can scale as the organization grows or undergoes structural changes.
- Enforce consistency in account naming conventions and coding for clarity and accuracy.
![](https://loyalwings.com/wp-content/uploads/2024/02/view-knowledge-base.png)
Reconcile
- Perform regular reconciliations to match accounting records with bank statements.
- Reconcile accounts payable with vendor statements to ensure accurate payment records.
- Reconcile accounts receivable with customer statements for accurate billing and collections.
- Reconcile transactions between different entities within the organization.
![](https://loyalwings.com/wp-content/uploads/2023/12/book-free-domo-for-erp-e1703499571398.png)
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