Accounting

  • Updated

Accounting

Accounting is the systematic recording, reporting, and analysis of financial transactions of a business. An accountant is in charge of accounting and follows a set of rules and regulations; such as the GAAP (Generally Accepted Accounting Principles). Accounting allows a company to analyze the financial performance of the business and look at statistics such as net profit.

You can use the Accounting module to:

  • Create General Ledger accounts and define the Chart of Accounts.

  • Link the General Ledgers to the loan products and automate Asset Product Accounting.

  • Link the General Ledgers to the different fees and automate Fee Accounting.

  • Link the General Ledgers to the different Tellers and automate Teller Accounting.

  • Link the General Ledgers at the branch level and automate check clearance, suspension of loan accounts and write-offs.

  • Post internal transfer entries between General Ledger accounts and maintain your Book of Accounts for all internal accounting transactions such as petty cash expenses and fixed assets booking.

Creating accounting transactions

An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business and in journals. 

For example, sale in cash to a customer, sale on credit to a customer, receive cash in payment of an invoice owed by a customer, and purchase fixed assets from a supplier. 

Prerequisites

The following is the prerequisite for creating an accounting transaction:

  • CL Product is set up

Steps

Perform the following steps to view or create an accounting transaction:

  1. Log in to your Salesforce account.

  2. Click Servicing Configuration.

  3. Go to Accounting.

  4. Go to Accounting Transactions.

  5. Click View / New Accounting Transactions.
    The List of Transactions page is displayed.

  6. Specify the Start Date.

  7. Specify the End Date.

  8. Specify the Voucher Number.

  9. Click Search.

  10. Click the related list Transaction ID to view the accounting transactions.

Transaction summary

You can view the transactions of a CL Loan in Transaction Summary.

Perform the following steps to view the transaction summary:

  1. Log in to your Salesforce account.

  2. Click CL Contracts.

  3. Select a Contract.

  4. The following image is an example of a Transaction Summary.

    Click the related list Transaction Summary to view the transaction history for a loan.

Note:

  • Transaction summaries also show if a transaction was reversed or not and display them in the summary as reversed transactions.

  • Transaction summary displays a summary of reversed transactions to indicate if a transaction is reversed or not.

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