The Accounts module is an optional package which enables you to manage your Purchases, Nominal Ledger and Account reconciliation.
Evopos can produce the accounts to Balance Sheet and Profit & Loss.
Because the double entry is automatic the accounts should always balance. However, if an entry is entered incorrectly, duplicated or missed then one or more closing balances will be incorrect. For example if a Cash Sale were accidentally entered twice then the In-Hand cash balance would be too high. We confirm that our accounts are correct by checking our closing balance against our physical balance (see Reconciling).
There are some accounting facilities that are not currently included in ’and need to be adjusted manually by your accountant at year-end. These include:
•Income tax computations
Users find it beneficial to use the system to create a physical book by printing certain reports each period (Monthly or Quarterly) and keeping under clearly defined sections in a Ring binder. This accounts book can then be used to:
•Visually check audit trails etc
•Give to the accountant to save them spending time using the program
•Give the the additional confidence of a physical set of accounts.