May 15, 2017

Financial Accounting

Financial Accounting records the organization’s financial transactions.

EduHappy provides Financial Accounting feature as part of the financial system involving preparation of financial statements that encapsulate the organization performance over a specified period.

Financial Accounting

School can create financial accounts and associate them to one of the five major financial categories; Assets, Liabilities, Owners’ Equity, Revenue/Gain, or Expenses/Losses.

Once the financial account is created it will be reported in the Chart of Accounts report with account code and account name.

With double-entry book keeping system, the general journal entries are created either manually or automatically by specifying the debit and credit accounts, date, amount and detail of the entry.

The General Ledger report per account is available by extracting the related entries from the general journal. General Ledger report includes the date, the transaction details, the debit amount, the credit amount and the balance.

Trial balance for the whole school will be generated in a specific period of time and will display all the financial accounts debit and credit and the net debit and credit which must be equal guaranteed through implementing the double-entry book keeping system mentioned earlier.

Balance Sheet is generated to maintain the equation Assets = Liabilities + Owners’ Equity valid all the time.

Income statement is reported based on the total revenue and total expenses and net income.

All financial aspects in the system are integrated with the financial accounting system. The fees management system, such as the tuition fees, the admission fees, book fees, and so on is automatically posting the tuition amount with the debit and credit accounts into the general journal once the fees are paid. The transport management system is posting automatically the bus transport fees into the general journal with debit and credit accounts once the transport fees are paid. The expenses posts to the general journal with debit and credit accounts once the expense is created. Salaries Payroll is posting to the general journal automatically once the payroll is processed and recorded.

Financial Accounting feature in EduHappy is a great add value to the financial system of EduHappy school ERP.