General Accounting Concepts
After you establish your Chart of Accounts, you can add accounts and process accounting transactions.
Related Topics
- Chart of Accounts
The basis of any accounting system is a chart of accounts, a list of general ledger accounts organized into categories. When you install Vision, you have access to a standard chart of accounts, which you can modify to suit the needs of your enterprise. - Accounting Periods
The Accounting application allows you to set up accounting periods based on your firm's accounting cycles and fiscal reporting requirements. - Multi-period Processing
You can process information and review reports in multiple accounting periods at one time. - Accounting Transactions and the Transaction Center
The Transaction Center provides you with tools and forms to record daily accounting activity. - Accounts Payable
Use Accounts Payable, part of the Accounting application, to perform payables-related processing and reporting. - Accounts Receivable
Use the Accounts Receivable application to process and report on invoices. - Cash-basis Reporting
The Accounting application is an accrual-based accounting application. Your firm may also track financial data on a cash basis by using the Cash-basis Reporting feature. - Corporate Budgeting Options
Use the General Ledger Budgeting tool to enter and track corporate budget data. Use corporate budgets to monitor the revenue and expense accounts in your general ledger. - Accounting Reports
To help you manage your firm's financial information, Vision enables you to produce various reports based on the data in your general ledger and subledger accounts. Some of these reports, such as the Balance Sheet, are standard accounting reports. Others provide Vision-specific information.
Parent topic: Accounting Concepts Overview