Accounting Concepts Overview

Use the Vision Accounting application to manage your firm's day-to-day financial activity. You can also generate reports that help you assess project and firm-wide financial performance.

The general ledger lies at the core of Vision Accounting. The Vision Accounting application also includes a number of subsidiary ledgers (called subledgers) for items such as accounts receivable, employee advances and expenses, and accounts payable. All the entries that are posted to these subledgers also affect the general ledger. For example, when an invoice posted in the accounts receivable subledger turns into cash when it is paid, the transaction is posted to the appropriate general ledger accounts as well as to the accounts receivable subledgers.

The Accounting application includes a chart of accounts, which you use when you enter and track your accounting transactions. The Accounting application is integrated with other Vision applications. This means that it is easy for you to budget, manage, and monitor all of your firm's critical financial data, which includes revenue, expenses, and overhead.