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 is the core of Vision Accounting. The 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 so you can budget, manage, and monitor all of your firm's critical financial data, which includes revenue, expenses, and overhead.

Related Topics:

  • General Accounting Concepts
    After you establish your Chart of Accounts, you can add accounts and process accounting transactions.
  • Labor and Accounting
    Employees record time on timesheets, which are the basis for labor costing on projects. You can adjust hourly rates, set effective dates for rate changes in pay and cost rates, and set up labor cross charges.
  • Recording Payroll with a Journal Entry
    If you use the Vision Payroll application, Vision enters payroll data on your General Ledger when you post payroll transaction files. If you use a different application to process your payroll, you must record payroll entries manually in the general ledger. Typically, you do this with a journal entry transaction.
  • Overhead Allocation
    Overhead allocation is the practice of distributing your indirect costs to revenue producing projects.
  • Revenue Generation
    Because Vision is an accrual-based system, you can recognize revenue when it is earned, rather than when payment is received, and recognize expenses when they are incurred, rather than when they are paid.
  • Consultant Accruals
    Use the Consultant Accruals feature to budget project expenses at the vendor/consultant level using the Project Budget Worksheet, post expenses as they accrue for vendors/consultants, and compare accrued expenses to budgeted expenses.
Parent Topic: Concepts Overview