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Introduction to Accounting Principles

Managing your own business is often a rewarding undertaking, but with it come a number of obligations. One is the requirement to keep your accounts up to a certain standard. The legal requirements differ with the type of business and the country of operation, but regardless of these there can be great advantages in having your books in order. This section describes some of the basic concepts used in accounting, and their integration into Standard ERP, as follows:

• Internal and External Documents
  

• Transaction Records, including:
  
  • Transactions in Standard ERP
    

  • Sales Invoices
    

  • Receipts
    

  • Purchase Invoices
    

  • Payments
    

  • Stock
  
  
• Chart of Accounts
  

• Objects
  

• Objects in Standard ERP
  

• Hierarchical Objects
  

• Who needs to know about your business
  

• The End of a Financial Year

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