Getting to Know Simply Accounting in a very simplified way:

Getting to Know Simply Accounting in a very simplified way:

Sage 50 Accounting primarily known as Simply Accounting is an integrated accounting software (IAS) based on double entry system where debits are always equal to credits.

There is information data base which have no effect on the accounting transactions.  These data bases are for sales quotations, sales orders, purchase quotations and purchase orders.  Let us take the example of sales quotations data base; it represents all quotes issued to our customers, has no economic effect as there is no monetary exchange occurred yet; however the data base is there just to help us to view the quotes and to convert the quote into order and/or subsequently convert it into sales invoice, which is the ultimate objective of each and every business.

In this accounting software, there is an option available for making accounts on cash basis or on accrual basis.  However, to comply with the GAAP only accrual basis accounting is accepted.  Moreover, in this accounting software all the sub-ledgers journals are integrated with the General Ledger.  To more clarify, all the transactions input in any sub ledger will update the general ledger eventually after you post the transaction. 

There are two main sub ledgers:

1.        Receivable Leger is for all Accounts Receivable

2.       Payable ledger is for all accounts payable

There is also an Inventory and Services sub ledger which can be linked with both Receivable and Payable Ledgers. 

Besides these, there are other modules such as

1.        Employees and payroll

2.       Projects or Branches or Divisions

3.       Banking

4.      Company

Before starting to work on recording transactions into the simply accounting systems; one should have a good knowledge and understanding of Windows, File management and Accounting year, Fiscal year and Transaction Date and Session Date as they are very important factors in generating the targeted desired results smoothly without any hassle or surprises. 

Accounting/Fiscal year is a year that starts from the 1st day of January to 31^st day of December. Session Date depends upon the transactions volume of the company.  If the volume is high it could be daily otherwise make it as weekly, bi weekly or monthly as per the need of the accounting personnel.    

If you are working for a company; there is no need for worrying about the backup as the system does backup automatically once the transaction is posted.  However if you are working with accounting services company where you are maintaining several company accounts on simply accounting then it is important to have back up the company you finished working with before restoring any other company accounts. 

First of all take your time to view and understand slowly all the i-cons along with menu and tool bars in home window with their drop down arrows and note down for easy remembrance and lock back when it is so needed.  Make a special note to:

1.        Company Module available pane (depending on the company subscription per its nature)

2.       Help available

3.       Specific Module Reports drop down listing

4.      Company and related task setting.