Let’s not over complicate this
- Total Cost of Ownership – Since you are only paying for your user licenses once, an on-premise solution can have a lower Total Cost of Ownership (TCO) than a cloud system.
- Complete control – Your data, hardware, and software platforms are all yours. You decide on the configuration, the upgrades, and system changes.
- Uptime – With on-premise systems, you do not rely on internet connectivity or external factors to access your software.
- Anywhere and anytime access – You can access your applications anytime and anywhere via a web browser from any device.
- Affordable – Cloud requires no upfront costs, instead, you make regular payments which makes it an operating expense (OpEx). While the monthly cost adds up over time, maintenance and support services are included removing the need for annual contracts.
- Predictable costs – Benefit from predictable monthly payments that cover software licenses, upgrades, support, and daily back-ups.
Financial Accounts Modules
Chart of Accounts
- Accounts Receivable and Payable
- Assets (Fixed Asset and Current Asset)
- Liabilities (Long Term Liabilities and short term liabilities)
- Cost of Goods Sold and Expenditure
- Cash Account
- Bank Book
- General Journal
A budget is a financial plan used to estimate revenues and expenditures for a specific period of time. It is a management and planning tool, not just an accounting document. It assists in the allocation of resources. A budget allocation is the amount of funding designated to each expenditure line.
System Nexgen Financial Accounts offer
- Budget Allocation
- Budget Monitoring
- Bank Receipt Voucher
- Bank Payment Voucher
- Cash Receipt Voucher
- Cash Payment Voucher
- General Journal Voucher
Processing Posting / Un-Posting
When you post a Voucher, the General Ledger is automatically updated.
After a Voucher is posted you can no longer make changes to it. To edit any data in a posted Voucher you must un-post it first. For more details see un-posting a Voucher.
In certain situations you may need to reverse the process of posting a Voucher.
Un-posting a Voucher enables you to reverse the posted entries in your General Ledger and make corrections to the Voucher. The General Ledger keeps a record of the posted and un-posted transactions so that you have a complete audit trail of the changes.
Ledger Posted / Un-Posted
A general ledger account is an account or record used to sort and store balance sheet and income statement transactions. Examples of general ledger accounts include the asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment.
A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns. A company prepares a trial balance periodically, usually at the end of every reporting period. The general purpose of producing a trial balance is to ensure the entries in a company’s bookkeeping system are mathematically correct.
Defining Summary Accounts. General Ledger uses summary templates to create summary accounts, whose balances are the sums of multiple detail accounts. Use summary accounts to perform online summary inquiries, as well as to speed the processing of financial reports, Mass Allocations, and recurring journal formulas.
A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
Profit & Loss
A profit and loss statement (P&L) is a financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year.