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Accounting software

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Accounting software
From Wikipedia, the free encyclopedia
This article needs additional citations for verification. Please help improve
this article by adding citations to reliable sources. Unsourced material may
be challenged and removed. (May 2007)
Accounting software is application software that records and processes accounting transactions within
functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It functions as
an accounting information system. It may be developed in-house by the company or organization using it, may
be purchased from a third party, or may be a combination of a third-party application software package
with local modifications. It varies greatly in its complexity and cost.
[1]
The market has been undergoing considerable consolidation since the mid 1990s, with many suppliers ceasing
to trade or being bought by larger groups.
Contents
[hide]
1 Modules
2 Implementations
3 Categories
o 3.1 Personal accounting
o 3.2 Low end
o 3.3 Mid market
o 3.4 High end
o 3.5 Vertical market
o 3.6 Hybrid solutions
4 History
5 See also
6 References
[edit]Modules
Accounting software is typically composed of various modules, different sections dealing with particular areas
of accounting. Among the most common are:
[2][3][4][5]
Core modules

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Accounts receivablewhere the company enters money received
Accounts payablewhere the company enters its bills and pays money it
owes
General ledgerthe company's "books"
Billingwhere the company produces invoices to clients/customers
Stock/inventorywhere the company keeps control of its inventory
Purchase orderwhere the company orders inventory
Sales orderwhere the company records customer orders for the supply
of inventory
Bookkeepingwhere the company records collection and payment
Non-core modules
Debt collectionwhere the company tracks attempts to collect overdue
bills (sometimes part of accounts receivable)
Electronic payment processing
Expensewhere employee business-related expenses are entered
Inquirieswhere the company looks up information on screen without any
edits or additions
Payrollwhere the company tracks salary, wages, and related taxes
Reportswhere the company prints out data
Timesheetwhere professionals (such as attorneys and consultants)
record time worked so that it can be billed to clients
Purchase requisitionwhere requests for purchase orders are made,
approved and tracked
Reconciliationcompares records from parties at both sides of
transactions for consistency
Different vendors will use different names for these modules.
[edit]Implementations
In many cases, implementation (i.e. the installation and configuration of the system at the client) can be a
bigger consideration than the actual software chosen when it comes down to the total cost of ownership for the
business. Most midmarket and larger applications are sold exclusively through resellers, developers and
consultants.
[citation needed]
Those organizations generally pass on a license fee to the software vendor and then
charge the client for installation, customization and support services. Clients can normally count on paying
roughly 50-200% of the price of the software in implementation and consulting fees.
[citation needed]

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 Accounting software From Wikipedia, the free encyclopedia This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (May 2007) Accounting software is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It functions as an accounting information system. It may be developed in-house by the company or organization using it, may be purchased from a third party, or may be a combination of a third-party application software package with local modifications. It varies greatly in its complexity and cost.[1] The market has been undergoing considerable consolidation since the mid 1990s, with many suppliers ceasing to trade or being bought by larger groups. Contents   [hide]  1 Modules 2 Implementations 3 Categories 3.1 Personal accounting 3.2 Low end 3.3 Mid market 3.4 High end 3.5 Vertical market 3.6 Hybrid solutions 4 History 5 See also 6 References [edit]Modules Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting. Among the most common are:[2][3][4][5] Core modules Accounts receivable—where the company enters money received Accounts payable—where the company enters its bills and pays money it owes General ledger—the compan ...
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