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How Does the Finance Module Organize Accounting Data

Finances organizes your accounting data into a Chart of Accounts (categorized by type) and a Journal Entries ledger (recording transactions against those…

Steps

The Chart of Accounts groups accounts into five categories:

  • Assets - what the business owns.
  • Liabilities - what the business owes.
  • Equity - the owner's stake in the business.
  • Income - money coming in.
  • Expenses - money going out.

Each account also has a Status - "System" for built-in accounts created by Sumung (read-only), or a custom status if you've created the account yourself.

Related Articles

  • What Financial Records Can I Manage from the Finance Section?
  • What Does the Description Column Show?
  • What Finance Tools Are Available in Sumung?

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