The Financial module provides accounting and financial management capabilities. Manage your chart of accounts, track accounts receivable and payable, and generate financial reports.
1. Chart of Accounts
The Chart of Accounts (COA) is the foundation of your financial system. It organizes all financial transactions into a hierarchical structure of accounts.
Account Structure
| Field | Description |
|---|---|
| Code | Unique account code (e.g., 1000, 2100, 3000) |
| Name | Account name (e.g., "Cash on Hand", "Accounts Payable") |
| Type | Account category (Assets, Liabilities, Equity, Revenue, Expenses) |
| Parent | Parent account for hierarchical organization |
| Level | Hierarchy depth (1-5, where 1 is top-level) |
| Order | Display order within parent group |
| Description | Detailed description of the account purpose |
| Is Active | Enable/disable account for transactions |
Standard Account Types
Assets
What the business owns: Cash, Bank Accounts, Receivables, Inventory, Equipment
Liabilities
What the business owes: Accounts Payable, Loans, Accrued Expenses
Equity
Owner's interest: Capital, Retained Earnings, Drawings
Revenue
Income sources: Sales Revenue, Service Income, Interest Income
Expenses
Costs incurred: Cost of Goods Sold, Salaries, Utilities, Rent
How to Add a New Account
- Navigate to Financial → Chart of Accounts
- Click "New Account"
- Enter a unique account code
- Enter the account name
- Select the account type
- Choose a parent account if this is a sub-account
- Set the level and display order
- Add a description (optional)
- Click "Save"
2. Accounts Receivable
Track money owed to your business by customers. Accounts Receivable (AR) integrates with the Commercial module to track invoice payments.
Key Features
- Invoice Tracking - View all outstanding customer invoices
- Payment Recording - Record payments against invoices
- Aging Reports - View overdue amounts by aging buckets
- Customer Balances - Track total amounts owed by each customer
AR Process Flow
3. Accounts Payable
Track money your business owes to suppliers and vendors. Accounts Payable (AP) integrates with the Procurement module to track purchase order payments.
Key Features
- Bill Tracking - View all outstanding supplier bills
- Payment Processing - Record payments to suppliers
- Due Date Tracking - Monitor payment deadlines
- Supplier Balances - Track total amounts owed to each supplier
AP Process Flow
4. Account Types
Define custom account types to organize your chart of accounts according to your business needs.
Managing Account Types
Account types help categorize your accounts. Common types include:
5. Financial Reports
Generate reports to understand your business financial position.
AR Aging Report
View receivables grouped by age: Current, 30 days, 60 days, 90+ days.
AP Aging Report
View payables grouped by due date to prioritize payments.
Trial Balance
Summary of all account balances to verify accounting accuracy.
Account Summary
View transactions and balance for any account.
Pro Tips
- Account Codes: Use a consistent numbering scheme (e.g., 1xxx for Assets, 2xxx for Liabilities).
- Hierarchy: Organize accounts in a logical hierarchy for better reporting.
- Regular Review: Review AR aging weekly to follow up on overdue payments.
- Payment Terms: Track payment terms to take advantage of early payment discounts.
Related Modules
Financial integrates with: