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A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
Backflush accounting is a subset of management accounting focused on types of "postproduction issuing;" It is a product costing approach, used in a Just-In-Time (JIT) operating environment, in which costing is delayed until goods are finished.
ERPNext is a free and open-source integrated Enterprise resource planning (ERP) software developed by an Indian software company Frappe Technologies Pvt. Ltd. [2] [3] It is built on the MariaDB database system using Frappe, a Python based server-side framework. [4] ERPNext is a generic ERP software used by manufacturers, distributors and ...
The first "Post" alludes to the common concept of posting journals in accounting. Second, the name refers to the project's technological roots as it runs exclusively on the PostgreSQL database. Finally, the name suggests PostBooks as a logical step of progression for businesses that have outgrown the popular QuickBooks small business accounting ...
A company can maintain one journal for all transactions, or keep several journals based on similar activity (e.g., sales, cash receipts, revenue, etc.), making transactions easier to summarize and reference later. For every debit journal entry recorded, there must be an equivalent credit journal entry to maintain a balanced accounting equation ...
Open Systems Accounting Software (OSAS) is a business accounting software package for small- to medium-sized businesses using the Microsoft Windows, Linux, and Mac OS X operating systems. It has been developed and sold since 1976 by Open Systems, Inc. of Shakopee, MN.
In the FIFO example above, the company (Foo Co.), using LIFO accounting, would expense the cost associated with the first 75 units at $59, 125 more units at $55, and the remaining 10 units at $50. Under LIFO, the total cost of sales for November would be $11,800. The ending inventory would be calculated the following way:
An expense and cost recovery system (ECRS) is a specialized subset of "extract, transform, load" (ETL) functioning as a powerful and flexible set of applications, including programs, scripts and databases designed to improve the cash flow of businesses and organizations by automating the movement of data between cost recovery systems, electronic billing from vendors, and accounting systems.