The Accounting System

The accounting system is the heart of the AIRPEX package. It is used by all modules.

The Accounting System consists of:
General Ledger
Accounts Receivable
Accounts Payable

There are two main approaches to accounting functions that we have encountered. Either system will work with the BMS programs. How you set up your chart of accounts determines which approach you are using.

The "generic" system usually described in bookkeeping manuals consists of some variation of the following account structure:
1000-Assets
2000-Liabilities
3000-Retained Earnings
4000-Revenue
5000-Cost Of Sales
6000-Operating Expenses

The system we consider more informative for companies where costs are directly related to revenue is:
1000-Assets
2000-Liabilities
3000-Retained Earnings
4000-Revenue
6000-Operating Expenses

For example, with the generic system freight revenue might be credited to account 4100 and freight expense debited to account 5100. Using the second approach the freight revenue would be credited to account 4100 and the freight expense would be debited to the same account. In this way discrepancies are much more noticeable. Profitability is more easily seen and comparisons to previous years or periods are more obvious.

General Ledger

Chart of Accounts
Fiscal Periods
Journals
End of Month Processing
Reports 
Trial Balance
Balance Sheet
Profit & Loss


Accounts Receivable

Cash Receipts
Sales Journal


Accounts Payable

Accounts Payable Entry
Cash Disbursements
Bank Reconciliation