Introduction to Accounting Systems

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Revision as of 21:24, 3 November 2007 by JRZeitlin (talk | contribs) (Protected "Accounting for Engineers": Sysop page [edit=sysop:move=sysop])
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This screen is designed to give a brief overview of Accounting concepts and common practices. A general understanding of some basic accounting will make working with the Financials application easier and more intuitive.

What is Accounting

The purpose of accounting is to track the financial condition of a company, by recording and analyzing the following conditions:

  • How much money do customers owe the our company?
  • How much do we owe other people (vendors, employees, etc.)?
  • How much of our product did we sell?
  • How much did the product cost our company?
  • Did we make or lose money?
  • How much "cash" do we have left?