📄️ Bank
In the Bank Menu, register all bank names and other important information related to the bank that is associated with your company's transactions. Direct your pointer to the Bank submenu and click, you will get the bank menu as shown in Figure 3.3.1:
📄️ Chart of Account
The chart of accounts or list of accounts is a complete list of financial accounts used by a company in their accounting system. The chart of accounts is an essential element in the accounting system that allows companies to track and record all financial transactions.
📄️ Journal Type
Journal type or types of journals in accounting refer to the categories or types of financial transactions recorded in journals. Common journal types used in accounting include general journals, sales journals, purchase journals, cash journals, bank journals, and payroll journals.
📄️ Fixed Asset Group
Fixed Asset Group is a classification or grouping of a company's fixed assets based on their type, function, location, or other characteristics. Grouping fixed assets into specific categories helps companies monitor, manage, and report fixed assets more efficiently.
📄️ Payment Plan List
The Payment Plan List is a financial management tool used to organize and manage structured payments over a specified period. This list details how a company will make payments, often in contexts such as purchasing goods or services on credit, loan repayments, or installment plans for vehicles or properties.
📄️ Claim Expenses
The Claim Expenses module is used to refer to the action or process of submitting a claim to receive reimbursement for expenses incurred by an individual on behalf of a company while performing business activities or job duties. These expense claims are typically submitted to the employer or to an organization with rules or programs for expense reimbursement by filling out a claim form that details the expenses being requested for reimbursement.