Project Name
Accounting is a process of identifying, measuring, and reporting financial information of an entity
For more information please see http://www.a-systems.net/accounting-terms.htm
A business entity performs the following accounting activities:
Records transactions that create assets, liabilities, income, or expenses in the books of accounts.
Accumulates balances pertaining to each type of account.
Measures the impact of these transactions on the organization's profits or losses.
Assesses the value of the company's assets and liabilities.
Communicates financial information relating to the above activities using relevant reports.
Quick Business Manager follows the accrual method of accounting. Under the accrual method, transactions are recorded as and when an income is earned or an expense incurred and not when payments are received or made for it. This means that incomes and expenses are recognized in the period when they are earned or incurred.