The ledger and accounting months

Every money event, such as a disbursement or a petty cash voucher, posts through one set of rules into a double entry ledger. The rules are kept by the database itself, so no screen, script or mistake can get around them.

The rules

• Every journal balances, in each currency and in cedis.
• Nothing posted is ever changed or deleted. A mistake is corrected by a reversing journal, linked to the one it reverses.
• Client money and office money never meet in one journal, except in a client to office transfer, which needs two different people.
• Client money always names its matter, and a client's ledger is never taken into debit.
• Nothing is dated into a month that is not open.
• Journals are numbered without gaps.

The chart of accounts

Settings, Chart of accounts lists every account, its Fund (client or office), Normal balance, Currency and balance. Add account gives one its Name, Code, Type, the account it Sits under, whether it is Postable and whether it is a Bank account. The accounts the ledger relies on read Protected. An account no longer used is deactivated from its row's menu, and Open ledger reads its postings.

Ledger settings, beside it in the settings menu, holds the client money periods, cheque clearing and the firm's financial year.

Months

Each month is Open, Closed or Locked.

1. Open Settings, Periods and the month, and choose Close month once its checks pass. Months close in order.
2. Lock month locks the months of a finished year at the year end.
3. Reopen month reopens a closed month only with a reason, which is kept for good. Only the managing partner can reopen a locked month.

Foreign balances

At a month's end, foreign currency balances are revalued at the month's rate, and the revaluation reverses the next day.