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WTALLY (WEBTALLY) is used as a financial accounting ERP - WebApplication invented by wilmix jemin j in
JMFFramework and JDk1.8.
Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Financial accounting is the process of recording, summarizing and reporting the myriad of transactions resulting from business operations over a period of time.
Modules present in Financial Accounting
a) Journal and Ledger b) Trial Balance . c) Balance Sheet d) Profit and Loss Account.
a)
A journal is a detailed account that records all the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records, such as the general ledger.
After journal entries are made, the next step in the accounting cycle is to post the journal entries into the ledger.
Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements.
It is usually prepared at the end of an accounting period to assist in the drafting of financial statements.
A Balance Sheet is a statement of the financial position of a business which states the assets, liabilities,
and owners' equity at a particular point in time. In other words, the balance sheet illustrates your business's net worth.
The profit and loss statement shows the profit or the loss of a business during a certain time period. The profit and loss statement allows you to view the net profit or the net loss of your business during a particular accounting period, after the deduction of all income expenditure.