Chapter 3. Accounting Processes
So far we have seen the accounting tasks that require most of an accountant's time, because they are the bulkiest tasks: posting sales, purchases, and payments. But there are many other accounting tasks that have to be performed.
In this chapter, we will explore the following accounting processes:
- Posting accounting transactions
- Reporting taxes - VAT (Tax Posting setup)
- Managing fixed assets
- Inventory valuation
- Closing the accounting year
- Consolidating financial statements
- Deferrals
Posting accounting transactions
The system can automatically create and post many accounting transactions such as those for sales and purchase invoices, for instance. There are many other transactions that end up in an accounting entry automatically ...
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