the Double-entry bookkeeping is an accounting system in which every business transaction is systematically recorded by a Debit and one credit entry is mapped to two accounts - the basis of every proper financial accounting in SAP Business One.
In double-entry bookkeeping, every entry is always recorded twice: One account is debited (debit), another is credited (credit). In this way, the balance sheet always remains in equilibrium. This principle forms the basis for mapping and analysing the company's finances.
SAP Business One is based entirely on the principle of double-entry bookkeeping. The central elements are
- ledgerIncludes all posting accounts (e.g. assets, liabilities, income, expenses).
- chart of accountsStructures all G/L accounts that are assigned to a company.
- journal entriesRecord each business transaction with date, amount, description and debit/credit accounts.
- Automatic bookingsMany documents (e.g. invoices, orders) automatically generate journal entries.
- Inventory managementWith continuous inventory management, financial postings are made automatically when stock is added or removed.
- Currency managementAll bookings are made in local and system currency, also in foreign currencies if required.
- Reconciliation accountsAutomated collective accounts for debtors and creditors.
- Clearing accountsServes to bridge the time between posting and business process (e.g. GR/IR account).
- Parked receiptsDraft entries for checking before final posting.
- recurring bookingsAutomation of recurring booking processes such as rent or leasing.
Versino Financial Suite
the Versino Financial Suite significantly enhances double-entry bookkeeping through automation, increased transparency, improved analyses and comprehensive compliance support