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Accounting Softwares and the Personal Accounting System

Accounting software is basically application software that has the ability to record as well as process the various financial transactions taking place in an organization. The accounting software utilizes the various modules like the accounts payable as well as the accounts receivable, trial balance and the payroll. The major positive that is attached with the accounting software is that they can either be purchased from a software firm that manufactures them or can be built in-house by the organization. It can also be purchased from a third party and then can be modified according to the needs of the organization.

Some of the categories that the accounting softwares have been categorized into are:

  1. The personal accounting system
  2. The mid-market
  3. The low-end
  4. The high end
  5. The vertical market
The most efficient use of the accounting software can be seen in the personal accounting domain where it is used primarily by the home users that use the accounts payable type of transactions. The accounting softwares use the different modules that are meant for the various different types of accounting purposes.

Some of the core modules are:

  1. General ledger modules
  2. Accounts payable
  3. Accounts receivable
  4. Purchase order
  5. Cash book
  6. Sales order
  7. Billing
  8. Stock and inventory

The Non-core modules are:

  1. Expense
  2. Payroll
  3. Time sheet
  4. Reports
  5. Debt collection
  6. Electronic payment processing
Different companies would use the different names for these modules. One of the most important aspects of these modules is that they can be used by the organizations depending upon their specific needs as well as requirements. The personal accounting system is generally used by the home based accountants. The personal accountings systems are the ones that can be of great help to the accountants while they are preparing reports, filing tax returns or doing simple book entry for their clients whether they are big organizations, or individuals.