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General Ledger Overview
SedonaOffice is a complete financial application, from billing to financial statements. As a single software program all the modules within the application are designed so all the financial transactions are immediately posted to the general ledger. SedonaOffice is an accrual based accounting system.
Accounting Basics
In order to use SedonaOffice you need an understanding of accounting. Here are some basics.
Chart of Accounts
Your Chart of Accounts determines how financial transactions are stored. Think of two main categories for your Chart of Accounts; Balance Sheet Accounts and Income Statement Accounts.
Balance Sheet Accounts
Balance Sheet Accounts track what you have (Assets) and what you owe (Liabilities). These accounts maintain a balance that continues forward even past your fiscal year. It also tracks what your company is worth (Equity).
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