Modified cash ledger basis for an accounting system and process
A business system and process which utilizes an improved method of providing accounting methods for entering, updating and posting financial events, as well as an improved method for updating simultaneously a plurality of ledgers and sub-ledgers according to a preselected set of parameters or rules, which provides improved real time reporting capabilities to management, staff, partners and others. The improved system and method manipulates, stores, and reports on ledger items including, but not limited to: statutory cash ledgers, cash and accrual ledgers, and management cash ledgers and similar accounting ledgers commonly utilized in the relevant art of professional time, record and accounting keeping.
1. An accounting system, configured to manage financial data from a plurality of computer devices, the accounting system comprising:
a database;
an application server comprising a processing device and a non-transitory storage medium for storing instructions that when executed by the processing device cause the processing device to perform the following in real time:
receive, by the database, financial data associated with different document types from the plurality of computer devices, the different document types having different keys;
store, by the application server, the financial data in a leading ledger database implemented in the database;
process, by the application server, the financial data according to pre-defined transfer rules, wherein:
a management cash ledger database receives at least some of the financial data from the leading ledger database in real time, the management cash ledger database maintaining global financial data for a plurality of local offices;
a statutory cash ledger database automatically receives, based on a trigger mechanism determining that at least one of the keys for the different document types is a preselected type, at least some of the financial data from the management cash ledger database in time, time which is modified according to statutory rule requirements for the statutory cash ledger database, the statutory cash ledger database maintaining first local financial data for one of the plurality of local offices; and
a statutory accrual ledger database automatically receives at least some of the financial data from the leading ledger database in real, time which is modified according to statutory rule requirements for the statutory accrual ledger database, the statutory accrual ledger database maintaining second local financial data for one of the plurality of local offices.
2. The accounting system of claim 1 , wherein the financial data corresponds to any one of: client invoices, vendor invoices, client payments, vendor payments, and fixed assets.
3. The accounting system of claim 1 , wherein those executable instructions that, when executed by the processing device, cause the management cash ledger database to receive at least some of the financial data from the leading ledger database, are further operative to store the financial data that is classified under both accrual and cash accounting.
4. The accounting system of claim 3 , wherein the financial data stored in the management cash ledger that is classified under both accrual and cash accounting is modified into a uniform currency.
5. The accounting system of claim 1 , wherein those executable instructions that, when executed by the processing device are further operative to relocate financial data from the leading ledger database to the statutory accrual ledger database when the pre-defined transfer rule is at post.
6. The accounting system of claim 1 , wherein those executable instructions that, when executed by the processing device are further operative to relocate financial data from the management cash ledger database to the statutory cash ledger database when the pre-defined transfer rule is at pay.
7. The accounting system of claim 1 , wherein the processing device is configured to calculate retained earnings for partnership distributions using the management cash ledger database.
8. The accounting system of claim 1 , wherein the management cash ledger database and the statutory accrual ledger database maintain different fiscal year variants.
9. The accounting system of claim 1 , wherein the management cash ledger database and the statutory accrual ledger database maintain different posting period variants.
10. The accounting system of claim 1 , wherein the statutory cash ledger database maintains a country-specific profit and loss statement.