[Advacs-discuss] Advacs accounting system

[bob parker]

On Mon, 9 Aug 2004 18:50, Oliver Elphick wrote:
> This is a copy of a message I just posted on the Developers' forum:
>
> ----------------------------------------------------------------------
> I've put up some stuff into Docs showing my ideas about where this is
> going to go.
>
> I've also created three CVS modules: apps, docs and sql, with module
> directories under each CVS module.
>
> apps is for front-end progams, sql for the database definitions and all
> the business logic, and docs is for documentation, of course.
> ----------------------------------------------------------------------
>
> I've also created a single mailing list (CC'ed herewith).

Oliver, 
A couple of points about the Glossary of accounting terms.
(This is an Australian POV)

Accounts PayableUS terminology for the Purchase Ledger (q.v.)
Accounts Payable is what you owe aka Creditors, Purchases is what you bought.
So debit Purchases, credits Accts Payable (if you bought on credit), 
or debit Purchases, credit [Bank | Petty Cash] if you paid cash.
Moreover Accts Payable is normally confined to money owed by way of normal 
trade.

Accounts ReceivableUS terminology for the Sales Ledger (q.v.)
Similarly Sales is what you sold by way of trade - credit entry,
Accounts Receivable aka Trade Debtors is what is owed to you by customers, a 
debit entry.

You mention control accounts and subsidiary ledgers. In my experience in 
medium sized businesses ( $1 to $4 million/week), those things died out with 
the discarded tabulator machines when the General Ledger went computerised.
All detail was fully recorded within the general ledger. (A possible 
exception to this was Payroll). I'm not an accountant so I can not say if 
there is some standard enforcing that practice but it certainly was usual.

HTH
Bob Parker