In a manual data entry environment, the entry of financial transactions goes through a structured process. The diagram below, adapted from Business Accounting 1, 10th Edition, Wood F & Sangster A, Pearson, page 121, details how the transactions are categorised and recorded.
In a computerized environment, the data entry of the transactions is recorded in different modules found in the accounting software. The modules and the transactions that are captured in each module are highlighted below:
Not all modules are present in all accounting software. The Accounts Receivable, Accounts Payable, and General Ledger Modules should be sufficient for small to medium-entity accounting informational requirements.
| Accounts Receivable Module | · Entry of Credit Sale Invoices |
| · Receipts from Credit sale Invoices | |
| · Credit Notes issued to customers | |
| · Debit Notes issued to customers |
| Accounts Payable Module | · Entry of Credit Purchase Bills |
| · Entry of Credit Expense Bills | |
| · Payment for Credit Purchase Bills | |
| · Payment for Credit Expense Bills | |
| · Credit Notes received from a supplier | |
| · Debit Notes received from a supplier | |
| Inventory Module | · Entry of Inventory Items |
| · Entry of Inventory prices | |
| · Manage Suppliers | |
| · Manage Orders | |
| · Run Stocktake |
| General Ledger Module | · Journal Entries |
| · Non-Cash Adjustment Entries |
| Banking Module | · Entry of Cash receipts |
| · Entry of Cash payments | |
| · Bank Reconciliation |
| Fixed Asset Module | · Entry of Fixed Assets |
| · Disposal / Transfer of Fixed Assets | |
| · Impairment / Revaluation of Fixed Assets | |
| · Generation of Depreciation / Amortisation |
| Payroll Module | · Entry of Employee Information |
| · Entry of Employee Salary | |
| · Generation of Employee payslips | |
| · Upload bank file for direct crediting to Employees | |
| · Upload the CPF file for submission to CPF | |
| · Upload the IRAS file for submission to IRAS | |
| · Maintain and update Annual Leave/ Medical Leave/ Hospitalization Leave for Employees | |
| · Maintain and update Child Care Leave / Paternity Leave |
