General Ledger
May/15/2005
Tradepoint accounting can be done
in two major ways: 1. Through the General Ledger and 2. Through the client side
A/R and A/P tabs. This has been
done to appeal to two different types of audiences. The General Ledger will be preferred by
accountants and those with accounting backgrounds. There is an accounting version
of Tradepoint that can even be purchased that allows an external accountant
to synchronize and gain access to your General Ledger and any other accounting
specific sides of the applications.
The Tradepoint GL looks and feels
like any other GL. All of your
accounts are posted at the right of the screen and account balances are listed
in the balance section the bottom of that area of the screen. In the Tradepoint GL you can quickly
search for specific names, invoice amounts entry dates and other criteria in
order to quick reference and track bills or invoices outstanding. The power of this tool is that it
is live updated on a second by second basis and contains the complete accounting
data of all of your corporation at all times. The Tradepoint GL can be setup
differently for every company or division you operate.
As mentioned earlier the second
way of operating Tradepoint accounting and the GL is through the client side
tabs. This way is preferred by
small business owners and those who are actively running the company. Tradepoint automatically performs all
accounting adjustments when invoices are created, bills are received, invoices
are paid, etc. Therefore
there is never a need for a business owner or manager to learn accounting
procedures in their lifespan. Not
unlike how calculators outdatde our need to be able to compute sin, cos and tan
equations, Tradepoint outdates the need to learn the accounting specific
practices that are needed to run your company. Tradepoint does it all for you.
Because there is no need human
“data entry” to adjust books or update the GL and all accounting details is
automatically completed, automated and cleared for you. Accounting errors go down and it becomes
far less complicated to do advanced reporting. Not to mention the time savings
experienced by not double entering data from websites, expense reports from
staff act. Because of
Tradepoint’s rTradepointary accounting approach, Tradepoint is positioned to
be the most powerful accounting package on the planet.
Tradepoint’s accounting runs
complies to every Generally Accepted Accounting Practise therefore there will be
no unusual surprises when using Tradepoint’s accounting within your
organization.
How do you bring your old
accounting data into Tradepoint?
It is suggested, in order to
avoid Garbage in Garbage out scenarios to take your present accounting manager,
export the data in a standard file format (comma delimited or access). All of the most used applications allow
for this. After you have exported
your accounting balances, you can then import those balances and GL figures
into Tradepoint using our import tool. Our import tool allows you to specify
exactly how and where you would like your accounting data to be processed. Tradepoint does allow direct
imports from packages like Simply Accounting and QuickBooks however often
companies allow users to enter data that can “blow up” the high level of
management you are trying to receive.
For instance some packages allow you to enter negative value invoices to
offset debit and credit accounts.
Other packages allow you to enter invalid date fields like “Tomorrow”
instead of 02/05/06. Importing
“broken” data into Tradepoint runs the risk of “breaking” parts of your
accounting practises. That is why
we politely suggest to simply import your present balances from your accounts
and take things from that point in with Tradepoint accounting. You can use your old accounting package
to access old data and as time passes after a few years you can eliminate that
old system completely.
Because of Tradepoint's unique
ability to now streamline every area of your business, verify that only “valid”
information has been entered into every area of your company (accounting and
otherwise), Tradepoint enables you to view or print powerful and impactful
progress reports for your business in seconds. In the vast majority of cases, the same
reports produced in another package takes often minutes or even
days.