Tuesday, January 14, 2014

OPEN MIRACLE!!! A Free Accounting Package

Firstly we need to recognize that very rarely is anything 100% Free…Accounting Package. . If something was 100% free, with all features unlocked, huh…!! Then the first question to my mind would be How Will This Company Survive……??!!

It is very easy to learn, understand and use when compared to other accounting packages. Different modules are included in this package. The benefit of going with open miracle is the cost saving for your business…!
Discussing one of the module –Masters in open miracle:

Masters are what we get when we ask ‘with whom?'  With whom do we do business? Our customers and suppliers. 'With what?' –As in what do we transact with –services & inventory. 'Using what?' – gives us taxes, units of measure, currency, batches. All these become 'masters'

Customer: Actually master form will assign to makeover basic creation of all accounting requirements. itz the first section of particular requirements and end goal of business

Supplier: Here, supplies goods or services. This may be distinguished from a contractor or subcontractor.

Account Group: When you create a master record in the chart of accounts, you must specify an account group.

Account Ledger: A company's main accounting records. A general ledger is a complete record of financial transactions over the life of a company.

Multiple Account Ledgers:  Ledgers sets allow you to group multiple ledgers together to achieve processing ... All ledgers in a ledger set must share the same chart of accounts

Product Group: This is normally assigned to Alternative term for product family.

Product Creation: The product creation with new or different characteristics that offer new or additional benefits to the customer.

Multiple Product Creation: Multiple groups can be associated with the same product.

Batch: A report which gives performance information for selected criteria..Batch reports are commonly associated with accounting software.

Brand: The process involved in creating a unique name and image for a product in the consumers' mind, mainly through advertising campaigns. Juz like product brand.

Model Number:  This is commonly used in many different types of product manufacture.

Size: It assign Product size.

Unit: It is the general term that means the measurement of particular goods.

Godown: Normally Godown is storage area or storage place.

Rack: Rack is also storage area.

Pricing Level: The unique cost you set that is associated to a particular Pricing Level.

Price List: Manufacturer's, distributors, or retailers quoted, published, or displayed price on which quantity, seasonal, or other discounts.

Standard Rate: Rate based on standard costing, or on standard practices

Tax: A fee charged by a government on a product, income, or activity. This means governments finance their expenditure by imposing charges on citizens and corporate entities.

Currency: Any form of money that is in public circulation.

Exchange Rate: The price of one country's currency expressed in another country's currency. In other words, the rate at which one currency can be exchanged for another.

Service Category: It is the current account because goods and services are generally consumed in the current.

Services:  The purpose of this is to provide definitions of accounting, auditing, and assurance services.

Voucher Type: A written record of expenditure, disbursement, or completed transaction.

Area: Area means particular extent of space or surface.

Route: Route will assign to direction of particular accounting task.

Product Register: Here, A document provides a description of the configuration register Related Products .
Salesman: An individual who sells goods and services to other entities.

Good Luck….!!


B Lameeza Shireen.

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