Financial

What is the Financial Statements Module?

The Financial Statements Module keeps track of all the postings into the accounts for each identity. Because this happens automagically postings will appear whenever you or any other concerned party posts entries to their accounts.

This is unlike any other accounting software you will ever see. No other accounting software can create entries in other people's accounts. It is one of the unique aspects to Totem.

For example:

• When a Sales Invoice is sent to your identity, the Accounts Payable for that Identity will be updated automatically without you having to encode it as a Purchase Invoice into your accounts.

  • Other accounts relevant to that Purchase Invoice are also automatically updated such as the correct expense category, and any taxes or commissions or tariffs.

• When you settle the purchase invoice, the Accounts Payable will be updated to reflect that you have paid the invoice, and your supplier's accounts will be updated in Accounts Receivable, to show it has been paid too. All is done without a book-keeper or accountant required!

So let's take a look at what there is there.

Currencies

All the accounts are displayed in Presentation Currency that you have selected in the Settings Module. You can change this at any time to show your financial account balances converted to any currency you choose.

The Layout

NOTE: This section is still under development. We have not yet added the account display rules that would show the Balance Sheet Accounts as a Trial Balance, for example. For clarity only shows the balances and postings per general ledger account .

Currently the layout displays the accounts according to their relationship to the Balance Sheet, the Profit and Loss, and the Memorandum or Control accounts.

There is a small arrow on each section that allows you to drill down into the details for each statement type, then by each account. At each level the values are aggregated from the hidden sub-levels.

Drilling down to the lowest available level allows auditing and validation of the postings that make up the values aggregated from above.

It is not intended that there will be any functionality to this Module other than display.