DEBS
1. Introduction
Implementation of double entry bookkeeping system.
2. Objective
To design a real-time double entry bookkeeping system for small to medium sized businesses.
3. Problem Description
Only twenty years ago, small to medium sized businesses faced daunting choices for selecting bookkeeping systems. For any small business, keeping a record of all transactions plays an essential role in building a solid foundation for financial health. Our mission is to remove the barriers to financial clarity that every business owner faces. Double-entry bookkeeping involves making at least two entries for every transaction. A debit in one account and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits, providing a simple way to check for errors.
4. Target Audience and their roles
Small to medium sized businesses.
5. Functional requirements of your project
Following functionalities are provided:
Data Entry
- Add Customer: It adds customer record, with his details like shop name, address, phone, etc.
- Delete Customer: It deletes customer record (although customer’s transactions would not be deleted).
- Update Customer: It updates customer’s details.
- Account Ledger: It shows all transactions happened in a particular account.
- Chart Of Accounts: It shows all accounts categorized by their groups (Assets, Liabilities, Capital, Revenue, Expenses, etc.) to get a clear insight of the financial health of business.
Transactions
- Create Transaction: It allows to add a new transaction for unlimited number of accounts (to balance credit & debit side of transaction).
- Delete Transaction: It deletes a transaction.
- Commit Transaction: It commits/saves a transaction after checking possible errors.
- List Transactions: It shows all transactions with their respective entries.
Inventory
- Add Item: It adds a new item in the stock.
- Update Item: It updates (decreases or increases) the number of items in stock.
- Delete Item: It deletes the item from stock.
Reports
- Trial Balance: It shows a bookkeeping worksheet in which the balance of all ledgers is compiled into ‘debit’ and ‘credit’ account column totals that are equal.