An accounting software module is called General Ledger Module. Accounts payable, trade receivables, and payroll are three modules used by accounting software to keep track of transactions.
A general ledger (GL), a collection of numerical accounts, is used by an institution to track its financial transactions and produce financial reports. Each account is a distinct record describing a certain type of asset, liability, equity, profit, or expense.
Money due to your company is represented by accounts receivable, an asset account. Accounts payable is an expenditure account for money that your company owes. Cash: Any liquid assets that your business possesses, such as owners' equity (an equity account). Sales or transactions affecting the inventory are considered an asset account.
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