General Ledger Income Statement

You can run an income statement report with Retail ADVANTAGE POS Software.

 General Ledger Accounts can be up to 10 characters long and you can setup up to 9999 departments. Department Income statements can also be generated using the Retail Advantage POS Software reporting functions.  The General Ledger program follows GAAP (generally accepted accounting procedures) and a complete double entry accounting system.

CASH Basis vs. ACCRUAL Basis

 This accounting software system can report on both cash and accrual basis for its accounting reports.  Essentially, you can run either type of report at anytime.  The tax regulations let businesses figure their taxable income on a cash basis, rather than on the accrual basis.  Cash basis accounting can result in the postponing the payment of income tax, although it ordinarily does not reduce the total amount of income tax over a period of years.   Cash basis means that you recognize revenue the time you receive the revenue or the time when you pay the expense.  Accrual basis means that you recognize the expense when you actual receive the bill not when you pay it or recognize the revenue when you bill for your services not when you get paid for them.

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Support on Retail ADVANTAGE Point of Sale Software available 9 am - 5 pm CST Monday thru Friday Call us at 281-398-3770 Sales toll free at 888-785-0882 or e-mail us at support@aknaf.com