Accounting & General Ledger
A robust, double-entry general ledger system. Setup custom Charts of Accounts, manage multi-line journal entries with post/reverse lifecycles, and generate Trial Balance and General Ledger reports.
Key Capabilities
Hierarchical Chart of Accounts (Assets, Liabilities, Equity, Revenue, Expense).
Balanced journal entry creator with credit/debit validation.
Locked accounting periods ensuring historical lock-in.
Automated Trial Balance and General Ledger reporting.
Frequently Asked Questions
Does evo7 support double-entry bookkeeping?
Yes, all transactions are double-entry by design. Every journal entry enforces debit = credit before posting. The system auto-generates journal entries from invoices, payments, and expenses.
Can we customise the Chart of Accounts for our business?
Yes. You can define unlimited root and sub-accounts across Assets, Liabilities, Equity, Revenue, and Expenses. System accounts (auto-created) are protected from deletion.
How do accounting periods work?
Periods can be locked to prevent edits to closed months. Attempting to post a journal into a locked period raises a validation error, ensuring historical data integrity.
Can journal entries be reversed?
Yes. Any POSTED journal entry can be reversed with a reason/note. The reversal creates a counter-entry and links both for audit traceability.
What financial reports does the accounting module produce?
Trial Balance (debit/credit totals per account), General Ledger (all transactions per account for a date range), and period-wise P&L summaries.
Is evo7 accounting suitable for GST-registered businesses?
Yes. Accounting integrates with the Billing module. Invoice line items, tax heads, and GST reconciliation are all reflected in ledger entries automatically.