An Accounting Schema is a combination of a national accounting standard (e.g. US GAAP), a Costing Method (e.g. Average Invoice or standard), a Accounting Basis (Accrual or Cash) and a currency. Compiere allows you to define multiple Accounting Schemas so you can maintain books for financial reporting and data for management decision making in parallel. It also eliminates the cumbersome tasks of conversion, transformation, and consolidation of foreign subsidiaries and allows for the easy separation of management and legal reporting. Each Accounting Schema defines several parameters for General Ledger processing. These include the type of error handling and method of currency balancing to use. Additionally, the accounts used for Retained Earnings, Inter-Company transactions and Balancing are defined.
- Accounting – COA
- Multiple accounts