| PSA uses a Major-Minor account
structure for easy recording of details and meaningful rollups for
reporting.
PSA is an open–item (rather than a
balance–forward) system and data for multiple years is retained providing
for year–to–year comparisons, flexibility in error correction, and the
ability to post to the current period while waiting for the final
transactions necessary to close the previous period. While closed months
retain their data for month-to-month comparisons, previous months cannot
be altered without administrative access, and only then by re-opening the
month (and any following months). Key reports show whether the month on
which the report is based is open or closed. No month can be closed
without the previous month being closed, and the year cannot be closed
without the last month of that year being closed. It is virtually
impossible to make unauthorized and unnoticed adjustments to the accounts.
PSA offers a fully integrated accounts database:
there are no sub-ledgers to close, post and reconcile, although sub-ledger
reports can be produced to meet accounting needs for tracking Accounts
Payable and Receivable.
PSA accommodates multi-company installations
(where the companies are closely held and share a common client/vendor
list and major account structure), permitting great ease in data entry,
contract management and reporting. Consolidated financial reporting is as
easy as reporting on an individual company--there is no need to back out
to the main menu to select a different company.
PSA supports divisions and sections (across all
companies in multi-company installations) to avoid the bloat that
characterizes most charts of accounts. A single Revenue account, for
example, can be used to track the Revenue in an unlimited number of
Divisions, and the Income and Expenses in a number of Divisions can be
rolled-up to the Section or Branch level.
No accounting operation proceeds without errors. Any
that are made using PSA are easier to correct. No need for formal journal
entries. With appropriate access simply call up the transaction and
correct it. PSA will update the appropriate accounts.
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