GENERAL LEDGER | FEATURES OF ACCOUNTING & BOOKKEEPING SOFTWARE.

1. Account Classification: Transactions are classified into various accounts based on the chart of accounts defined by the organization. Muhasba allows users to customize this chart of accounts according to their specific needs and organizational structure.

2. Double-Entry System: Like traditional accounting practices, Muhasba uses a double-entry system where every transaction affects at least two accounts: a debit to one account and a credit to another. This ensures accuracy and maintains the fundamental accounting equation (Assets = Liabilities + Equity).

3. Real-Time Updates: As transactions are entered into the system, the general ledger is updated in real-time or periodically (depending on the software settings). This provides up-to-date financial information and allows for immediate access to current financial status.

4. Financial Reporting: Muhasba’s general ledger forms the basis for generating various financial reports such as the trial balance, income statement, balance sheet, and cash flow statement. These reports summarize the financial activities and position of the organization over a specific period.

5. Audit Trail: The software typically maintains a detailed audit trail of all transactions entered into the general ledger. This audit trail is crucial for internal auditing, compliance, and troubleshooting any discrepancies that may arise.

6. Integration: Depending on its features, Muhasba may integrate with other modules like accounts payable, accounts receivable, payroll, and inventory management. This integration ensures that all financial data is consistent and synchronized across different functions of the organization.

Overall, the general ledger feature in Muhasba serves as the central repository for all financial data, providing the foundation for accurate financial reporting and decision-making within the organization.