EOD Process
finalizing the account and closing journal and ledger book at the end of a period.
number of complex interdependent process and jobs need to be performed in tandom with each other to execute eod process.
Meta Posting
Posting that doesn’t change balance but changes the information about the ledger.
Ledger Categorization and Type
Each ledger can be categorized under these category:-
1 Asset
2 Liablity
3 Income
4 Expense
Two types of ledger System ledger and account holder ledger.
AccountHolder Ledger
represent a customer account or a credit card.
System Ledger
internal to bank operation, represent bank’s Assets, Liability, and Expense detail.
Chart of Accounts
- Set of ledger organize as a tree to capture various financial transaction.
- top of the tree is root and below it, are accounting nodes like Assets, Liability, Income, Expense and Equity.
- actual ledger resides below the leaf node.
- coa have currency which denotes the currency of all ledgers in coa.
- coa is associated with a calendar that entails the time zone and billing cycle for its ledger.
DoubleEntry Bookeeping
fundamental accounting system ensuring integrity and accuracy of financial records.
Clock Based Unit(CBU)
Define the minimum time span at which accounting value can be summarized
In aura a cbu corresponds to one day.
Calendar
has fixed timezone, can have multiple clock associated with it.
System Clock -
Book Clock -
System Clock
A System Clock is like the “master clock” of the computer.
The Tachyon app uses this clock to know the current time and date, which follow the system’s time zone.
Book Clock
A Book Clock is a business-defined clock used by a bank or organization to record transactions — it doesn’t depend on the computer’s actual time.
Instead, it follows the bookkeeper’s schedule or the organization’s financial day.
Period
time interval on the calendar and can be thought as an instance of the cycle.
