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NetLedger Introduction and Overview

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Setting Up UsersEntering of Vendor DataEditing of Vendor RecordsEntering and Editing of Customer DataEntering of Customer DataEditing of Customer RecordsPurchasing Furniture and FixturesBuying of InventoryInput of SalesCash SalesPrinting of Invoices from Home ScreenPrinting of ReportsPaying of Accounts PayableMaking General Journal EntriesEditing of a Journal EntryHelp MenuComparison to Intuit QuickBooks Pro 2000Trinity University Masters of Accounting Program Fall 2000December 4, 2000By:Paul MorrisAndy PeoplesJeff PickettChris RodenRick OliverNetLedger Introduction and OverviewNetLedger is an internet startup company from Menlo Park, California. It has received funding from Oracle Corp.’s chairman, Larry Ellison, and SunMicrosystems. The founder and chief technology officer of NetLedger is former Oracle vice-president Evan Goldburg. NetLedger is a web-based accounting service provider aimed at reachingthe small business market currently dominated by Quickbooks and Peachtree. With web-based accounting, your actual accounting system and data are maintained on large, remote host computers. This data can be accessed from anywhere using a secured internet connection. NetLedger is different than Quickbooks or Peachtree in that software is never actually loaded onto any computers. It is a remote accounting application that can be accessed by any secured web browser. For a monthly fee, a business can create its own secured fenced-off area on the NetLedger site where it can setup its accounting system and begin processing. NetLedger relies on Oracle 8i databases to store and manage accounting data for each customer. Currently there is a data center in San Mateo, California and a second data center is being built in New York. Both of these sites will maintain a copy of all customer data so if one fails, the data will be safe and users can be redirected to the functioning data center. In addition, NetLedger is the first online accounting provider integrating accounting services and e-business tools aimed towards small and medium-sized businesses. The core service that NetLedger will provide, from which its other services will branch, is its basic on-line accounting package. This accounting package is said “to offer the same core integrated accounting modules as Quickbooks 2000.” NetLedger’s fundamental accounting services include; a general ledger, check writing, bank 2reconciliations, budgeting, accounts receivable, estimates, sales orders, invoicing, inventory, job/project tracking, expense reporting, accounts payable, purchase orders, time and billing, and customizable reporting. All of these services can be reached from your personal NetLedger home page with a few clicks of a mouse. The price for this basic service is $4.95 per month per user. With this base package most of a small business’s accounting needs are met. Features of the core accounting services offered arelisted below. General Ledger- Unlimited number of accounts - Customizable chart of accounts - 21 different sample charts of accounts available - Always maintains a complete audit trail - Automatically posts to General Ledger - Add accounts on the fly - Memorize recurring journal entries - Allows multiple A/R and A/P accounts - Optional use of G/L account numbers - Allows account numbers of up to 7 characters - Tracks subaccounts - Allows alphanumeric account numbers - Tracks classes for departmental reporting Accounts Receivable- Allows unlimited number of customers - Add customers on the fly - Allows 'drill down' to transaction detail from register - Tracks customer receipts and deposits - Automatically calculates sales tax - Automatically calculates finance charges - Allows customized aging and payment terms - Automatically create credit memos and refunds - Automatically approves and processes credit card transactions online - Tracks and prints customer estimates - Manages undeposited cash sales - Customizable cash sale, refund, and estimate formats 3- Allows customer read-only access to view transaction history and make paymentson open invoices Invoicing- Unlimited number of invoices - Print multiple-page invoices - E-mail invoices - Automatically fills in invoice from customer & item information - Memorize recurring invoices - Automatically bill costs back to customers - Print invoices in HTML or PDF format - Customizable invoice forms Sales Orders- Unlimited number of sales orders - Automatically converts sales orders to invoices or cash sales - Memorize recurring sales orders - Handles partial shipments and backorders - Can print picking tickets - Print sales orders in HTML or PDF format - Customizable sales order forms Inventory- Unlimited number of items - Add inventory items on the fly on transaction entry screens - Tracks quantity and value of inventory - Uses average costing method - Tracks reorder point - Tracks quantity on order - Allows inventory adjustments - Stores preferred vendor Job Tracking- Unlimited number of customers - Allows subjobs - Tracks all income and expenses associated with each job - Billable time can automatically be assigned to individual jobs - Automatically tracks reimbursable expenses Accounts Payable- Unlimited number of vendors 4- Add vendors on the fly - Allows 'drill down' to transaction detail from register - Tracks vendor purchases and payments - Memorize recurring transactions - Tracks bills and generates automatic payments for approval Purchase Orders- Enter and track an unlimited number of purchase orders - Has open purchase order register - Allows partial receipt of purchase orders - Allows receipt of items without a bill - Automatically create a bill from a purchase order - E-mail purchase orders - Print purchase orders in HTML or PDF format - Customizable purchase order forms - Calculates and generates sales tax payments In addition to these services there are also a number of general reporting features included in this basic package. Customers have the ability to build over fifty financial and business management reports and graphs. These statements include budgeted and actual income statements, year to date comparisons, balance sheets (standard and budgeted), trial balances, general ledger detail, purchase summaries, sales summaries, A/P and A/R aging summaries and details, chart of accounts, audit trail, profitability summary by inventory item, and many more. This accounting package is rather affordable at only $4.95 a month per user and


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