How to manage account like income, expense and investments

Accounts

The system should provide an Accounts to help businesses record and monitor their financial transactions, including Income, Expenses, Investments, expense template.

They should provide a clear view of the business's financial position and help users track where money is coming from and where it is being spent.

1. Income Accounts

Users should be able to record and manage all sources of business income.

Income entries can include:

• Sales Income

• Service Income

• Other Business Income

• Interest Income

• Rental Income

Each income transaction should include:

• income name

• amount

• branch

• Payment Method

• income type

• income date

  
  

  
  

  
  
  

2. Expense templates

• template name

• amount

• branch

• payment split

• expense type

• recipient type

3. Expense Accounts

Users should be able to record and categorize all business expenses.

Common expense categories include:

• Rent

• Electricity

• Salary/Wages

• Transportation

• Internet/Telephone

• Office Expenses

• Maintenance

• Marketing

• Bank Charges

• Purchase-related Expenses

• Other Expenses

Each expense entry should include:

• template name

• amount

• branch

• recipient type

• customer

• setteled date time

• payment type

Once an expense is recorded, the amount should automatically be deducted from the selected account balance.

3. Investment Accounts

The system should allow users to record money invested by the business or owner.

Investment entries can include:

• Owner's Investment

• Capital Introduced

• Fixed Deposits

• Mutual Funds

• Shares/Stocks

• Other Business Investments

Investment records should include:

• select employee

• Investment amount

• payment type

• date

• Investment type

• assigned branch

Investments should be tracked separately from normal business income and expenses.