The modules like accounts payable, payroll and accounts receivable are processed by accounting software. These modules work in combination as an information system of accounts. Some accounting and bookkeeping modules that are available with software packages are as follows:

General Ledger Module

General Ledger can be defined as the central repository of records and data of accounting. Moreover, it is the hub for data that are co-related to accounting, receiving of entries from other means like accounts payable, receivable and payroll modules.

• This ledger system is the way that is applied to record the financial transactions that are not done in other modules.
• A trail of information is used created by general ledger is used for audit purposes.
• It is the basis of the creation of financial records that involves trial balance, balance sheet, and profit/loss statement. 

Chart of Accounts Module

This module is used in accounting services by a business as it is a list of accounts.

• The sequence of codes is used in chart of accounts to detect income, assets and expenses tracked by the accounting system.

• This module examines the generation of reports and details of the information tracked by the accounting system. These accounts are numbered after income statement accounts.

• The sub-coding can be used by the chart of accounts at the location, division, project or funding source to get details of the information if they are required.

Balance Sheet Module

A balance sheet can be explained as Snapshot of financial condition of company.

• The assets, liabilities, and equity of company are listed in balance sheet.

• The medium by which the company’s assets are financed like cash, debt or equity is also displayed in balance sheet.

Accounts Receivable Module

The money owned by customers to the business is mentioned in Accounts Receivable Module.

• The invoice of clients is handled in this module. Moreover, the processing of payments is also an additive feature.

• This module is also applicable for the creation of bills or sending invoices to the clients.

• The main files consist of details like name, address, and phone number.

Accounts Payable Module

This is the money that is payable by a business to its dealers.

• This module takes a record of money that is due to dealers and discounts.

• The Accounts Payable Module can print computer-generated checks to its dealers.

• The master file of this module consists of information about dealer which includes name, address, and contact number.

Point of Sale Module

It is the place where sales transaction happens that could be at retail store or online.

• The point of sale software can transfer to your accounting software.

• By using an integrated point of sale module one can avoid typing point of sale transactions by hand, as a result, an error will be reduced.

• This module helps vendors to break accounts receivables entries of general ledger.