The heart of PENTA Construction Accounting Software is the General Ledger, a fluid structure defined by the combination of two entities: Organization Unit Id and Chart of Account #.
The Organization Unit is a user defined hierarchical structure offering an unlimited number of entities comprising an unlimited number of levels that are used to describe your business units in the system.
The Chart of Accounts is a user defined set of accounts that applies across all organization units, with the ability to restrict the use of individual accounts for a subset of organization units.
Every transaction entered into PENTA must include both an organization unit and an account number dynamically building the general ledger as new combinations occur.
Revenue Recognition
PENTA automatically accrues revenue and posts transactions to the ledger for active jobs, work orders and maintenance contracts. Earned revenue calculations differ based on the type of contract items:
Lump sum
Cost plus
Time & Material
Unit Price
Revenue recognition calculations may be run on a user defined frequency.
Accounting Period Reporting Processes
There are several processes that help expedite the issuance of a financial report package for a specific reporting period:
Revenue recognition
Recurring journal entries
Fixed asset depreciation calculations
Currency translation
Period close
Each of these processes may be run individually or simultaneously.
Financial reporting may be accomplished using standard PENTA reports or via user defined reports developed in PENTA Business Analytics reporting tool. Standard PENTA reports include:
General Ledger
Accounting journals
Trial Balance reports
Work in Process Subledger
Contracts in Progress reports
Accounts Payable Aging reports
Accounts Receivable reports
Financial statements
Balance Sheet reports
Profit & Loss reports
Call 262-780-2425 or Click Here to request more information about PENTA Construction Accounting and Financial Management Software.
