Patriot Software program, an accounting expertise and payroll companies firm, introduced that it has efficiently patented a “dual-ledger accounting” software program function.
The patent explains it as a system and technique for selectively displaying accounting information in each money and accrual foundation codecs. This enables a consumer to trace money, modified money and accrual foundation concurrently, with the software program robotically writing transactions in every technique on the time of entry. The function might be enabled per consumer within the software program, letting them toggle between views and alter accounting strategies with out the necessity for manually adjusting entries.
The patent references different makes an attempt to do that, equivalent to an analogous invention that enables computer systems to robotically convert information from accrual to money foundation, however faulted this technique for nonetheless requiring folks to change entries themselves.
“Earlier patents have outlined easy methods to programmatically convert from one accounting technique to the opposite. However that takes further processing and will make it laborious to modify again. Our strategy takes the processing hit upfront. After that, switching accounting strategies is only a viewing choice and there’s no want for both handbook or computational adjusting entries,” mentioned senior options architect Asher McCune in a press release.