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Flexible Chart of Account (COA)
Lightwave Accounting Software provides hierarchical chart of account which can go up to five levels. First level is fixed and is Capital, Assets, Liability, Income, or Expense. Other four levels are flexible and user can design the chart of account (COA) according to business requirements.
Multi-Company Accounting System
Lightwave Accounting Software provides multi-company capabilities. All financial reports including trial balance, balance sheet, and income statement can be generated for individual companies separately. Also it is possible to consolidate and generate these reports with data of all the companies merged. Reports for individual companies have their respective titles on reports while consolidated reports have title of the defined head office or corporate office.
Automated Year End closing process
Lightwave Accounting Software makes it very easy to close a financial year. If required, any closed financial year can be opened by administrator. At year end the financial year is closed and all balance sheet entries are automatically moved to the opening accounts of next year and year end profit/loss is automatically calculated by the system and posted in respective account. Also any ledger can be viewed across multiple years without any problem.
Easy to use voucher entry screen
Voucher entry and view screen in General Ledger is very easy to use and good user interface allow quick entry of vouchers. Easy navigation structure facilitates the user to view the previously entered vouchers with all details.
Posting and Search of Vouchers
Lightwave Accounting Software provides a very quick way to find required vouchers. Same screen is used to post or un-post the selected vouchers. Vouchers can be selected on the basis of flexible criteria. Also all voucher selected by the user can be loaded on the voucher screen, for view or editing, through a single click.
Temporary Voucher Facility for petty cash management
Lightwave Accounting Software accounting software has a useful feature of temporary voucher. This feature helps in elimination of manual or spread sheet work to manage the petty cash. User can enter the day to day entries in the temporary voucher. Unlike the standard voucher, this entry screen allows the duplicate entries of any GL account. For example, the entry against “Petrol Expense” can be done multiple times. Later, this voucher can be converted to a standard voucher and all repeated account codes are automatically merged and consolidated.
Customer receipts with receivable ageing
Vendor Payments with payable aging
Lightwave accounting software gives the facility to manage vendor payments and payable aging. The payments are divided into different calender periods (current, 60 days, 90 days etc.). This aging is based on payable vouchers.
Lightwave Accounting Software allows the user to keep the bank ledgers reconciled and up to date. When the cheques are credited and presented then those are also marked as “Credited” and “Presented” in the system. This screen can be used to see the bank position on any given date along with the pending cheques on that particular date.
Management of User Access and system security
Lightwave Accounting Software is secure and gives access to only those users who have got privileges and rights to use system. User can not only be given rights to view or open a particular screen but the system also gives flexibility to control the actions which user can perform on a screen. For example, the user can be allowed to enter a voucher but he may be restricted to change or post an already entered voucher.
Generation of Balance Sheet
Balance sheet can be generated for individual companies or consolidated balance sheet can be generated for corporate head office. All accounts are grouped in the balance sheet according to mapping done by the user. Balance sheet notes are available within the system to give clear picture to the business owner and accountants.