Application process framework for integrated and extensible accounting system

A computing device for providing an application process framework for an integrated and extensible accounting system, the computing device comprising:

• a memory storing instructions;
• and
• a processor coupled to the memory, the processor executing an accounting service, wherein the accounting service is configured to:
• document operational and financial consequences of a domain event through a documentation process;
• register the operational consequences external and internal to the enterprise on resources under a control of the enterprise through a resource accounting process;
• recognize the financial consequences of the documented event using an accounting convention representation, and a ledger through a subledger accounting process, wherein the subledger accounting process is configured to capture expected or realized impact on the resources under the control of the enterprise for one or more accounting representations by applying policy rules of one or more accounting conventions when creating account entries in the ledger;
• and
• summarize the financial consequences of the documented event using the accounting convention representation, and the ledger through a general ledger accounting process.

A method for providing an application process framework for an integrated and extensible accounting system, the method comprising:

• documenting, operational and financial consequences of a domain event through a documentation process at a processing unit of a server;
• validating accounting recognition by one or more predefined rule types and procedures at the processing unit of the server;
• recognizing the financial consequences of the documented event using an accounting convention representation, and a ledger through a subledger accounting process at the processing unit of the server;
• summarizing the financial consequences of the documented event using the accounting convention representation, and the ledger through a general ledger accounting process at the processing unit of the server;
• storing at least one of the financial consequences and the ledger in a data store connected to the computing device;
• and
• linking operational events to accounting events and operational events to ledger accounting events for traceability and transparency at the processing unit of the server.