Systems and methods for cash based accounting in a general ledger

A computerized system for facilitating cash-based accounting for an entity, the system comprising:

• a processor;
• and
• a memory, wherein the processor and the memory are configured to perform a method comprising:
• recording an incoming payment in a first line item in a cash ledger, the first line item comprising an entity account field, a revenue account field, and information from a bank statement entry;
• inserting a dummy identifier unassociated with any account in the entity account field of the first line item after recording the incoming payment;
• inserting a default value in the revenue account field of the first line item;
• updating a bank account in the cash ledger with cash relevant postings;
• receiving, after the incoming payment is recorded and from an invoice sent to a business partner, an entity account identifier corresponding to a payment owed by the business partner and a revenue account value, the payment being associated with goods or services received by the business partner;
• posting a second line item in the cash ledger comprising an information about the incoming payment;
• entering the entity account identifier corresponding to the payment owned by the business partner into the entity account field of the second line item;
• entering the revenue account value into the revenue account field of the second line item;
• clearing the incoming payment by balancing the incoming payment and the payment owned by the business partner;
• and
• associating the information from the bank statement entry with the entity account identifier corresponding to the payment owed by the business partner and the revenue account value.

A computer-implemented method for facilitating cash-based accounting for an entity, the method comprising steps performed by a computer of:

• recording, by a processor, an incoming payment in a first line item in a cash ledger, the first line item comprising an entity account field, a revenue account field, and information from a bank statement entry;
• inserting, by the processor, a dummy identifier unassociated with any account in the entity account field of the first line item after recording the incoming payment;
• inserting, by the processor, a default value in the revenue account field of the first line item;
• updating, by the processor, a bank account in the cash ledger with cash relevant postings;
• receiving, by the processor, after the incoming payment is recorded and from an invoice sent to a business partner, an entity account identifier corresponding to a payment owed by the business partner and a revenue account value, the payment being associated with goods or services received by the business partner;
• posting, by the processor a second line item in the cash ledger comprising an entity account field, a revenue account field, and information about the incoming payment;
• entering, by the processor, the entity account identifier corresponding to the payment owed by the business partner into the entity account field of the second line item;
• entering, by the processor, the revenue account value into the revenue account field of the second line item;
• clearing, by the processor, the incoming payment by balancing the incoming payment and the payment owned by the business partner;
• and
• associating, by the processor, the information from the bank statement entry with the entity account identifier corresponding to the payment owed by the business partner and the revenue account value.