What is meant by Series account assignment?
"Series account assignment" in accounting and finance software refers to the automated allocation and posting of business transactions that occur regularly and in a consistent manner. This particularly applies to recurring invoices, credit notes, settlements, or payments that need to be recorded and posted at specified intervals.
Typical Functions of Series account assignment Software:
- Automated Entry Creation: Automatic generation and posting of recurring transactions at predefined times.
- Template Management: Creation and management of posting templates for various recurring business transactions.
- Timing and Interval Control: Setting schedules and intervals for the execution of automated postings (e.g., daily, weekly, monthly).
- Monitoring and Notifications: Monitoring of serial postings and notification of errors or irregularities.
- Reporting and Analysis: Creation of reports and analyses on executed serial postings for better traceability and control.
- Integration with Other Modules: Seamless integration with other financial modules like accounts receivable, accounts payable, and general ledger to ensure consistent and accurate bookkeeping.
- User and Role Management: Management of user rights and roles to ensure that only authorized personnel can make changes to serial posting templates and processes.