TEA 10 contains a complete internal accounting system that allows you to manage all your accounting from within TEA without having to use an external accounting software package. This internal accounting feature contains a complete accounts payable, accounts receivable and general ledger. It will track everything regarding vendors, customers and inventory. The internal accounting system will also create cheques, invoices and all the reports you would expect from an accounting software package.
In TEA 9, organizations would use TEA in conjunction with an external accounting software package. Monthly, loan transactions would be exported from TEA into the external accounting software. This structure of exporting transactions is still available in TEA 10, however, you now have the option to use TEA for all your accounting requirements.
TEA General Ledger
The TEA internal accounting feature contains a complete general ledger. Every one of your organization’s accounts is listed here and each account can be set up with up to three levels of sub-accounts to help you manage the different divisions and programs easily throughout your organization. General journal entries can be entered for any of your accounts and sub-accounts and a detailed budget can be created at the start of your fiscal year to help you manage the balance of each account. The history and totals of each of your general ledger accounts can be viewed quickly at a glance at any time.
General Ledger Accounts
In addition to listing your main account types, such as cash, accounts receivable, and interest revenue, the general ledger accounts list allows the user to specify up to three levels of sub-accounts. For example, you may want to use the first sub-account level to track the different branch locations of your organization. The second level of sub-accounts may be used to track different programs offered by your organization such as various loans and grant programs. The third level of sub-accounts may track individual loan and grant funds.
GL account numbers comprise the main account and 3 optional sub-accounts, which can be used for branch, division, department, project and product group, for example. These don't have to be built into the main GL account number. So, for data entry, when selecting the main account you don't have to scroll past all the various sub-accounts. Nor do you have to set up every combination of main and sub accounts that will occur. Financial statements can be run for selected sub-accounts without having to set up separate statement formats. For example, an income statement (profit and loss) for product group "Training", and/or division "Prescott", etc. Or, select no sub-accounts to print a summary consolidated report.
GL Accounts Window
A sub-account can apply to any GL account, not just one. So, for example, an organization that sells training could have a sub-account for training type: business plans, marketing, bookkeeping. Revenues and expenses could then be tracked by training type and this would facilitate financial statements by type (business plans only, marketing only) or summarized (all training types) using the same financial statement and selecting training type when the report is selected. So the profitability of the business plan training side of the organization, or marketing training, etc. The same could apply to department, branch, division, project, etc.
For example, the following account structure may be created:
4000-01-500-10 Training Sales-Prescott-SB Program-Business Plan Training
4000-01-500-20 Training Sales-Prescott-SB Program-Marketing Training
4000-02-500-10 Training Sales-Brockville-SB Program-Business Plan Training
4000-02-500-20 Training Sales-Brockville-SB Program-Marketing Training
General Ledger Budgets
The budgets area of the TEA general ledger allows you to create an annual budget for every account at the beginning of a new fiscal year. For each account, the budget is entered so that it can be easily compared to the actual account balance. In addition to specifying the budget for each main account, you also have the option to create a budget for every level of sub-accounts.
Each year, new budgets can be created without over-writing the budgets from previous years. Since, over time, this list will become extensive, a filter is available to allow you to filter the list by year or account to make it easy to find a specific budget record. 
Budget Window
General Journal Entries
The Journal Voucher (JVs) section of the General Ledger is where general journal entries are entered.
General Journal Entry
Bank Reconciliation
The Bank Reconciliation feature is a useful tool that helps you verify that the GL bank account balance matches your bank statement closing balance at month end. For each bank account, every transaction posted to that bank is listed here to allow you to easily compare each one to your bank statement. After adjusting for outstanding AR deposits and AP cheques, this list should match your bank statement exactly.
During this reconciliation process, if you find any bank and interest charges that have not yet been posted to the bank, you can enter them using a general journal entry and then refresh the bank reconciliation list to reflect the changes.
Accounts Receivable
The accounts receivable section will track all the customers of your organization, the invoices due and the payments made from these customers. Loans and grant clients are set up in the TEA accounts list and, based on this information, they are included in the financial statements and reports. The only customers that need to be listed as a customer in accounts receivable are those who are purchasing a service or product from your organization other than your regular loans and grants programs.
Customer Invoice
Inventory
The inventory section allows you to track all the products sold by your organization. Each inventory item is listed here and the quantities of each in stock item at each of your organization’s warehouses or locations is tracked. At any point, the total quantity of each inventory item at each of your organizations locations can be viewed easily. If your organization has multiple locations where inventory is stored, you may record each location as a warehouse. Creating these warehouse records allows you to track the total of each inventory item in stock at each warehouse.
Accounts Payable Invoice
In TEA 9, organizations would use TEA in conjunction with an external accounting software package. Monthly, loan transactions would be exported from TEA into the external accounting software. This structure of exporting transactions is still available in TEA 10, however, you now have the option to use TEA for all your accounting requirements.
TEA General Ledger
The TEA internal accounting feature contains a complete general ledger. Every one of your organization’s accounts is listed here and each account can be set up with up to three levels of sub-accounts to help you manage the different divisions and programs easily throughout your organization. General journal entries can be entered for any of your accounts and sub-accounts and a detailed budget can be created at the start of your fiscal year to help you manage the balance of each account. The history and totals of each of your general ledger accounts can be viewed quickly at a glance at any time.
General Ledger Accounts
In addition to listing your main account types, such as cash, accounts receivable, and interest revenue, the general ledger accounts list allows the user to specify up to three levels of sub-accounts. For example, you may want to use the first sub-account level to track the different branch locations of your organization. The second level of sub-accounts may be used to track different programs offered by your organization such as various loans and grant programs. The third level of sub-accounts may track individual loan and grant funds.
GL account numbers comprise the main account and 3 optional sub-accounts, which can be used for branch, division, department, project and product group, for example. These don't have to be built into the main GL account number. So, for data entry, when selecting the main account you don't have to scroll past all the various sub-accounts. Nor do you have to set up every combination of main and sub accounts that will occur. Financial statements can be run for selected sub-accounts without having to set up separate statement formats. For example, an income statement (profit and loss) for product group "Training", and/or division "Prescott", etc. Or, select no sub-accounts to print a summary consolidated report.
GL Accounts WindowA sub-account can apply to any GL account, not just one. So, for example, an organization that sells training could have a sub-account for training type: business plans, marketing, bookkeeping. Revenues and expenses could then be tracked by training type and this would facilitate financial statements by type (business plans only, marketing only) or summarized (all training types) using the same financial statement and selecting training type when the report is selected. So the profitability of the business plan training side of the organization, or marketing training, etc. The same could apply to department, branch, division, project, etc.
For example, the following account structure may be created:
Main Accounts:
4000 Training Sales
4050 Consulting Revenue
5126 Advertising Expense
4000 Training Sales
4050 Consulting Revenue
5126 Advertising Expense
Sub-Account 1 (Location):
01 Prescott
02 Brockville
Sub-Account 2 (Program):
400 CD Program
500 SB Program
Sub-Account 2 (Product):
10 Business Plan Training
20 Marketing Training
30 Bookkeeping Training
01 Prescott
02 Brockville
Sub-Account 2 (Program):
400 CD Program
500 SB Program
Sub-Account 2 (Product):
10 Business Plan Training
20 Marketing Training
30 Bookkeeping Training
Based on this account structure, the following GL accounts would be possible:
4000-01-500-10 Training Sales-Prescott-SB Program-Business Plan Training
4000-01-500-20 Training Sales-Prescott-SB Program-Marketing Training
4000-02-500-10 Training Sales-Brockville-SB Program-Business Plan Training
4000-02-500-20 Training Sales-Brockville-SB Program-Marketing Training
General Ledger Budgets
The budgets area of the TEA general ledger allows you to create an annual budget for every account at the beginning of a new fiscal year. For each account, the budget is entered so that it can be easily compared to the actual account balance. In addition to specifying the budget for each main account, you also have the option to create a budget for every level of sub-accounts.
Each year, new budgets can be created without over-writing the budgets from previous years. Since, over time, this list will become extensive, a filter is available to allow you to filter the list by year or account to make it easy to find a specific budget record.
Budget WindowGeneral Journal Entries
The Journal Voucher (JVs) section of the General Ledger is where general journal entries are entered.
When a list of journal entries is created, you have the option to save the entries and then post them at later time. This gives you a chance to double-check the list before posting to ensure the accuracy of the list. Journal vouchers are also automatically created by posting AP invoices, AP cheques, AR invoices, and AR payments. Data is passed to the GL system from the AP and AR automatically via Journal Vouchers with expenses and revenues converted from foreign currency to domestic currency.
General Journal EntryBank Reconciliation
The Bank Reconciliation feature is a useful tool that helps you verify that the GL bank account balance matches your bank statement closing balance at month end. For each bank account, every transaction posted to that bank is listed here to allow you to easily compare each one to your bank statement. After adjusting for outstanding AR deposits and AP cheques, this list should match your bank statement exactly.
During this reconciliation process, if you find any bank and interest charges that have not yet been posted to the bank, you can enter them using a general journal entry and then refresh the bank reconciliation list to reflect the changes.
Accounts Receivable
The accounts receivable section will track all the customers of your organization, the invoices due and the payments made from these customers. Loans and grant clients are set up in the TEA accounts list and, based on this information, they are included in the financial statements and reports. The only customers that need to be listed as a customer in accounts receivable are those who are purchasing a service or product from your organization other than your regular loans and grants programs.
A list of all services and products your organization sells will be added to the accounts receivable section which allows you to record an invoice when a customer has purchased an item from your organization. Then, once the customer has paid the invoice, it is recorded in the payments area of accounts receivable to identify the invoice as being paid and no longer outstanding.
Customer InvoiceInventory
The inventory section allows you to track all the products sold by your organization. Each inventory item is listed here and the quantities of each in stock item at each of your organization’s warehouses or locations is tracked. At any point, the total quantity of each inventory item at each of your organizations locations can be viewed easily. If your organization has multiple locations where inventory is stored, you may record each location as a warehouse. Creating these warehouse records allows you to track the total of each inventory item in stock at each warehouse.
Accounts Payable
The accounts payable section of the TEA Internal Accounting feature will track all the vendors from which your organization has purchased a service or product . Accounts payable tracks the invoices received from these vendors and the payments your organization has made to each vendor.
The accounts payable section of the TEA Internal Accounting feature will track all the vendors from which your organization has purchased a service or product . Accounts payable tracks the invoices received from these vendors and the payments your organization has made to each vendor.
Accounts Payable InvoiceSummary
In summary, the TEA 10 internal accounting system may be a valuable alternative to an external accounting system. Even though TEA 10 will still have the capacity to export transactions to an external accounting system in the same manner as TEA 9, you can now make the choice to switch to TEA.
With all the features you expect from an accounting software package including a complete accounts payable, receivable and general journal, you will have all the tools required to manage everything regarding vendors, customers and inventory.
In summary, the TEA 10 internal accounting system may be a valuable alternative to an external accounting system. Even though TEA 10 will still have the capacity to export transactions to an external accounting system in the same manner as TEA 9, you can now make the choice to switch to TEA.
With all the features you expect from an accounting software package including a complete accounts payable, receivable and general journal, you will have all the tools required to manage everything regarding vendors, customers and inventory.
