• Chart of accounts (CoA) - a systematic list of all the accounts an organisation uses to record financial transactions in its accounting system. Each account in the chart is assigned a unique identifier, usually a number, and represents a specific category of financial data, such as assets, liabilities, equity, revenues, or expenses.

• General ledger (GL) - the primary accounting record of a business, where all financial transactions are recorded and categorised.

• General ledger account (GL account) - any account from a chart of accounts designated for recording and summarising a particular aspect of a company's financial activities, such as cash, accounts receivable, inventory, accounts payable, or revenue.

• General ledger account type (GL account type) - a parameter determining the function of an account within the general ledger. It can have one of the following five values: assets, liabilities, equity, revenues, or expenses. Additionally, there is a single GL account designated for off-balance-sheet items.

• Financial entry - a record of the organisation's particular business transaction or event. For each business transaction or event, at least two financial entries are created: one debit and one credit.

• Entry date - the date when general ledger account balance is updated, establishing the accounting period for that transaction in the general ledger. It is transposed from the posting date of the respective business transaction or event in Tuum.

The purpose of the finance module in Tuum is to create and make available accounting entries related to any business transaction made within Tuum that impacts your company balance sheet or income statement.

To benefit from the finance module capability, you first need to configure it in the Tuum by doing the following activities:

• Define your organisation's accounting structure by setting Tuum work in single or multi-tenancy mode (single or multiple accounting entities).

• Configure system properties for the finance module.

Per each accounting entity:

• Set up your General Ledger (GL) accounts in the Tuum chart of accounts section.

• Map each business transaction in Tuum with the particular account in the chart of accounts.

• Set the reporting currency.

• Define rules for consolidating financial entries into the journal report.

The configured finance module enables you to fetch reports about GL account balances and turnovers, entries, contra entries, or predefined journals. These reports serve as inputs for your accounting or ERP (Enterprise Resource Planning) system, which you can use to create your organisation’s regulatory and managerial reports.