Naviteer’s accrual accounting system uses a financial accounting method that enables a company to record revenue before receiving payment for goods or services and to record expenses. The earned revenue and incurred expenses are entered into the company’s ledger, regardless of when money is transferred to the interested party.
Naviteer offers multi-company and multi-principal (supplier) accounting, allowing the company to track accounting for a foreign principal (supplier) when operating as a broker and distributor.
The modules currently available in Naviteer Distributor include General Ledger, Accounts Payable, Accounts Receivable, Purchasing, Inventory Control, Banking, and associated reports.
General Ledger
The general ledger is the primary record-keeping system for a company’s financial data, containing debit and credit account records. It provides a record of financial transactions entered into the system during the life of an operating company and holds account information needed to prepare the company’s financial statements. Transactional data is organized in a chart of accounts by type for assets, liabilities, owners’ equity, revenues, and expenses.
Accounts Payable
Accounts payable (AP) refers to a company’s short-term obligations owed to its creditors or suppliers that have not yet been paid. Accounts payables are listed on a company’s balance sheet as a current liability.
Accounts Receivable
Accounts receivable (AR) refers to money owed to a firm for goods or services delivered or used but not yet paid for by customers. Accounts receivable are listed on the balance sheet as a current asset.
Inventory
Inventory refers to the raw materials used in production as well as materials/goods available for sale. Inventory can be categorized into types such as raw materials, work-in-progress, and finished goods and is listed as a current asset on a company’s balance sheet.
Purchasing
A purchase order is written authorization from a buyer to acquire goods or services. The document authorizes a supplier to deliver goods to the buyer at the price, quality level, delivery date, and other terms specified on the purchase order. A purchase order becomes legally binding once it is signed/accepted by the supplier.
Banking
Naviteer includes banking features such as check writing, account register browse tables and reports, and bank accounts. At this time, only Naviteer Broker has a direct link to an external accounting application like QuickBooks or Xero.
Reporting
Naviteer reports are available by company and principal (supplier). Basic accounting reports such as balance sheet, profit and loss, and trial balance are available, along with more complex dashboards and key performance indicator (KPI) reports.