Accounting Management

Grouping of Ledger Accounts explained:

• INC: INC is the abbreviation for Income. Ledger accounts will be grouped by certain ledger groups for example Income, Expenditure, Assets, Liabilities, etc. Income Ledgers are used to indicate the practice income and the different sources the income comes from.
• EXP: EXP is the abbreviation for Expenses. An expense is the money spent, or costs incurred, by the Practice in its effort to generate revenues. Essentially, accounts expenses represent the cost of doing business; they are the sum of all the activities that generate a profit.
• FIX: FIX is the abbreviation for Fixed Assets. Fixed assets, also known as long-lived assets, tangible assets or property, plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. Fixed assets are different from current assets, such as cash or bank accounts, because the latter are liquid assets.
• LTI: LTI is the abbreviation for Investments. Investments is an asset or item acquired with the goal of generating income or appreciation. For example, a Practice may purchase a monetary asset now with the idea that the asset will provide income in the future.
• SDR: SDR is the abbreviation for Sundry. Sundry expenses are expenses that are small in amount and rare in occurrence. For these rare and insignificant expenses, a Practice might use a general ledger account entitled Sundry Expenses for these items. If any of the items recorded in Sundry Expenses begin to occur frequently and/or become significant, a new account should be opened for such items.  Sundry expenses could also refer to a line on a Practice's income statement. Such a line will likely include the combined total of several expense accounts that have small balances.

• CAS: CAS is the abbreviation for Current Assets. Current assets are all the assets of a Practice that are expected to be sold or used as a result of standard business operations over the next year. Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets.
• SCR: SCR is the abbreviation for Capital. The Capital includes the cash and other financial assets held by an individual (Doctor) or Practice and is the total of all financial resources used to leverage growth and build financial stability.
• LOA: LOA is the abbreviation for Long-term Assets. Long-term assets (also called fixed or capital assets) are those a Practice can expect to use, replace and/or convert to cash beyond the normal operating cycle of at least 12 months. Often they are used for years. This distinguishes them from current assets, which companies typically expend within 12 months.
• CLI: CLI is the abbreviation for Current Liabilities. Current liabilities are a Practice's short-term financial obligations that are due within one year or within a normal operating cycle. Examples of current liabilities include accounts payable, short-term debt, dividends, and notes payable, as well as income taxes, owed.
• KAS: KAS is the abbreviation for all Cashbooks. Cashbooks is a Financial account that contains all the transactions for a specific type of receipt and payment. The entries will be posted to a general ledger. Examples of Cashbooks:
• Cash
• Card 
• Electronic 
• ERA's 
• Bank account
• Petty Cash