Patent Application
20060195393
The present invention relates to software systems for financial management of businesses. In particular, the present invention relates to creating transactions in financial accounts.
Businesses have typically used a variety of mechanisms to control and analyze business operations such as a General Ledger, payroll, human resources, sales orders, employee tracking, customer relations tracking, etc. Tools which provide these functions are often implemented using computer software. A software package may provide a user interface in order for the user to easily enter and view data corresponding to the various business operations. The software packages are also configured to access and update the data, which is stored in a database.
Accounting applications or software can generate financial documents such as a sales invoice, credit memo, vendor invoice and other documents, which translate into transactions for a particular customer, vendor or financial account. For accounting purposes, the transactions generated from the documents must be populated or posted to related financial accounts or an account ledger. For example, transactions or items in a sales invoice are generally posted in an income account and an account receivables account.
Typically, businesses encounter a number of transactions that occur multiple times over a set period of time, with the amount often being the same, but occasionally changing. For example, rent is a typical transaction that occurs every month, with the amount being the same month-to-month, but may increase at the beginning of the next year. In these cases, future recurring transactions are known, but are not created for an account until the expenses are incurred. This situation makes it difficult and cumbersome to assemble and generate future provisional financial reports.
A computer implemented method for recording financial information is provided. The method includes identifying a transaction as recurring. Each recurring transaction occurs multiple times according to a frequency value. The method also includes creating two or more transactions from the recurring transaction according to the frequency value. In one embodiment, the recurring transaction as well as two future transactions are created.
The present invention relates to managing financial information in a computing environment. Prior to discussing the invention in further detail, an exemplary computing environment will be described.
The invention is operational with numerous other general purpose or special purpose computing system environments or configurations. Examples of well known computing systems, environments, and/or configurations that may be suitable for use with the invention include, but are not limited to, personal computers, server computers, hand-held or laptop devices, multiprocessor systems, microprocessor-based systems, set top boxes, programmable consumer electronics, network PCs, minicomputers, mainframe computers, distributed computing environments that include any of the above systems or devices, and the like.
The invention may be described in the general context of computer-executable instructions, such as program modules, being executed by a computer. Generally, program modules include routines, programs, objects, components, data structures, etc. that perform particular tasks or implement particular abstract data types. The invention may also be practiced in distributed computing environments where tasks are performed by remote processing devices that are linked through a communications network. In a distributed computing environment, program modules may be located in both local and remote computer storage media including memory storage devices.
With reference to
Computer 110 typically includes a variety of computer readable media. Computer readable media can be any available media that can be accessed by computer 110 and includes both volatile and nonvolatile media, removable and non-removable media. By way of example, and not limitation, computer readable media may comprise computer storage media and communication media. Computer storage media includes both volatile and nonvolatile, removable and non-removable media implemented in any method or technology for storage of information such as computer readable instructions, data structures, program modules or other data. Computer storage media includes, but is not limited to, RAM, ROM, EEPROM, flash memory or other memory technology, CD-ROM, digital versatile disks (DVD) or other optical disk storage, magnetic cassettes, magnetic tape, magnetic disk storage or other magnetic storage devices, or any other medium which can be used to store the desired information and which can be accessed by computer 100. Communication media typically embodies computer readable instructions, data structures, program modules or other data in a modulated data signal such as a carrier WAV or other transport mechanism and includes any information delivery media. The term “modulated data signal” means a signal that has one or more of its characteristics set or changed in such a manner as to encode information in the signal. By way of example, and not limitation, communication media includes wired media such as a wired network or direct-wired connection, and wireless media such as acoustic, FR, infrared and other wireless media. Combinations of any of the above should also be included within the scope of computer readable media.
The system memory 130 includes computer storage media in the form of volatile and/or nonvolatile memory such as read only memory (ROM) 131 and random access memory (RAM) 132. A basic input/output system 133 (BIOS), containing the basic routines that help to transfer information between elements within computer 110, such as during start-up, is typically stored in ROM 131. RAM 132 typically contains data and/or program modules that are immediately accessible to and/or presently being operated on by processing unit 120. By way of example, and not limitation,
The computer 110 may also include other removable/non-removable volatile/nonvolatile computer storage media. By way of example only,
The drives and their associated computer storage media discussed above and illustrated in
A user may enter commands and information into the computer 110 through input devices such as a keyboard 162, a microphone 163, and a pointing device 161, such as a mouse, trackball or touch pad. Other input devices (not shown) may include a joystick, game pad, satellite dish, scanner, or the like. These and other input devices are often connected to the processing unit 120 through a user input interface 160 that is coupled to the system bus, but may be connected by other interface and bus structures, such as a parallel port, game port or a universal serial bus (USB). A monitor 191 or other type of display device is also connected to the system bus 121 via an interface, such as a video interface 190. In addition to the monitor, computers may also include other peripheral output devices such as speakers 197 and printer 196, which may be connected through an output peripheral interface 190.
The computer 110 may operate in a networked environment using logical connections to one or more remote computers, such as a remote computer 180. The remote computer 180 may be a personal computer, a hand-held device, a server, a router, a network PC, a peer device or other common network node, and typically includes many or all of the elements described above relative to the computer 110. The logical connections depicted in
When used in a LAN networking environment, the computer 110 is connected to the LAN 171 through a network interface or adapter 170. When used in a WAN networking environment, the computer 110 typically includes a modem 172 or other means for establishing communications over the WAN 173, such as the Internet. The modem 172, which may be internal or external, may be connected to the system bus 121 via the user-input interface 160, or other appropriate mechanism. In a networked environment, program modules depicted relative to the computer 110, or portions thereof, may be stored in the remote memory storage device. By way of example, and not limitation,
It should be noted that the present invention can be carried out on a computer system such as that described with respect to
A financial management system can be utilized in the computing environment above. The system can include various modules for interacting with a user and accessing financial information in a database. General Ledger accounts maintain balances that are adjusted as the result of transactions being posted. Each transaction will result in the adjustment of two or more General Ledger accounts.
For example, a provisional report for the next six months would show recurring transactions that have been created on January 27, February 27, March 27, April 27, May 27 and June 27 for recurring loan payment transactions. Likewise, recurring rent transactions would show on February 24, March 24, April 24, May 24 and June 24. The rent transactions show an amount of $1000 while the loan payment transactions show an amount of $600. There are also transactions created for recurring electricity transactions. Since the amount of future electricity transaction is variable, it is shown with an amount of $0. This amount is updated prior to posting the transaction.
As discussed above, a user may choose to specify a number of transactions that will be created from a specified recurring transaction.
Using the present invention, recurring transactions can be created. Recurring transactions are valuable in provisional reports for General Ledger accounts since the transactions illustrate future account adjustments. However, the recurring transactions do not alter the current balance on the General Ledger associated accounts until posted. Thus, current reports for the associated accounts are unaffected. As a result of recurring transactions, a convenient approach to accurate provisional reporting can be realized.
Although the present invention has been described with reference to particular embodiments, workers skilled in the art will recognize that changes may be made in form and detail without departing from the spirit and scope of the invention.
