Patent ID: 8543476

Claim:
A non-transitory computer-readable storage medium storing a computer-executable program which, when executed by a processor, performs a method for facilitating cash-based accounting for an entity, the method comprising: recording an incoming payment in a first line item in a cash ledger, the first line item comprising an entity account field, a revenue account field, and information from a bank statement entry; inserting a dummy identifier unassociated with any account in the entity account field of the first line item after recording the incoming payment; inserting a default value in the revenue account field of the first line item; updating a bank account in the cash ledger with cash relevant postings; receiving, after the incoming payment is recorded and from an invoice sent to a business partner, an entity account identifier corresponding to a payment owed by the business partner and a revenue account value, the payment being associated with goods or services received by the business partner; posting a second line item in the cash ledger comprising an entity account field, a revenue account field, and information about the incoming payment; entering the entity account identifier corresponding to the payment owed by the business partner into the entity account field of the second line item; entering the revenue account value into the revenue account field of the second line item; clearing the incoming payment by balancing the incoming payment and the payment owned by the business partner; and associating the information from the bank statement entry with the entity account identifier corresponding to the payment owed by the business partner and the revenue account value.