Accrual accounting is a GAAP method of accounting to record revenue when earned and expenses when incurred (not paid), summarizing results in accrual basis financial statements. Accrual based accounting uses the matching principle to record revenues and related expenses in the same accounting period. Record accrued liabilities or related assets simultaneously with double-entry bookkeeping.
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An electronic document management system (EDMS) scans paperwork and creates digital documents that can be stored, archived, revised, shared, etc. It decreases error and ensures a formidable audit trail. The lifecycle of a document is infinite in a digital space. Paperwork has a lifespan. EDMS systems include the following features: