Introduction To Summary

The Summary module in GLOWSIMS serves as a financial dashboard that provides a real-time overview of an organization’s financial health. It consolidates key financial data into a single interface, allowing stakeholders to analyze assets, liabilities, equity, income, and expenses efficiently.

This module leverages the Double Entry Chart of Accounts system and supports both Accrual Basis and Cash Basis accounting methods. With the ability to present Balance Sheets and Profit & Loss Statements. This comprehensive Summary Module simplifies financial analysis, helping users understand the organization’s financial status and make informed decisions.

 

Explanation of Each Head Group

1. Assets:

   • Includes items owned by the organization, such as cash, bank accounts, fixed assets, and receivables.

2. Liabilities:

   • Represents the organization’s obligations, including accounts payable, advance fee payables, and security deposits.

3. Equity:

   • Reflects the organization’s ownership value, including capital accounts and retained earnings.

4. Income:

   • Lists all revenue sources, such as tuition fees, late payment charges, and sales etc.

5. Expenses:

   • Includes all costs incurred by the organization, such as salaries, repairs, utility bills, and depreciation etc.