Patriot Software (https://patriotsoftware.com), LLC, a maker of accounting and payroll software, has been granted a new patent by the United States Patent and Trademark Office for an accounting software feature. The newly patented Dual-Ledger Accounting allows customers to switch back and forth between viewing the general ledger in cash and accrual accounting.
The first of its kind Dual-Ledger Accounting received a patent for the ability to track accounting transactions in cash, modified cash, and accrual basis simultaneously. The software automatically writes accounting transactions in each accounting method at the time of entry, eliminating the need to process conversions toswitch between accounting methods. The Dual-Ledger Accounting switch can be set per user in the software, and each accounting method can be easily viewed by toggling a switch. Because the patented Dual-Ledger Accounting creates transactions in each accounting method, users can easily change their accounting method in the future without the need for adjusting entries.
“Previous patents have outlined how to programmatically convert from one accounting method to the other. But, that takes additional processing and may make it hard to switch back. Our approach takes the processing hit upfront. After that, switching accounting methods is just a viewing preference and there’s no need for either manual or computational adjusting entries,” said Asher McCune, Senior Solutions Architect.
With the single goal in mind to make Patriot’s accounting software powerful enough for accountants and easy enough for small business owners, the Dual-Ledger Accounting concept was developed by Asher McCune, Jackie White, and Michael Streb.
Patriot plans to add more software features and improvements in the future to ensure customers continue to receive an exceptional user experience.
Patriot Software, located in Canton, Ohio, provides award-winning online accounting software and online payroll for American businesses and their accountants