SOA in ACCOUNTING

What is SOA in Accounting

In accounting, the Summary of Statement of Accounts (SOA) is a crucial report that provides a turnover overview of accounts. As such, it is considered one of the most important statements in the field. For shop owners and small businesses in UAE, the statement of clients’ accounts as suppliers and customers is a highly sought-after report. Conversely, in medium to large size businesses in GCC, the statement of accounts in the ledger book is of greater importance to general managers and accountants. This report provides a comprehensive overview of the accounts and allows for better management and analysis of financial data.

SOA in iGreen accounting Software

To access the Statement of Account (SOA) in iGreen accounting software, simply navigate to the home screen and click on the [Statement of Account] button located in the right corner. It is a quick and easy process that can be completed in just a few clicks.

In this photograph, we are presented with the location of the SOA button in the home screen of the iGreen accounting software. As we can observe, the SOA button is located in the top right corner of the screen, adjacent to the “Settings” button. This placement is consistent with standard software design principles, as it allows for easy access to the SOA functionality without obstructing the user’s view of the main screen.

Menu of SOA in iGreen accounting

In this report, we present an analysis of the chart of accounts (COA) and its ability to display the turnover of selected accounts. By selecting a specific account and a range of dates, users can easily view the turnover of the account during the selected time period. Additionally, the report allows for the conversion of debit and credit amounts to a selected currency, providing users with a comprehensive view of their financial data. The COA serves as a valuable tool for businesses to track their financial performance and make informed decisions based on their financial data. Overall, this report highlights the importance of utilizing the SOA to gain insights into financial performance and make informed business decisions.

Statement of Accounts in iGreen accounting
Statement of Accounts in iGreen accounting

Example of SOA

We have received a payment of 47.25$ from a sales from cash customer. In order to control the statement of cash customer, I have selected the account of cash customer. The report for the selected account is as follows:

Example of cash customer soa

 

Multi currencies report

The list of transactions shows that the account of a cash customer has both an invoice and a cash payment. The original amounts were in USD, but they are now displayed in AED currency as follows:


In yellow box, you can select your desired currency by click on it.

After select currency of AED, statement account will be as:

Conversion rate for one US Dollar is to 3.68 Emirates Dirham.