Some key concepts are;
- Types of Data
Types of Data
Every accounting system store data in 2 ways;
- Master Data is relatively permanent data not expected to change frequently.
- Non-Master Data is non-permanent data and expected to change frequently.
- Master Data:
- Master data is relatively permanent data that is not expected to change again and again.
- It may change, but not again and again.
- In accounting systems, there may be following four types of master data;
Types of Master Data in Accounting Systems;
👉NOTE: All business process modules must use common master data.
- Non-Master Data:
It is a data which is expected to change frequently, again and again and not a permanent data.
Example: Amounts recorded in each transaction shall be different every time and expected to change again and again.