Automated Accounting Method

Abstract

An automated accounting system for an entity, such as an individual or business is provided in which at least one file is established for the entity and a plurality of data inputs are provided to the file. The data inputs include electronically recorded transactions made between the entity and other entities. Access is provided to the file for agents of the entity so that one of the agents can perform one or more activities related to the data inputs such as entering, deleting, reviewing, adjusting and processing.

1 . A method of providing financial accounting statements comprising configuring a financial accounting computer to receive data inputs from a financial transaction computer, wherein said financial transaction computer is configured to receive said data inputs including electronically recorded financial transactions made between a first entity and a second entity, and wherein said financial accounting computer stores said data inputs in at least one ledger file on said financial accounting computer, said data inputs including an electronic representation of said financial transactions made between said first entity and said second entity;
 wherein said financial accounting computer and said financial transaction computer are coupled via an open communication network comprising data transfer equipment transferring said data inputs from said second computer to said file of said first computer, said open communication network connecting said first computer and said second computer in an accounting system in which said entities are interconnected for automated accounting of financial transactions utilizing standardized codes; and   wherein said first entity or an agent of said first entity access said file to perform at least one of entering, deleting, reviewing, adjusting or processing said data inputs.