Definition: What is SOA in Accounting
In accounting and auditing systems, the term of SOA is abbreviation of statement of account, the statement of account (SOA). SOA is a required report that provides an overview of the turn over of Clients accounts. However, it is considered one of the most important reports in accounting. It is a much-needed report for small businesses and it is used for receivables and payables settlement. Conversely, in medium to large businesses in the GCC, statements in the ledger are more important to general managers and accountants. This report provides an overview of accounts and enables better management and analysis of financial data.
Sample: SOA in iGreen 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.
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.
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:
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.
