Genoa for companies uses the chart of accounts of the Iraqi Unified Accounting System and can prepare financial statements based on International Financial Reporting Standards (IFRS); these are two separate frameworks. Accountants work in Genoa with the chart of accounts they already know in Iraq, and the same chart of accounts is used throughout the product, which covers accounting, inventory, sales and purchasing, and customer and supplier ledgers.
The Unified Accounting System is the accounting framework used in Iraq to organise company accounts. It is built on a standard, coded chart of accounts, rules for recording transactions, and formats for financial statements and reports.
Because accountants and auditors in Iraq know and use this system, software that uses its chart of accounts keeps the books readable to them without rearranging anything.
International Financial Reporting Standards (IFRS) are issued by the International Accounting Standards Board (IASB) and set the rules for recognising, measuring and disclosing items in financial statements.
Genoa uses the Unified Accounting System chart of accounts and can prepare financial statements under these standards. A company's accountants keep the chart of accounts they know, and can prepare statements under the international standards that matter more and more when dealing with banks and investors.
The accounts team records journal entries, invoices and stock movements in Genoa, and the accounts are organised on the Unified Accounting System chart of accounts.
Because accounting, inventory, sales and purchasing, and the ledgers are in one product, all of these modules use the same chart of accounts.
It matters especially for:
The Unified Accounting System is an Iraqi framework that organises the chart of accounts, how transactions are recorded and the financial statements; IFRS are international standards that set the rules for recognising, measuring and disclosing items.
Genoa uses the Unified Accounting System chart of accounts and can prepare IFRS-based financial statements.
Yes. Book a demo through the contact page or on WhatsApp and ask us to show you the chart of accounts and how entries are recorded on it.
Keep the books in Iraqi dinars in the same product as inventory, sales and purchasing, and the ledgers.
Record what the company sells to customers and buys from suppliers, alongside stock and the ledgers.
Follow customer debts and supplier balances, with ageing that shows how long each balance has been open.
Book a demo and we will walk you through the screens that matter to you, or send us your question on WhatsApp.