A User Manual for Lock-In-Ledger
About Triple Entry Accounting Software
The triple entry accounting software is an advanced version of the double entry accounting software which has been followed for over many decades.
InfoTaxSquare.com DBA Lock-In-Ledger is one of the companies which has taken an initiative to introduce “Triple Entry Accounting software” to make the decades old accounting system more efficient and reliable.
Lock-In-Ledger accounting software will save billions of dollars of the taxpayers and it will save significant auditing cost. Additionally, it will give confidence to the taxing authorities that the numbers which are being reported to the taxing authorities are not manipulated or twisted rather the reporting of the business financial activities are 100% real, genuine and full of supporting documents.
Difference between a double and triple entry accounting software
- A double entry accounting software records debit and credit business activities only, whereas a triple entry accounting software seals the debit and credit business activities under a block which later becomes a blockchain and it cannot be changed or deleted at any level of the authorities.
- A double entry accounting software does not have the smart contracts,
whereas a triple entry accounting software does have the smart contracts.
Smart contract is a program which is stored in a blockchain. A smart contract program runs when predetermined conditions are met. A smart contract is used to automate the execution of an agreement so that all the participants can be immediately certain of the outcome without any intermediary involvement.
In a simple word a smart contract is a program which is created to give confidence to a network that the information are reliable to use. - A double entry accounting system may have the option to have a desktop accounting software, whereas a triple entry accounting software is strictly online to track the authenticity of a financial activity to validate if “the diamond is real”?
- A triple entry accounting system creates an online network where members of the network can see the activities, whereas a double entry accounting system does not have such option.
- A triple entry accounting software provides an audit report to confirm “if the diamond is real” whereas double entry accounting systems does not provide such facility.
Users of the Lock-In-Ledger Triple Entry Accounting Software
A person or company who wants to maintain accounts can use Lock-In-Ledger accounting software such as:
- Small businesses
- Large businesses
- Service Businesses
- Service and Retail Businesses
- Manufacturing Businesses
- Wholesales Businesses
