Immutable Ledger

A major change has been introduced in OneHash from version 13 onwards. This changes the way Accounting Ledger (General Ledger) and Stock Ledger works in OneHash. There are multiple reasons why ledgers should be immutable. To list a few:

Re-posting future entries is computationally expensive. To post a backdated transaction, all future entries need to be re-posted.
In Stock Ledger, where the valuations are based on First-in-first-out (FIFO) method, the entire sequence may get regenerated which may upset valuations and profit for subsequent transactions.
Taxes paid for a period may also get changed.

Following are the impacts on day to day transactions

Reverse Entries on cancellation of transactions:


On cancellation of any transaction instead of deleting the GL Entries for that transactions reverse entries will pre-passed to cancel the effect of that transaction on the date of cancellation.

Restriction on posting backdated stock entries:
Since the ledgers are immutable now this means future transactions cannot be updated or re-posted. So users will no longer be able to post backdated stock transactions.
Was this article helpful?
Cancel
Thank you!