Two of the most important modules of an accounting software are the accounts payable and accounts receivable modules. The module for accounts payable allows users to enter and monitor invoices, write single or multiple checks, and manage discounts. In addition, it enables users to pay a number of invoices at the same time and print the necessary reports including cash requirements and lists of open items. Meanwhile, the module for accounts receivable allows users to enter payments and quotes to accurately track the activities of clients. Furthermore, it receives and applies payments and makes automatic postings of transactions or returns to the general ledger.

The payroll module is also an important part of the accounting software. This module manages the salaries, wages, bonuses, and deductions of employees. Most software have payroll modules that maintain at least two years of payroll information, allowing users to print reports and forms from records made in the previous year. Some payroll modules even enable users to electronically deposit salaries into the bank accounts of the employees.