Abstract: A computer implemented method and system provides a carbon emissions management application (CEMA) for assimilating real time emission data (RTED) from sensors via a communication protocol, analyzing, and reporting of the RTED compliant with a governing body. The CEMA performs analytics using the RTED obtained from the detectors, that is, scope 1 emissions, user information, that is, scope 2 emissions resulting from purchased electricity, heat, etc., and supply chain data, that is, scope 3 emissions resulting from extraction and production of purchased materials from suppliers. The CEMA manages a carbon accounting system for reporting of the RTED by creating and managing financial statements, records such as journal entries associated with the RTED, etc., and setting up a compliance period for an entity during which the entity must disclose adequate allowances to meet carbon emissions by providing multiple accounting models and journal entry choices for calculation of the carbon emissions.