Finance Management

This particular functionality is meant to help users acquire an overview of all fixed assets and provide correct periodic depreciation. The system is also meant to help users manage insurance policies, and maintenance costs related to fixed assets, post fixed asset transaction, and generate varying statistics and reports.

Through the system, you may acquire the ability to perform calculations on a number of depreciation books simultaneously, and then use them for various business processes. This includes tax reporting under country laws, or internal financial reporting to the headquarters of the organization.

One or more insurance policies can be attached to each fixed asset. You may use the system to make sure that your insurance policy amounts are in compliance with the value of the assets that have been linked to the said policy. This will help you in monitoring all of your annual insurance premiums.

Different percentages of fixed asset transactions can be allocated as well. This includes acquisition cost, and depreciation, both of which can be applied to varying projects and/or departments. You may also use these features in case there are several departments that share a particular fixed asset. Fixed asset can be allocated to responsible individual.

You may use this feature to record all of your maintenance and service expenses for individual fixed assets. For every asset, you are given the option to record maintenance costs, and upcoming service dates. This particular information is going to come much in handy when you need to decide whether a fixed asset needs to be replaced or not.

Asset transfers can be used to split, transfer, or combine assets. You may also use it to transfer assets from one location to the other. Through this functionality, you will always have exact information about the current location of your assets.

You may use the system to conduct automatic calculations of GST amounts for sales, purchases and imports. Users can run all of the vital GST related reports, wherein individual tax areas can be set up for individual customers and vendors. The performed calculations will possibly assist in the calculation of use tax and tax on tax. There are four different methods of GST calculations that are followed by the system:

The bank account functionality basically makes it possible for countless bank accounts to be managed. This can be done in not just local, but foreign currencies as well. Additionally, you will be empowered for the reconciliation of bank accounts within the system with the bank’s statements. This way, you will be in the position to keep an eye on all bank statements and run through basic bank reconciliations.

On top of the chart of accounts, there is space given where you can perform calculations. With the help of cost types and cash flow entry accounts in the GL analyser, users are given the ability to formulate their cost accounting reports along with cash flow reports. Apart from these, extensive calculations including liquidity reports and/or budget versus fact can be conducted as well.

When it comes to the General Ledger, it is meant for financial information to be posted, summarized and then finally reported. Varying business documents are basically used for the creation of General Ledger entries. These are typically inclusive of purchase invoices that are supposed to be produced after each business transaction. We will make it possible for you to gain immediate access to G/L or General Ledger accounts as well as balances. Please bear in mind that the G/L Budgets features has the potential to make comparisons amidst actual amounts and budgeted amounts.

What is cost accounting all about?

The basic purpose of Cost Accounting is to help understand the costs involved in running a business. On the whole, full integration has been performed amidst Cost Accounting and the General Ledger application area. In the long-term, it will help to make analysis with regards to the costs per departments and products/services. With the help of this analysis, it will be a whole lot easier for a reliable base to be created with regards to Cost Accounting. It can be utilized to perform an analysis on the following:

Apart from that, you will also be able to make allocations for actual as well as budgeted costs of operations, products, departments as well as projects for an analysis to be carried out over the profits being gained by the organization. It is necessary to mention here that allocations can depend on certain other, changeable allocation bases. These are inclusive of the sales profits of an expense centre, or the number of employees serving an expense centre at a time. You will also be able to make use of a variety of reporting options that include financial reports for the assessment of the business on the bases of cost types, expense centres and even cost objects.

General journals are best used for registering customers, and for the managements of sales. This functionality also has the potential to enhance sales invoicing. On the whole, it has been integrated with not just the General Ledger, but the Inventory as well. This is actually a vital step meant for the configuration of the entire Sales or Debtors functionality.

In case you wish to make use of the Multiple Currencies functionality, it will be possible for you to post sales transactions and even manage debtors in varying currencies for every customer.

Apart from that, you will also have the power to keep an eye on your reminders along with a number of finance charge memos. It is typically inclusive of checking whether or not the said amounts are regularly being paid on time. In case there are customers who have lapsed payments, it is vital for you to work out when, and how reminders can be sent. For any interest, and/or fees, it is easily possible for you to debit their accounts.

Processes due on the closing of the financial year deem it vital for all entries in the system to be closed. Herein, the income statement batch job is responsible for transferring every single General Ledger account to the balance. This is necessary for the simple reason that the company can get all geared up for the upcoming financial year.

The system has been designed in such a manner that it can easily meet all international accounting standards. At the moment, it has been localized for several countries across the world (more than 40 to be precise). With this localized system, you can be assured that all taxes will be calculated accurately, and as per the legislation of your country of residence.

A budget is one of the most vital tools for companies these days. It is used in business intelligence to perform a measurement of the actual financial operation of the business versus the forecasts made. Function allows you to work with a number of budgets. These are inclusive of:

Cash management is meant to be used for the management of the organization’s bank accounts. All of the company’s bank details are contained in the Bank Account Card feature. Here’s what the users can do on the Bank Account Card: