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If you need to use project management, select the Project Management option. With this option selected, you will be able to create projects, enter budget estimates, monitor the project progress, compare the budgets to actual revenues and costs, and view the project profits or losses. For more information, refer to Project Costing.
Setting | Description |
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Calculate Material Costs | For calculation of material costs for projects, you can select one of the following options:
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Account for Project Material Costs | If you selected to calculate material costs on purchase, you can use these settings to indicate to the system how you want to be able to analyze the material costs; you can select any of the following check boxes:
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Enable Project Tasks | Select this option to be able to create a task list for each project, set the planned dates for task execution, specify the actual execution dates, and analyze the Gantt charts. |
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Setting | Description |
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Enable Deferred Expenses | Turn on the functionality if your company needs to recognize expenses during multiple periods as in cases of paid in advance annual rent, or insurance. You will be able to defer the expense amounts and recognize them as expenses during multiple successive months (periods). The documents related to this feature will appear in the Accounting module. For details, refer to Deferred Revenues and Expenses. |
Enable Deferred Revenue | Turn on the functionality if your company issues invoices in advance for services to be rendered during multiple financial periods. You will be able to defer the revenue amounts and recognize them as expenses during multiple successive months (periods). The documents related to this feature will appear in the Accounting module. For details, refer to Deferred Revenues and Expenses. |
Enable Price Lists | Select this option if you need to create multiple price lists and maintain the price lists of suppliers in the system too. Once price lists are created, the prices will automatically appear in the purchase and sales documents. If this option is not selected, the users will need to enter the prices manually. Note. If there are any price lists in the system, you will not be able to turn off this functionality. |
Enable Cash Method of Accounting | By default, FirstBIT ERP uses the accrual method of accounting. Select this option to switch to cash-based accounting if your company is a small business. With this functionality turned on, you will be able to register income once a payment from customer has been received and register expense once your company pays to a supplier. Appropriate reports will be available to analyze cash flows. |
Land and Building Accounting | Select this option if your company is in real estate business. With this option selected, you can create master records for land parcels and buildings and enter the sales and purchase documents related to them—the appropriate transaction types will be available. |
Close Orders with Services by Amount | Select this option if your company provides services, and it is not required to specify the quantities in document lines for services. |
Human Resource Planning | If selected, this option enables you to assign schedules for employees and workgroups, plan workload for employees and work groups. Also, you will be able to reserve worktime for particular works by using the documents of the following types: Production Order, Work Order. Click the link Edit the list of human resources to select the resources to be included in planning of employee workloads. |
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