Multi-Company Accounting

Turn on this functionality if your company consists of several entities or includes subsidiaries and you need to collect and report the accounting and financial data by entity. You will need to create a master record for each entity. Then, the Entity field will be required for each financial document.

Note. Once you have created any entity in addition to the default Our Company, you cannot turn off this functionality.

Fixed Assets Management

Turn on this functionality to enable accounting for fixed and intangible assets. The Fixed Assets section appears in the Accounting module.

Note. Once you have entered any data for fixed assets, you cannot turn off this functionality.

Enable Depreciation of Fixed Assets

(This option is available only if Fixed Asset Management is turned on.) Select this option if you need to set up automatic depreciation of fixed assets.

Enable the First BIT Finance Module

Enable the Bon Appetite Module

This functionality is available upon request. The module enables you to extend the accounting functionality to a restaurant business: enter and keep recipes and menus; get the data on cooked dishes from a front-office application; calculate and analyze the costs of cooked dishes.

Enable the Services Module

If your company provides services to clients, turn on this functionality to be able to plan, manage client work orders and register the works done.

Output VAT Transaction Method

This setting defines how the output VAT is recorded in GL journal entries. Select one of the following options:

• Exclude from revenue: To record the increase in revenue as a VAT-excluded amount.
• Include in revenue: To record the increase in revenue as a VAT-included amount. Then, another transaction deducts the output VAT amount from revenue and post it to the dedicated GL account (Output VAT account).

VAT Accounting by Emirate

Select this option if your company operates in UAE, because each company must report all the VAT-related data by emirate even if the company operates strictly within one emirate only. Selecting the option enables the Emirate field / column in the sales documents.

Do not select this option if your company operates in another country.

Tourist Tax Refund

Selecting this option enables the functionality related to tax refunds made to tourists.

Advanced VAT Calculation

Select this option to enable the system to collect the VAT data on purchase documents separately for supplies that are exempt from VAT and supplies that are subject to VAT.

Order Management

Select this option if your company's document workflow includes purchase and sales orders. Enabling this functionality allows you to set up stock reservation for orders.

Note. If there are any purchase or customer orders in the system, you cannot turn off this functionality.

Enable Payment Terms

Select this option if you need to use multiple payment terms for customers as well as for suppliers. If the check box is cleared, payment terms are not available.

Contract and Credit Limits

Select this option to be able to set the limits for total sales and purchases in company contracts or total credit limits.

Enable Long-Term Credits and Loans

With this option selected, you will be able to account for loans received and issued. The following transaction types are added in the Money module for outgoing payments: Loan Issued, Loan Payment; and for incoming payments: Loan Received, Loan Payment.