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Note. Any changes made on this form are applied immediately – you don't need to save them.
The General Settings form
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Setting | Description |
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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 | This functionality is available upon request. The module provides you with the extended budget planning functionality. |
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. |
The VAT section
Select the VAT Accounting option to turn on the VAT functionality in the system. With this functionality, you will be able to specify the VAT settings for Entities and Companies and set the default VAT rates for Items.. All these settings will be used for automatic VAT calculation in purchase and sales documents.
Note. Once you have created any purchase or sales transaction with VAT, you will not be able to turn off this functionality.
Setting | Description |
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Output VAT Transaction Method | This setting defines how the output VAT is recorded in GL journal entries. Select one of the following options:
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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. |
Enable Tax Groups | Selecting this option enables the functionality of tax groups. Several businesses under common ownership that use a single consolidated accounting system may be registered as a tax group and treated as a single taxable person for VAT purposes, that is, file consolidated VAT Returns. For details, see Overview of Tax Groups. |
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. |
The Settlements section
The settings in this section are used in the Sales and Purchasing modules.
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