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Enable the Phased Revenue Recognition Functionality

With this option selected, you can create Phased Revenue Recognitions to register the revenue for each stage of works on customer contract (customer order or project) as percentages of contract revenue. The balance of the customer receivables is updated only when Invoice is created.

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.