The Money module is used to manage cash and bank accounts, process incoming and outgoing payments, issued and received loans.
Addons: If your organization uses cheques, you can add the functionality of cheque processing.
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Master Data
Using the master data, you can add all the currencies used by your company and define their exchange rates with respect to the national currency or set up import of exchange rates from the Central Bank. Also, you can create master records for banks, bank and cash accounts used by your company.
Bank and Cash Documents
Bank Payments and Bank Receipts are used to register incoming and outgoing bank payments. Cash Payments and Cash Receipts are used to register incoming and outgoing cash.
A document of the Employee Business Expense Report type is created when the entity needs to reimburse employees for work-related expenses.
Loan Documents
A Loan Agreement is created when your company needs to register any received loan or loan issued to another company with all the corresponding conditions for repayment. Then, you can monitor the loan repayment process by using the Loans Processing documents.
Service Tools
Using Money Transfers, you can register fund transfers made between your entity's bank and cash accounts.
The Bank Reconciliation functionality if enabled facilitates to process of comparing the bank transactions recorded in the system to the transactions on bank statements received from banks.
Reports
The Money nodule reports provides you with the comprehensive information on all details of cash flow.
Taxes module provides the functionality that allows you to collect and report taxes in the UAE. The UAE government imposes the value-added tax (VAT) as indirect tax on all goods and services bought or sold by businesses.
For the entities that operate in the UAE, the following options are available:
- Tax Accounting by Emirate: If an entity operates in multiple emirates, VAT amounts are reported by emirate.
- Tourist Refunds: Both tourists and residents pay VAT when making a purchase. However, tourists can request a refund on VAT on certain conditions when leaving the country.
- Tracking of Out-of-Scope Sales:
- Tracking of Out-of-Scope Purchases:
- Tracking of Zero-Rated and VAT-Exempt Purchases:
Master Data
Master data is used as the key data in many types of transactions. For example, if you are calculating taxes, you need tax types, tax rates, tax codes, and so forth. If needed, you can add new master records at any time.
Taxes Documents
Using the documents in this module, your company can easily comply with the requirements of the UAE legislation to calculating VAT on appropriate supplies. You can manually adjust VAT input and output transactions in complicated cases and file VAT Returns with the required for your entity frequency. The application automatically fill out the VAT Return with the data from its database. For any row of the report, click the Details link to the right to view a report listing particular documents that affected the amounts in the row.
Service Tools
Using the VAT Audit File tool, you can export a file in the FAF format with all the details on all VAT transactions in the selected period.
Reports
The reports available in the Taxes module provide you with summary and detailed information on input VAT, output VAT, and recoverable VAT amounts. Also, you can view the exact balance of you tax accounts.
For example, the Recoverable VAT report provides information on the taxable amounts of standard-rated (5%) supplies purchased by each entity for which Tax Invoices were received from the suppliers. Also, the report includes the data on the tax-exempt supplies. You can filter the data by entity, company, contract, and currency. You can group the data by company, contract, and tax rate.
