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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. |
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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.
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Setting
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Description
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Output VAT Transaction Method
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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).
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VAT Accounting by Emirate
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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.
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Tourist Tax Refund
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Selecting this option enables the functionality related to tax refunds made to tourists.
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Advanced VAT Calculation
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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.
Setting | Description |
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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. |
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Other section
If you need to use project management, select the Project Costing 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 CostingThis section includes the settings for configuring the functionality of different modules.
Setting | Description |
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Calculate Material Costs
For calculation of material costs for projects, you can select one of the following options:
- On Purchase: To calculate material costs when the items are received to warehouses according to Invoices Received and Advance Reports.
- On Usage: To calculate material costs only when the items are issued from warehouses according to Inventory Write Offs and Invoices.
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:
- By Business Activity: You will need to specify a particular business activity for each cost incurred for the project.
- By Department: You will need to specify the department which is responsible for the incurred project costs.
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.
The Other section
This section includes the settings for configuring the functionality of different modules.
Setting | DescriptionEnable 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. |
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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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