Accounting Management in Automotive Industry
When it comes to the General Ledger, it is meant for financial information to be posted, summarized and then finally reported. Varying business documents are basically used for the creation of General Ledger entries. These are typically inclusive of purchase invoices that are supposed to be produced after each business transaction. We will make it possible for you to gain immediate access to G/L or General Ledger accounts as well as balances. Please bear in mind that the G/L Budgets features has the potential to make comparisons amidst actual amounts and budgeted amounts.
What is cost accounting all about?
The basic purpose of Cost Accounting is to help understand the costs involved in running a business. On the whole, full integration has been performed amidst Cost Accounting and the General Ledger application area. In the long-term, it will help to make analysis with regards to the costs per departments and products/services. With the help of this analysis, it will be a whole lot easier for a reliable base to be created with regards to Cost Accounting. It can be utilized to perform an analysis on the following:
- The different types of costs or expenses that occur while running a business
- Areas where the costs occur
- The individuals responsible for bearing the costs
When it comes to Cost Accounting in Elva DMS, you get to benefit from the following features:
- Place easy definitions for chart of costs types with the help of a functionality and structure that holds much in common with the General Ledger chart of accounts
- In one cost type, you are allowed to place summaries of a variety of general ledger accounts
- A basic chart of cost types, all of which have been formulated with regards to the General Ledger income statement accounts
- Predefined departments or expense centers, and products/services or cost objects – all of which have not just been sorted, but have subtotals and titles as well
Apart from that, you will also be able to make allocations for actual as well as budgeted costs of operations, products, departments as well as projects for an analysis to be carried out over the profits being gained by the organization. It is necessary to mention here that allocations can depend on certain other, changeable allocation bases. These are inclusive of the sales profits of an expense center, or the number of employees serving an expense center at a time. You will also be able to make use of a variety of reporting options that include financial reports for the assessment of the business on the bases of cost types, expense centers and even cost objects.
Details on Receivables Management
General journals are best used for registering customers, and for the managements of sales. This functionality also has the potential to enhance sales invoicing. On the whole, it has been integrated with not just the General Ledger, but the Inventory as well. This is actually a vital step meant for the configuration of the entire Sales or Debitors functionality.
In case you wish to make use of the Multiple Currencies functionality, it will be possible for you to post sales transactions and even manage debtors in varying currencies for every customer.
Apart from that, you will also have the power to keep an eye on your reminders along with a number of finance charge memos. It is typically inclusive of checking whether or not the said amounts are regularly being paid on time. In case there are customers who have lapsed payments, it is vital for you to work out when, and how reminders can be sent. For any interest, and/or fees, it is easily possible for you to debit their accounts.
In case you wish to make use of the Multiple Currencies functionality, it will be possible for you to post sales transactions and even manage debtors in varying currencies for every customer.
Apart from that, you will also have the power to keep an eye on your reminders along with a number of finance charge memos. It is typically inclusive of checking whether or not the said amounts are regularly being paid on time. In case there are customers who have lapsed payments, it is vital for you to work out when, and how reminders can be sent. For any interest, and/or fees, it is easily possible for you to debit their accounts.
Closing of the financial year
Processes due on the closing of the financial year deem it vital for all entries in the system to be closed. Herein, the income statement batch job is responsible for transferring every single General Ledger account to the balance. This is necessary for the simple reason that the company can get all geared up for the upcoming financial year.
Details of Taxation and sending Reports to Local Authorities
The system has been designed in such a manner that it can easily meet all international accounting standards. At the moment, it has been localized for several countries across the world (more than 40 to be precise). This includes the United Kingdom (UK), North America, and Germany etc. With this localized system, you can be assured that all taxes will be calculated accurately, and as per the legislation of your country of residence.