Finance & Accounting

Accounts Schedules is a powerful reporting tool, which helps accountants and financial analysts to draw the most important information for the report from accounts, budgets, financial flows and different types of costs. It allows to effective monitoring of the company's condition and provides business decision makers valuable information. This solution gives an opportunity of choosing which account we want to monitor and get report.  It also gives you the possibility of smooth switching between accounts, combining and configuring data in various ways and to entering additional descriptions and notes to the accounts. What is more the solution enables you to do simple calculations on the data in selected account schedules sheet and comparing current data with historical and with your budgets.

You can work with budgets on General Ledger accounts, after creating a budget you get the opportunity to print balance which shows the percentage of deviations from the budget realization. Business Central enables working with many budgets at once. You can work with budget of any value (e.g. 100 percent or 110 percent of previous period). Budgets are implemented for periods for suitable General Ledger accounts. The solution allows you for freely import and export to Excel, what creates possibility of using all calculation functions of Excel during budget preparation.

You also can create sales and purchasing budgets at the customer, supplier and item level, both quantitative and qualitative. A budget created this was helps decision makers in your company making right choices also in different areas as purchasing and logistics. Information about expected requisition can become crucial in business conversations with clients. What is more the solution enables you to track how budget implementation relates to the plan – showing real sales efficiency. The tool, thanks to integration with Excel, assures additional budget planning flexibility.

Thanks to templates configuration Business Central allows to automate prepayments and accrued expenses (in accordance with a predetermined schedule). Solution enables easy recognition of revenues and expenses in a period other than the posting period.

The solutions offered by Business Central allow efficient management of settlements with both suppliers and buyers. Available functionalities also allow to control the company's financial liquidity.

Bank Account Reconciliation. System allows automatically data downloading from bank statements to create entries in the books of account and track all bank statements. It allows you to complete and reconcile payments in one step, in one place. Business Central offers a filtration option of payments view according to any criteria and gives wider access to details and payment summaries.

Reports and payments. In Business Central you can generate report such as: buyer - balance per day, aging of receivables / age structure of receivables, confirmation of balance. The system facilitates payments – you can generate direct debit to get money directly from the client's bank account and a direct debit file from the bank. It enables to generate payment requests and interest notes according to conditions that can be freely configured. Those documents can be generated collectively / for specific groups by user-selected criteria.

Analytical dimensions relate to different points of view and approaches for the best understanding of company processes. Dimensions allow to track and analyze business progress from different business perspectives. They give competitive advantage to enterprises because they provide tracking at the micro level and allow the company to describe each transaction with additional parameters, which facilitates reporting and gives a better view of the company's condition.

Examples of dimensions:

• Department / organizational unit
• CC (Cost Center)
• Category of costs (staff, departmental costs, etc.)
• Sales by region
• Customer industry
• Trader
• Project

Benefits of using dimensions:

Using dimensions facilitate easy and clean structure of data and accounts plan. By using dimensions, you get a simple and transparent chart of accounts. It eliminates the need to use many analytical accounts, especially in the "5" team. Dimensions offer shorter account numbers (no segment needed). They also allow for easier cost assignment and give the ability to allocate them according to any indicators. In addition, the use of dimensions allows convenient data analysis according to various analytical cross-sections.

Dimensions is a tool that really facilitates the work of CFOs. They improve bookkeeping and business report creation. The financial director's workspace may contain analyzes and indicators that allow to monitor the operation of the entire company. Reports and indicators can be defined by the user.

Analysis Reports gives decision makers, especially responsible for sales, purchases and product portfolio management, efficient and flexible way to get important information from the system in order to make everyday decisions. The module, based on a position entry, provides them a customized, analytical view that allows adding and connecting objects to be analyzed - customers, goods and suppliers

Bank Account Management allows you to operate and manage multiple bank accounts and various currencies from the system level to meet different business needs.

Electronic Payments and Direct Debits. System provides you payments propositions based on supplier's documentation and automatically generates banking payments file. It also allows the conversion of bank data and generate the appropriate electronic payment file for your bank. You can easily track the history of payments and the system offers you improved process of marking and processing transactions. What is important the system is integrated with most of polish end European banks.

In this system you have possibility of adding payment link to cover your invoices, what makes the payment easier to pay for your clients. Payment support also relates to “split-payment”. After entering suitable data to the system, the tool automatically will enter information on the value of VAT and invoice data. Business Central also makes it easy to open customer and supplier ledger entries and allows you to create your own mapping rules.

Cash Flow Forecast enables forecasting of liquidity (cash and non-cash), which changes over time. It considers cash inflows and withdrawals - planned inflows and expenses as well as available funds, which all together give a direct cash flow forecast. The system allows creating basic configuration of cash flow forecasting which you can freely expand and adapt quickly. In addition, Business Central supports more data sources, including employment and tax data.

Intercompany postings. Thanks to Business Central you can manage books of more than one company in the same accounting process. The system enables automation of the ordering and invoicing process within companies of one group. The solution allows you to import and export financial information. Order documents, invoices and logs may additionally be subject to acceptance processes within group processes.

Consolidation and reporting. With Microsoft solution you can easily consolidate companies. Consolidated companies of the group may have different structure and regardless of how the Business Central system is installed allows for their consolidation. Data transfer for consolidation can take place directly from the database or through files. The user also gets an option of configuring the general ledger account mapping. In addition, you can use add-ons that support master data management (a common database of contractors, products, buyers, suppliers, projects, etc.). The solution and consolidation can be easily adapted to customer needs (customization of the solution).

In Business Central you can easily calculate VAT in accordance with the tax specificity of the country. The system automatically calculates the tax due and calculated, considering all legal requirements e.g.:

• Different dates of VAT obligation
• Partial VAT deduction - e.g. on fuels and cars
• Reverse VAT charge

The system also supports companies that carry out international activities. The accounting module is adapted to settlements according to the regulations in each country. Business Central can service both capital groups operating in several countries for which taxes are settled separately, as well as companies selling retail to many countries and reporting VAT in more than one country.

Multiple Currencies. With a system help you can manage different currencies, including liabilities and receivables, general ledger reports, inventory and inventory items, and bank accounts. The solution will allow you to dynamically manage currency conversion and ensure efficient processing of exchange rate updates.  The system automatically settles exchange differences.

Responsibility Centers. Responsibility centers provide support for administrative centers. Responsibility center can be defined as cost center, profit center, investment center or other. Examples of responsibility centers are the sales office, purchasing department for several locations and the manufactory planning office. Using this function, for example it is possible to configurate user-specific sales views and purchase documents related only to a specific responsibility center. In addition, the centers expand the functionality of many locations, providing users with the ability to operate administrative centers.

You can set up profit and cost centers. The company may sell items / products at other prices that are related to the responsibility center. The tool allows you to configure the user from the responsibility center in such a way that he can only view his sales and purchase documents. The solution offers help for users when entering additional data, such as dimensions and location codes.

Cost accounting provides an effective way to control the costs of the company and an insight into the budgeted and actual costs of operations, departments, products and projects. The cost accounting synchronizes cost information with the general ledger and then allocates this information to various cost centers and facilities. Module enable e.g.: transfer of costs from the general ledger; entering and accounting internal charges and allocating booking costs; creating cost budgets and moving cost budget items to real items

Split payment is otherwise divided payment. It applies to transactions between taxpayers (B2B - supply of goods and services) listed in Annex 15 of the VAT Act. For this type of payment, it is necessary to show at the invoice net amount and VAT amount. This kind of payment is made to two different bank accounts (net value - to the supplier's bank account, VAT - to the supplier's special VAT account). Business Central automatically assigns incoming split-payment type invoices and generates payments. In the case of invoices issued, split-payment payments are also automatically captured, and invoices are complited with information required for this type of payment.

Uniform Control File (JPK). The system is also adapted to the requirements of Polish law. It allows to generate invoices in accordance with applicable regulations. It has functionalities connected with JPK files or duties connected to VAT tax (calculating the amount of VAT and preparing VAT returns). Because the law is constantly changing, we deliver up to date updates concerning Uniform Control File adjusted to current law.

Postponed VAT. System also has functionality od postponed VAT which is especially useful when settling sales corrective invoices. In case of issued corrective invoice, VAT tax can be settled only after a confirmed correction delivery. This results in a temporary suspension of the VAT amount.  Business Central uses postponed VAT module to settle sales corrective invoices.

Business Central also supports reporting sales and transfer of goods for Intrastat and the preparation of appropriate JPK / SAF-T files for Polish tax authorities. On official accounting reports, the system generates information about the name and version of the accounting program, what is required by Polish law.