fbpx

Finance

The finance department is responsible for monitoring financial transactions with customers and suppliers. RamBase helps to monitor and reconcile financial records and operations in the general ledger. It allows to create reports on the aging of receivables and create financial statements, reports and analyzes that help you make both short and long-term decisions.

Finance in RamBase

Receivables

The system supports customer payments, reminders, customer balances and amounts due – all finance aspects.

Liabilities

RamBase supports payments to suppliers, balances of amounts due and future deliveries.

Finance Liquidity

Handling incoming and outgoing payments is crucial in managing liquidity. The system offers solutions for manual and electronic payment handling. Bank account setup, maintenance and monitoring are included in this process.

Assets

The fixed assets register provides a detailed overview of monthly depreciation. RamBase provides a tool for managing the life cycle of each individual resource.

Budget

RamBase supports budgeting through analysis and planning that takes into account real and historical values. It is possible to group general ledger accounts to facilitate data comparison.

Finance and accounting – main functionalities

  • Service of receivables and liabilities,
  • Configuration and monitoring of bank accounts,
  • Budgeting,
  • Defining and grouping accounts,
  • VAT register,
  • Support for dimensions, departments, division into projects and resources,
  • General ledger (reconciliation of accounts, correction of postings and periods, closing accounting periods, balance sheets, deviations),
  • Sales invoicing, payment in advance, advance invoices,
  • Set up and reconcile bank accounts,
  • Register of outgoing and incoming payments,
  • Inventory settlement and accounting and their inventory,
  • International trade service (invoices, payments, reports).

    Get pricing
    Więcej
    Więcej

    Basic registers

    The accounts plan is crucial in the finance structure. Each company has its own unique plan of accounts. Account Groups The account grouping feature is flexible to meet different needs. Grouping accounts allows to compile budget and accounts. The solution helps in reporting and analysis Account definitions The Main Ledger account may have defined function. The bank, inventory, receivables and liabilities are examples of accounts that can be configured with the financial module and the rest of the modules in the system. Value-added tax (VAT) RamBase facilitates VAT registration. Transactions can be booked with or without tax. Based on the financial module configuration, the system displays a suggestion to send the appropriate message. The VAT register is the basis for reporting and accounting for taxes. At RamBase it is also possible to trade outside one country thanks to international tax reports. Dimensions In RamBase you can link few dimensions with one account of the book. There may be needs for dimensions that overlap. An example is several departments related to the same project. Other dimensions can be cost unit, geographic district or staff. Departments The module is used to separate the costs of activities related to a specific department. There are several ways to create a department. You can specify any number of departments and create reports and analyzes based on this classification. Projects Project is usually an activity that last for a certain period. It often covers many processes. Project module in RamBase is used to isolate costs for a specific activity. The project can have plan and budget. The system enables to compare budget with actual costs. Project configuration in the system ensures that it includes all relevant data. This module is only an accounting dimension. Resources The module is used to track income and expenses connected with one asset. This module is only an accounting dimension. The depreciation plan and history of previous depreciation are stored in the fixed assets register

    General Ledger

    General Ledger is a complete record of all financial transactions in the company. General Ledger contains all the information that are needed to prepare financial statements and includes asset, liability, equity, income and expense accounts. All transactions are posted to the general ledger, either manually or automatically by the system. As part of the general ledger, RamBase provides:

    • Accurate financial statements,
    • Compliance of the general ledger with auxiliary ledgers and other entries in the system,
    • Coherence between general ledger books and the 'real world',
    • Traceability and verification of entries,
    • Full compliance with Polish regulations, in particular the Accounting Act and the Act on Value Added Tax (VAT)

    The advanced interface between transactions and books provides reconciliation and quality assurance tools that allow to track financial flows and high-quality closing of billing periods. General ledger tasks supported by RamBase:

    • Posting correction,
    • Adjustment of periods,
    • Reconciliation of accounting accounts, VAT and bank accounts,
    • Closing accounting periods,
    • Checking balance values,
    • Deviation support.

    Receivables

    Sales invoicing There are many ways to create an invoice which can be based on goods, cost, rental, agreements and subscriptions. RamBase takes into account the requirements of your company and customers when creating transaction documents. The solution also allows to consolidate invoices and settle cash payments. Advance payment is a common payment type for large orders due to the time between order and delivery. In RamBase it is possible to create advanced invoices for staged invoices. Advanced Invoicing is used to create a sales invoice based on a sales order before the goods are sent to the customer. This can be done when a contract is concluded with the customer according to which the parts will be invoiced before the goods are shipped. These can be contracts for specific dates or contracts based on a specific completed process. In RamBase, advance invoices can be issued on the basis of an advanced invoice plan. Receivables RamBase gives the overview of open orders and customer cash flow. It allows to check whether there is a need to resend invoices, send an account statement, send reminders or calculate interest. Given information allows to decide whether the customer should be able to place new orders before paying old obligations. It may be good to set a credit limit for the customer to reduce the risk of loss in the event of non-payment.

    Liabilities

    The liabilities are connected with the general ledger by the book of customers’ accounts. Settlements with customers provide an overview of all transactions between the company and them and are used to track open and closed settlements in the general ledger. Invoicing from the supplier It is possible to automatically import received supplier invoices. Depending on the type of transaction leading to the supplier, invoices are handled in the system in various ways. There are many different types of transactions. Some of them are related to the purchase and receipt of goods, e.g. purchase of goods / materials or consumables as required. Other transactions are not directly related to purchases, e.g. regular expenses such as rent, electricity or subscriptions. Liabilities overview RamBase monitors the status of invoice payments and shows an updated overview of the liabilities. Book of liabilities The book of liabilities is an internal basis for managing financial liquidity and payments activities. RamBase allows to control payments, gives insight into customer open payments and cash flow. It enables to resend invoices, generate payment history or customer liabilities, send an interest note or calculate interest. Thanks to the data that are generated in the book of liabilities, the company receives all information that allows to decide whether the customer will be able to place further orders. In RamBase, you can also set credit limits for customers whose exceeding will automatically prevent further orders. Credit service When company receives a credit note from a supplier, it must be manually registered in RamBase. Credit notes may be the answer to complaints about received goods, services or price misunderstandings.

    Cash management

    RamBase provides tools with which you can monitor cash flows and make necessary transactions in an efficient and reliable way. Cash management process reflects real bank accounts and RamBase gives control over financial liquidity and balances of many bank accounts. The system provides tools to manage cash flows. Bank account configuration The company usually has many different types of bank accounts, such as operational, tax and investment accounts. In RamBase, all bank accounts can be linked to unique accounts in the plan of accounts. Registration of incoming payments You can register incoming payments manually or automatically. It the company has many customers and large number of transactions it is possible to increase the registration efficiency by using EDI (Electronic Data Interchange). This will reduce the risk of errors and your receivables will always be updated Outgoing payments Outgoing payments can be made manually or automatically. Based on updated balances with customers the debt is repaid via the bank. Bank accounts reconciliation After bank accounts reconciliation RamBase provides an overview of information about the company's financial liquidity in the system.

    Inventory / stocks

    RamBase stores all details of logistics operations (inbound and outbound) in the warehouse at the transaction level. Logistic transactions in the system don’t have to be posted directly to general ledger accounts. Inventory balances are kept in a separate register. The values in this register are converted every night and imported into the general ledger automatically, either on schedule or manually. In the system there is a setup allowing to decide if inventory balances should be imported to the general ledger as total amount or be divided between value of physical inventory and production balance in progress. The inventory balance does not include goods owned by the customer or supplier, only goods owned by the company. Inventory balance information is grouped by product, currency, warehouse location and account dimensions, such as department, projects, etc. They also contain information about the trade of each item.

    Budgeting

    RamBase supports entering budgets and its reporting. Budgets can be created in RamBase or in spreadsheets and then import it to RamBase. The budget can be divided into one entry / item per budget account, period, department and project. RamBase supports simple budgets consolidation. If different spreadsheets don’t contain the same combination of account, period, department and project, the budget will be consolidated when loading into RamBase. It enables division of budgeting process for different departments and projects. Budget positions are stored in separate budget accounts and mapped to the account plan or flexible account group structure in RamBase. This gives flexibility in the budget structure. Budgets can be placed on both balance and result accounts. The system allows to control income and costs, which are the basis for comparison and analysis. Budgeting is a tool for planning and measuring financial development. One way to work with a budget is to compare account balances with budget accounts, create analyzes and foundations for new budgets as part of your daily tasks. Another way of work is budgeting once or twice a year based on data and experiences from previous year. Third way is to create a sales forecast and look at key cost parameters. Budget creation Budget is created in a separate register. The budget, together with the connections with the plan of accounts, periods and dimensions is stored in the budget register. Budget import Budget can be imported via Excel file (CSV). Using Excel increases the efficiency of budget registration in RamBase. Manual budget registration It is possible to manually register budget. It takes more time but gives additional, bigger control over data. Comparing budget with general ledger It is important to compare the budget with the general ledger. It is possible to use a group of accounts to facilitate comparison.

    Intercompany trade

    Intercompany trade are processes carried out between companies in a group (with the same parent company). From a financial perspective, this usually applies to invoicing, payments and reporting. RamBase allows creating intercompany invoices which are registered and reconciliated. The system registers and reconciles intercompany payments and allows to consolidate reports and create internal invoices. The automation of financial processes between companies facilitates their review. Group books are automatically registered in the internal business dimension, which enables consolidation and summary of reports at the company group level. Intercompany invoicing There are two ways of intercompany invoicing:

    • Sales invoices sent from one company to another within a group and are copied to the other company's system.
    • For goods sent from a common warehouse, internal invoices and credit notes can be created automatically. Accountants in both companies must then manually register invoices / credit notes in their own system.

    Intercompany payments Intercompany payments provide an overview of the company's incoming and outgoing payments. If company’s system is missing payments, it is possible to create them from the intercompany payment application. Reports consolidation Financial data can be gathered from all companies in the group. Reports created in financial reports editor can be consolidated in this group. One company account structure can be defined as a report template. Report consolidation can also be proceeded by using dedicated consolidation reports. These reports contain list of intercompany transactions and simplifies the process of creating consolidated accounts. Based on the initial configuration of the intercompany system, all intercompany transactions can be automatically registered in the general ledger with a dedicated account dimension. This enables reporting on all intercompany transactions. Internal invoicing Internal invoicing refers to invoicing within one company, e.g. from one department to another. The method of internal invoicing depends on the company's cost accounting requirements.

    Multidimensional Accounting

    In multidimensional accounting, details, e.g. department or location, are configured as account dimension values. Giving the right dimensions supports data grouping and filtering.

    A dimension can be any operational feature considered useful for tracking performance, such as organizational details (departments, business units, branches) or details related to generating revenue (channels, products, customers).

    By providing the right dimensions, we receive a data set suitable for our requirements for advanced analysis and reporting. This solution allows you to track revenues and expenses at any level of detail.