VAT ERP or Tax accounting system
VAT ERP or Tax accounting system
A tax accounting system or software is designed to control and catalyze accounting information or procedures for reporting tax. Bringing an authoritative system for business to keep record of taxes will nullify the error in tax declaration and this diminish the penalties and deference costs issued to business. Rather than this, the software is capable to generate different types of reports and keep evidence of tax system by chasing inputs from a company’s auxiliary system.
Tax accounting system furnish a tribune for communication and relationship between corporate and public sectors.
The reference for a tax accounting system is functional and demonstrate widely throughout the documents to enclose the operations that normally happens in an accounting system for example ledgers, payable, receivables etc. This system completely brings the automation of all vat based responsibilities.
How can we achieve this through FactsERP? In FactsERP, chart of accounts (COA) is a financial organizational tool that provides a complete listing of every Ledger accounts. An account is a unique record for each type of asset, liability, equity, revenue and expense.
A payment is the trade of value from one party (such as a person or company) to another for goods or services, or to fulfill a legal obligation.
BPV: For non-cash (bank related) transactions, we can use bank Payment vouchers. For example, Cheque, online transfer, card transactions, wire transfer etc.
A receipt voucher is a written acknowledgment that a person/company has received money or property in payment following a sale or other transfer of goods or provision of a service.
BRV: For non-cash (bank related) transactions, we can use bank receipt vouchers. For example, Cheque, online transfer, card transactions, wire transfer etc.
CPV: A payment is the trade of value from one party (such as a person or company) to another for goods or services, or to fulfill a legal obligation.
For cash related transactions, we can use Cash Payment vouchers.
CRV: A receipt voucher is a written acknowledgment that a person/company has received money or property in payment following a sale or other transfer of goods or provision of a service.
For cash transactions, we can use cash receipt vouchers.
AR: In FactsERP, customers are created as ‘Sub Ledger’ (SL). In chart of account, Accounts Receivable [General Ledger (GL)] is available which is combine represents all of the customer SL details. While taking reports, all the customer names and balance amount will appear under the AR GL.
SI: A sales invoice can be simply defining as the request of payment from the customer for goods sold or services provided by the seller. An invoice generally provides the item description and quantity of the item sold or service provided. The document is also a record of the sales, for both the seller and the buyer.
MJV: In FactsERP, PDC maturity journal voucher is a system generated journal. While you are posting PDC cheque to bank from PDC account in PDC maturity posting tool, system will generate an automatic Journal voucher that is called PDC maturity Journal Voucher (MJV).
TB: A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance. The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance.
SOA: In FactsERP, ‘Statement of Account’ report account is a detailed report of the contents of an account. A sample statement of account usually includes the following information: The beginning total of unpaid invoices. The invoice number, invoice date, and total amount of each invoice issued to the customer during the time.
PV: A petty cash voucher is usually a small form that is used to document a disbursement (payment) from a petty cash fund. Petty cash voucher is also referred to as petty cash receipts and can be purchased from office supply stores.