BITEX Documentation العربية

Overview

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Accounting module is the core financial engine, which follows double-entry bookkeeping system to manage financial data. It acts as a single source of financial truth which is well integrated across core modules at different stages of Procurement, Sales, Manufacturing, Contracting, which delivers unified financial view of the whole organisation.

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Core modules that integrate with accounting are:

  • Buying, Selling, Stock, Manufacturing, Subcontracting, Assets, Projects

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‎Feature Suite

Multi-Company Setup

Manage accounting for multiple companies within the same system, while ensuring company-wise accounting & reporting remains separate.

  • Set default company for ease-of-access
  • Transaction can be mapped to a specific company during entry

Chart of Accounts

At the very core you needs a structured chart of accounts which can encompass all the financial pieces of your business.

  • Parents Groups & Child Accounts
  • Account Types
  • Tree View

Sales & Purchase

Manage purchase, sales & service invoices, where respective accounting entries are posted automatically based on the transaction lifecycle which originates from core modules that are Buying, Selling, Stock, Subcontracting.

  • Purchase & Sales Invoices
  • Pricing Rule based on Customers, Supplier & Groups
  • Shipping Rule Charges based on conditions
  • Point of Sales

Assets, Stock & Manufacturing

Although these components belong to their own separate module, its lifecycle have an impact on books of accounts when certain transactions takes place:

  • Asset-related activities such as purchase, capitalisation, depreciation, and value adjustments automatically generate corresponding accounting entries.
  • Stock movements and manufacturing processes create appropriate accounting entries, enabling accurate valuation and detailed stock reporting.

Ledgers

Manage General Ledger by creating Journal Entries to record accounting transactions & adjustments.

  • BITEX takes care of generating Journal Entries for transactions which follows a lifecycle.
  • Adjustments occurring beyond the standard flow can be recorded with Journal Entries.
  • General Ledger shows all the accounting transactions & its impact.

Statutory Compliances & Taxes

Manage taxes & statutory compliance reporting specifically tailored for your region/country. Every region has a dedicated Localisation App which introduces fields, reports, integrations helping in seamless filing of tax & compliance returns.

Multi-Currency Accounting

Manage multiple currencies for customers, suppliers, bank accounts, while having a different base currency for your company.

  • Record transactions in different currency, while having accounting entries in base currency.
  • Fetch exchange rates & perform revaluations while recording gain/loss on fluctuations.

Accounts Receivables & Payables

Keep a track of receivables from customers & payables to suppliers to better manage cash flow.

  • Track ageing reports for Receivables & Payables
  • Ageing can be based on Due Date, Posting Date, Invoice Date
  • Report includes voucher reference through which the payable/receivable amount originates

Advances Management

Manage advance payments across customers, suppliers, employees.

  • Record advance payment entries & reconcile them to calculate net payable/receivable.
  • Adjust advance payments during invoice process.

Payments

Manage inward & outward payments related to supplier & customers

  • Send reminders with payment links to Customers
  • Raise Payment Request to release payment to a Supplier
  • Perform reconciliations to generate Payment Entry

Banking

Manage banking operations & reconciliations seamlessly with the option to manage value added services related to banking.

  • Perform deposits, withdrawals & reconcile them against vouchers.
  • Issue or receive bank guarantees against purchases & sales, respectively.
  • Create Invoice Discounting records against sales invoices yet to be settled.

Subscriptions

Manage recurring plans and automated invoicing for services that occur on a recurring basis.

  • Customer Subscriptions: Bill customers for services delivered at regular intervals.
  • Vendor Subscriptions: Track and manage recurring services procured from vendors on a fixed frequency.

Budgeting

Manage spending by allocating budgets to any accounting segment, identify & restrict over-spending at different stages of purchase cycle.

  • Allocate budgets for Month, Quarter, Half Year, Year
  • Budget Distribution can be equal, percentage based or ad-hoc
  • Configure threshold calculation logic for flexibility

Deferred Accounting

Manage income & expenses incurred but not yet accrued.

  • Configure Items to be processed for deferred accounting.
  • Process deferred accounting automatically or manually based on setup
  • Generate reports for transaction values that are deferred.

Shareholding Management

Manage equity holding for your organisation, maintain share transfers & view reports.

  • Shareholder Masters
  • Share Issue, Purchase (Buyback), Transfer
  • Reports of Share Balance & Share Ledger

Accounting Segments

Segmentation of company into different business verticals, divisions, regions, markets and generating independent financial reports for profitability & analysis based on these segments can be done with the help of:

  • Using Default Accounting Segments: Cost Center, Project
  • Create Custom Segments using: Accounting Dimension

Closing of Books

Manage period closures by transferring balances & restricting changes for already closed period.

  • Accounting Period: Block creation of transactions after the books are closed for a specific period, with an option to allow specific user role to by-pass restrictions.
  • Period Closing Voucher: Transfer Profit & Loss at the end of year to the specified ledger account.

Financial Reports & Profitability Analysis

Generate reports to analyse the financial position of the organisation with the help of various reports.

  • Financial Ratios
  • Profitability Analysis
  • Purchase & Sales Trends
  • Consolidated Financial Statements & Trial Balance
  • Balance Sheet, Profit and Loss, & Cash Flow Statement

Advanced Sales Features

Sales Commission

Sales Partner can be mapped to transactions, based on which commission reports can be generated for pay-outs.

  • Manage targets & generate variance reports
  • Setup rate of commission for Sales Partner.
  • Assign Sales Partners to a specific customer.

Sales Interest / Dunning

Interest, fees & charges can be collected from customers who fail to settle Sales Invoice within due dates.

  • Interest is calculated on the overdue amount & delay days.
  • Schedule of charges can be configured based on needs

Loyalty Program

Reward your loyal customers to retain them by issuing rewards points, which can be redeemed against future purchases.

  • Setup multiple-tiers based on total amount spent by customer (eg. Gold, Silver, Bronze)
  • Define, for how much amount spent, a single loyalty point must be credited
  • Configure loyalty points conversion amount in base currency

Promotional Schemes

Extend discounts to customers for a specified period as a part of campaign, or sale period.

  • Promotion can be applied to Item, Item Group, Brand or Transaction
  • Select whether scheme is applicable to buying, selling or both
  • Choose whether scheme leads to discount, free product or both