IW Finance

Chart of accounts functionality

In Business Central for Small Business, you can customize your chart of accounts in accordance with Ukrainian accounting standards. The chart of accounts is the basis for maintaining a company’s financial data, allowing you to track the credit, debit or total balance of an account as of a certain date, as well as review all transactions recorded in a selected account.

General ledger, correspondence and financial journals

The General Ledger stores the company’s financial data, all accounting transactions and the necessary information about accounts for the generation of regulated reporting. Business Central has ledger correspondence functionality that makes it easy to view transactions through double entry (debit, credit, amount). Financial journals are used to record financial transactions directly in general ledger accounts and other accounts such as those of the bank, customers, suppliers, and employees.

Currencies and exchange rates

In Business Central, you can set up the required number of currencies to run your business and perform transactions such as sales or purchases in the appropriate currency. The system guarantees the correctness of all calculations in accordance with certain exchange rates. Our solution integrates with the National Bank of Ukraine, which allows you to download currency rates daily from the NBU website.

Analytics

Analytics are parameters that classify operations for tracking and analysis. For example, a financial manager might analyze costs for each department. Based on analytics, you can create reports in real time on parameters that are important to you.

Reporting

The Business Central solution contains regulated reporting, such as the balance sheet, income statement, cash flow statement, equity statement, as well as accounting reporting: account analysis, current information, analysis of receivables and payables.

This functionality of the system allows you to maintain parallel records of accounting, tax and management operations, as well as generate reports in accordance with IFRS, P(S)BU of Ukraine and in accordance with the company’s management policies.

*Business Central is the abbreviated name for the Dynamics 365 Business Central ERP system from Microsoft.

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Operations with debtors and creditors

Business Central allows you to create contracts with clients and suppliers, as well as make payments to them through the entire functionality of the system. To record settlements with accountable persons, the system provides a list of accountable persons, a list of corporate cards and advance reports.

Banking operations

With bank account cards in the system, you can track bank transactions and perform bank verification by checking the company’s financial records. The system allows you to use electronic banking services to import bank statements and export payments.

Closing period

The functionality of the system ensures the calculation of currency exchange differences and the formation of financial results in accordance with legal requirements.

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VAT Accounting

VAT functionality of Business Central for small businesses provides the ability to account for VAT on purchases and sales and fully complies with the current legislation of Ukraine.

This functionality includes: creation of tax invoices and Appendix 2 to tax invoices for sales and purchases manually, automatic creation of sales tax invoices according to the first event rule, application of tax invoices to source documents from the supplier, integration with M.E.doc (import/ export of tax invoices and Appendix 2 to tax invoices), creation of a register of issued and received VAT invoices and VAT tax returns, closing of VAT periods.

Fixed assets management

Business Central for small businesses offers tools for accounting for fixed assets in accordance with the requirements of the accounting and tax legislation of Ukraine.

The functionality includes OS maps for each company asset, where all the necessary information is stored, such as data on commissioning, movement, depreciation and other activities. It also provides for the generation of documents, such as the Certificate of Acceptance and Transfer of OS and the Certificate of Write-off of OS.

Group budgeting

The accounting budgeting functionality allows you to compare actual and planned indicators using accounting accounts, periods and analytics.

A budget is an important tool for business analytics that helps control a company’s expenses and income. The system allows you to create, copy and import budgets, which simplifies the process of managing money.