Accounting
Accounting
During the system implementation, the company will achieve:
- Improved efficiency in managing financial resources and managerial activities by timely providing comprehensive marketing and financial information necessary for both operational and strategic decision-making.
- Delivery of high-quality reports to leadership and regulatory bodies in accordance with internal corporate rules and national standards.
- Economic activity monitoring at the level of primary accounting documents and safeguarding the electronic document flow among remote participants in the business process.
- Enhanced qualifications and expertise of employees, as well as improved communication quality and document flow within the organization.
Functional Possibilities
This section contains a list of required functionalities along with the main requirements that the accounting information system must fulfill. The requirements are grouped into functional blocks.
In the description of these requirements, it is assumed that the information system provides the capability to input primary data, processes data according to imposed algorithms, and automatically performs data calculations when generating reports and final forms.
Materials Management
Materials management involves the following main operations: receipt, transfer, disposal, and issuance. Materials management is carried out based on warehouses, departments, and individuals responsible for material management within the company. At the enterprise level, records of material movements are maintained in the national currency. Additionally, auxiliary materials, spare parts, and lubricating materials are also managed.
- The acquisition of material goods from companies in the Republic of Moldova;
- Purchasing services from companies in RM;
- Acquisition of materials in accordance with procurement documents;
- Internal transfer of materials and low-value assets;
- Performing storage for materials;
- Inventory process for materials and low-value assets;
- Write-off of low-value assets;
- Sale of materials and low-value assets;
- Procurement of services with distribution.
Strict Reporting Forms Management
The management of strict reporting forms should allow the registration of forms based on series, form numbers, and responsible individuals. It should include the following operations:
- Acquiring strict reporting forms;
- Transferring strict reporting forms;
- Writing off strict reporting forms;
- Cancellation of strict reporting forms.
Fixed Assets and Intangible Assets Management
Fixed assets management should be conducted both in physical and monetary terms, including synthetic and analytic records.
Synthetic records should ensure entries on balance sheet accounts, opened according to accepted classifications.
Analytic records represent the detailed breakdown of synthetic records based on analytics, cost centers, and responsible individuals (if required). Additionally, analytics should encompass physical tracking through inventory numbers.
Within fixed asset management, it’s necessary to calculate depreciation for fixed assets and intangible assets, transfer objects between storage locations, track repairs (both regular and capital) of fixed assets, handle modernization, re-evaluate objects when the book value significantly differs from market value, and maintain records and calculate depreciation for tax purposes.
List of possible operations:
- Recording the balance;
- Depreciation calculation (non-production methods);
- Depreciation calculation (production methods);
- Asset ledger;
- Commissioning;
- Inventory – Increase (equipment) / Decrease (disassembly);
- Internal transfer;
- Sale;
- Liquidation;
- Property tax calculation;
- Precious metals management;
- Leasing (in-house services);
- Revaluation;
- Leasing (expenses);
- Direct commissioning;
- Return from the client;
- Capital expenditure repair records;
- Capital expenditure depreciation calculation;
- Value reduction with the creation of new assets;
- Balance recording – land.
Transport Vehicle Management
Transport vehicle management should allow for the registration of transport vehicle inventory (cars, buses, trucks, etc.), recording petroleum product inventory (fuel, lubricants, etc.), and registering and adjusting fuel consumption standards.
- Storing technical details and comprehensive characteristics of the vehicle, from engine capacity to road tax calculation facilities;
- Storing petroleum product consumption standards for each vehicle based on route types and seasons;
- Recording vehicle mileage;
- Recording and printing road logs for all vehicle types;
- Recording petroleum product consumption;
- Recording and managing batteries and tires for each technical unit.
List of possible operations:
- Travel sheet;
- Fuel transfer to the vehicle;
- Commissioning – tires and batteries;
- Internal transfer – tires and batteries;
- Battery wear;
- Tire wear;
- Card – tires and batteries;
- Balance recording – tires and batteries.
Current Account Operations Management
Recording current account operations must be performed in detail for the enterprise’s payment accounts in the national currency and foreign currency. This should enable bank statement reconciliation, entry into the payment document journal, and automatic calculation of currency differences.
List of possible operations:
- Domestic currency payment order;
- Foreign currency payment order;
- Receipt of funds to the current account;
- Receipt of funds to the foreign currency account;
- Other payments from the current account;
- Bank statement;
- Currency conversion;
- Currency difference calculation;
- Currency purchase;
- Currency sale.
Cash Operations Register
Recording cash movement operations should be based on the following aspects: enterprise cashiers, in the national currency and foreign currency.
List of possible operations:
- Cash receipts;
- Cash payments;
- Foreign currency cash receipts;
- Foreign currency cash payments.
Enterprise Cost and Expense Accounting
Enterprise cost and expense accounting should be conducted based on divisions and expense categories (operating expenses, investment expenses, financial expenses, and extraordinary losses), as well as the company’s costs (material expenses, payroll expenses, indirect production expenses).
Accounting for future expenses should be carried out based on cost centers, with the ability to input necessary parameters for monthly depreciation and recording as current expenses of the period.
List of possible operations:
- Closing and allocation of cost and expense accounts;
- Commissioning – miscellaneous;
- Internal transfer – miscellaneous;
- Wear and tear – miscellaneous;
- Recording sheet – miscellaneous;
- Balance recording – miscellaneous.
Third-Party Payments Recording
Within the framework of maintaining records of reciprocal payments with third parties in an enterprise, a registry of third parties (individuals and legal entities) is maintained, as well as a registry of contracts with third parties.
Recording of liabilities, issued and received advances, and mutual obligations is conducted; reimbursement of liabilities is monitored based on third parties.
Invoices and tax receipts are issued, and reconciliation minutes are prepared.
List of possible operations:
- Contract registration sheet;
- Contract registry;
- Mutual account reconciliation based on contracts;
- Closing negative amounts;
- Advance VAT calculation;
- Foreign exchange rate difference calculation;
- Advance report.
Personnel Records
Within personnel management, the preparation of an employee registry is carried out, along with the management of department structures. Recording and record-keeping of orders and directives within the enterprise are conducted.
List of possible operations:
- Enterprise personnel schedule;
- Timesheet;
- Employment order;
- Transfer order;
- Release modification;
- Salary modification;
- Recording of leaves, medical leaves;
- Resignation order.
Salary Records
For creating and calculating records related to deductions and withholdings from salary.
List of possible operations:
- Basic salary calculation (timesheet);
- Occasional bonuses calculation;
- Payroll list;
- Automated calculations;
- Automated deductions;
- Social Fund calculation (Health Insurance);
- Payment instructions;
- Calculation of sick leave;
- Calculation of vacation leave;
- Various deductions;
- Other calculations;
- Recording of additional income;
- Material aid calculation;
- REV-5 report.
Service ProvisioN
The record-keeping is done based on the catalog of provided services and revenue centers.
List of possible operations:
- Invoice issuance;
- Service provision;
- Service cost calculation.
Tax Records and Regulatory Reporting
Tax accounting includes: recording of general taxes and fees (income tax, VAT, excise duties, customs duties, road taxes) and local taxes (property tax, land use fee, commercial property placement fee, etc.), calculation and registration of taxes and fees, as well as preparing tax reports according to the current legislation. The ability to generate electronic declaration forms in XML format.
List of possible operations:
- Calculate property tax;
- Water tax;
- Territorial planning tax;
- Calculate tax for commercial points.
- Land tax.
Budget Formation
The main budgets of the enterprise should be the budgets of revenues and expenses. The budgets are created for the calendar year with a monthly breakdown.
List of possible operations:
- Expense budget;
- Investment budget.