The following enhancements has been added to support business practices in compliance to reporting requirements:
Support for Creditable Tax Withheld
Similar to withholding tax in purchases and expenses, this feature allows appropriate recording of taxes withheld by customers upon payment of invoices.
Support for VAT RELIEF Summary List of Sales (SLS) and Summary List of Purchases (SLP)
Support for SLS and SLP report generation eliminates unnecessary multiple encoding of details already captured within the user’s transaction. This features generates the SLS and SLP summary in a fraction of the time it usually takes it to be completed by accounting personnel.
The following new functions and enhancements makes recording of transactions more straight-forward to do and gives business owners a better picture of their company’s financial health:
Improved Financial reporting layout and details
We’ve added details in reports that help business owners look at
Accounts Payable and Receivables aging report
The aging reports lets the company keep track of what to expect in terms of obligations due to and from the company. It helps the company keep a healthy liquidity level.
Customer Statement of Accounts
Generating Statement of Accounts for customers helps manage outstanding obligations to the company and improves collection of the receivables.
Support for separate recording of expenses and purchases.
We’ve separated recording of trade purchases from recording of other company billings and expenses. This also adds improved tracking of items in the item tracking report by making trade items distinct from billing and expense items among other things.
Support for Receipt Voucher and Payment Voucher Printing
This function has been added to accommodate requirements of companies that would need supplemental documentations of both payments made and received.
