Custom Accounting Software

• Rule-based creation, update, and approval of journal entries in the general ledger and subledgers on external and intercompany financial transactions, including multi-currency transactions.
• Customizable journal entry templates.
• User-defined schedules for recurring and reversing journal entries.
• Automated attachment of source documents (invoices, receipts, cheques, payroll reports, leases, etc.) to each journal entry.

• Configurable rules for GL coding and transaction classification by category (asset, liability, equity, etc.).
• Multi-dimensional chart of accounts (COA) with user-defined dimensions, such as business units, regions, product lines, etc.
• Creating custom formulas to calculate debit and credit amounts, GL balances (by period, account, COA dimension, etc.).
• Customizable GL architecture to support complex multi-entity accounting.
• Rule-based consolidation of GL account balances across multiple business entities (company branches, subsidiaries, etc.).

• User-defined rules for invoice generation and submission to customers.
• Customizable invoice templates.
• Configurable workflow for multi-department invoice approval.
• Real-time invoice tracking by status (sent, received, paid, overdue, etc.).

• Creating custom formulas to calculate employee salaries, overtime, bonuses, commissions, deductions, etc.
• Recording and tracking the calculated payroll amounts in the payroll ledger and the general ledger.
• Customizable schedules on employee payments.

• Creating custom formulas to automatically calculate received, due and overdue amounts, DSO, total revenue by period, etc.
• Automated payment collection via user-defined payment methods, including bank transfers, wire transfers, ACH, credit cards, cheques.
• Creating custom prioritization rules for A/R collection.
• Configurable rules for allocation of received payments to relevant customer invoices.
• Customizable customer notifications on due payments.

• Creating custom formulas to calculate the amounts paid, partially paid, owed, total liabilities by period, etc.
• Automated invoice validation against the corresponding purchase orders.
• Creating custom prioritization rules for invoice routing for approval and payment.
• Scheduled/ad-hoc payments via a user-defined payment method.
• Rule-based notifications to accountants on due payments.

• Recording and tracking inventory values of inventory items in multiple locations and regions
• Recording and tracking inventory values across various stages of production (raw materials, in-progress goods, finished goods) or/and utilization.
• Recording and tracking costs of goods sold for a specified accounting period.
• Configurable rules to create inventory records based on purchase orders.

Calculating, recording, and tracking:

• Original costs, capitalized costs, and current value of fixed assets, including assets in multiple locations and regions.
• Fixed asset value depreciation based on various calculation methods (straight line method, double declining balance method, units of production method, sum-of-the-years’ digits method, etc.), or custom depreciation schedules.
• An asset’s tax basis.

• Creating custom formulas for automated calculation of VAT, sales, use, withholding, income, and other taxes based on the user-defined parameters and region-specific tax rates.
• Recording and tracking data on the calculated tax amounts in the tax ledger and the general ledger.
• Rule-based tax filing under region-specific regulations.
• Customizable schedules on tax payments.

• Rule-based reconciliation of financial data in bank statements with GL, A/P, and A/R records.
• Automated removal of duplicate transaction records.
• User-defined rules to send the outstanding transactions for manual reconciliation.
• Configurable elimination rules for automated intercompany reconciliation.

• Configurable dashboards on GL, A/R, and A/P performance, cash inflows and outflows by the type of activity, current asset value, etc.
• Short-term A/R and A/P forecasting.
• Automated financial reporting (monthly, quarterly, yearly, etc.) by region, entity, user-defined COA dimension, etc.
• Customizable templates for various financial reports, including balance sheet, profit and loss statement, statement of changes in equity, customer statement, tax summary, revenue recognition report, and more.
• Configurable reporting periods for various GL books and business entities.

• Multi-factor authentication.
• Configurable data-level permissions.
• Role-based access control.
• Payment data encryption.
• Invoice timestamping.
• Electronic signature workflow.
• Comprehensive audit trail.
• Customer data retention and deletion policies.
• Compliance with GAAP (specifically ASC 606 and IFRS 15), SOC1 and SOC2, SOX, GDPR (for the EU), ZATCA regulations (for Saudi Arabia), industry- and country-specific regulations.