Accounting

GENERAL LEDGER AND SUBLEDGERS

All operations entered into the system are recorded in the general ledger. Each journal may be subdivided into any number of subledgers which support the classification of transactions closed in the system. Such subledgers may be set up for cash operations, bank operations, classification of sale and purchase invoices, etc.

CHART OF ACCOUNTS AND ACCOUNTING PERIOD

Comarch ALTUM allows for the definition of any number of accounting periods and their subdivision into particular months and quarters. Furthermore, it is possible to generate a chart of accounts for each period and adjust it to the needs of the given economic entity along the way. A chart of account that has been generated may be extended on a multilevel basis by subsidiary accounts. Moreover, operations concerning the employees, contracting parties and articles can be recorded in the directory accounts.

PREDEFINED ACCOUNTING STATEMENTS

The system provides predefined financial statements: profit and loss account, balance sheet. These are tools designed for evaluating the company's financial condition and constitute a database for analysis. Accounting statements belong to the recording system since they are calculated using the data recorded in the accounts. The system makes it possible to define any accounting statements. This functionality provides the user with a number of tools which allow for the preparation of the abovementioned statements and other internal reports necessary for analyzing the capital and financial position of the company. The data used for these operations is the data booked and recorded in the system accounts.

AUTOMATED POSTING

Posting individual transactions can become a tedious and time consuming task. In Comarch ALTUM this is eliminated. The system automatically posts transactions into the appropriate accounts. This is done by a one time configuration of schemes. This mechanism simplifies posting and makes work more efficient and accurate.

ACCOUNTING SCHEMES are accounting entry templates which form the basis for document accounting. They allow for accounting entries to be automatically on the basis of the booked document. Repetitive character of accounting operations forms the ground for this functionality. Thus when an invoice is booked, the accounts do not have to be set each time. It is enough to define an accounting scheme which books the invoice to the given contractor's account and creates a receivable or a liability. VAT is also written off. Additionally, each accounting scheme may create a separate account in the chart of accounts.

The supplement of the accounting schemes are the ASSOCIATED ACCOUNTING SCHEMES. Any number of associated accounting schemes can be assigned to those already existing. The associated accounting schemes are to be carried out after the scheme to which they have been assigned. Every accountant performs operations which are booked monthly to the same account or to similar accounts. The above mechanism facilitates this process since postings are entered into the predefined accounts automatically. Therefore group "4" accounting may entail the accounting scheme which books the costs in the cost configuration ordered according to the types of activity.

PERIODIC ACCOUNTING allows for automatizing those accounting operations which consist of regularly repeated bookings (monthly, quarterly, yearly etc.). Periodic accounting makes it possible to define accounting schemes which enable booking the given amounts to particular accounts. How can periodic accounting come in useful? It provides the user with the option of booking the turnover and balance from one account to another. It is used most frequently for cost settlement and VAT settlement at the end of each month. Periodic accounting can also reveal its advantages when the operation of booking the cost and income from a given period to the financial result account needs to be performed.

FINANCIAL CONTROL

The accounting module in Comarch ALTUM includes all the crucial accounting functionalities: accounts payable, accounts receivable, general ledger, trial balance, chart of accounts, financial statements, and bank reconciliation. Financial control is possible through detailed analysis as well as by enabling the user to find information in the system easily. The user can ascertain what the current status of the company is and answer basic question related to company profitability.

TURNOVER AND BALANCE CONTROL

The turnover and balance statement performs both the controlling and informative function. The turnover and balance statement provides the data necessary for preparing such financial reports as balance sheets, profit and loss accounts, cash flow, etc. The turnover and balance statement within our system makes it possible to filter documents from any accounting period, including the data buffer and file accounts. Additionally, it also allows for the filtering of all account levels, the currency, and the type of account (balance account, income account, etc.). The system users also have another option at their disposal: zero turnover and balance accounts may be removed from the calculation process in order to clarify the turnover and balance statement.

CONTROL OF COST ACCOUNT CATEGORIES is applied by companies which use accounts under group 4 (Costs according to type and settlement) and accounts under group 5 (Costs according to types of activity and settlement) or only accounts under group 5 along with defining the prime costs.

"Cost account categories" will be defined by the system user since they depend entirely on the given type of business activity. This functionality proves helpful in controlling the accuracy of booking amounts from accounts under group 4 to accounts under group 5.

MULTICURRENCY

Comarch ALTUM system makes it possible to book documents issued in foreign currencies by means of setting up a subsidiary account to the main account or by setting up an off balance currency account. Each currency transaction is booked twice: to the account in the system currency and to the currency account.

AUTOMATIC ACCOUNT SETTLEMENTS consist of searching for and settling the postings. It resembles the process of manual management of settlements and compensation. If one posting comes from the purchase invoice and the other from the sales invoice, the automatic settlement functionality will generate the compensation. If one posting originates from one operation and another posting from another, the automatic settlement will generate document settlement.

Such settlements may be performed in accordance with definite criteria: account settlement, subledger settlement, document, date or period settlement. It is the operator who chooses the criteria.

Additionally, the extended Finance and Accounting section of Comarch ALTUM makes it possible to issue VAT declaration. It is a quarterly document submitted to the Revenue Office. It lists the EU contractors with whom the given company concluded a trade transaction in the given quarter. The quarterly summary information comprises products but omits the services turnover. The system allows for the VAT declaration to be saved in the data buffer, to be saved permanently, to be annulled and to be updated.

FINANCES IN COMARCH ALTUM

The Financial section of Comarch ALTUM provides all tools necessary for such operations as cash transactions and bank transactions, cheque payment, and the discount granted when the liability is paid before the deadline. In addition, documents are provided with the document audit which allows for analysis of transaction modifications with regard to the modifier's identity and date of modification.

PAYMENT SCHEDULE contains a list of all incoming and outgoing payments from the past as well as a schedule of such payments for the future. The schedule gives the system user a number of possibilities: close tracing of the current state of liabilities and receivables, easy settlement of the planned payments along with records confirming their realization and compensation, and predicting the cash flow and the financial position of the company.

The entity settlement function allows for associating received or realized payments with liabilities or receivables. In other words, it helps link the cash transactions and bank transactions with the planned payments listed in the schedule.

The financial means settlement functionality enables the system user to view payments, cash transactions and bank transactions for the selected period. They are ordered according to the income and outlay values.

BANK RECONCILIATION is the process of linking and comparing data from bookkeeping accounts (record of cheque payments, cash transactions and bank transactions) along with a list of banking operations from the bank account. Basic accounting regulations require that the balance sheet of bookkeeping accounts corresponds to the balance sheet of banking operations. As a result, cheque entries are included in the accounts managed manually or by means of the accounting systems and also in the balance sheet of the given account.

The system allows for COMPENSATION of purchase and sale documents as well as settlement of trade documents with realized payments. If the company makes currency transactions the system can adjust the settlement process to the foreign currency including the incoming payments. If the exchange rate is different for these operations, the system will automatically generate an exchange rate difference document which can be booked.

Comarch ALTUM Finance also allows for contra account accounting. This functionality is used for booking cash transactions and bank transactions. They can be booked along with other entities directly from the cash/bank transactions level.

BUSINESS INTELLIGENCE ANALYSIS

The accounting department is responsible for maintaining the company's internal and external standing by keeping key players informed of the company's status. Accountants will be able to quickly and efficiently analyze the company's position through easily accessible reports and documentation. Since the process of creating documents involves nothing more than a couple clicks of the mouse, virtually no time is spent on configuration. This allows more time to be allocated to crucial analysis activities.