Modules within De Facto Financial Software share suite wide features which include:
Financial postings for transactions such as invoices and accruals from all De Facto® modules are immediately updated to their respective ledgers including the Nominal Ledger.
Tight User Security
Permissions are created in the De Facto Administration module for users and profiles to allow specific authorisation rights on adding, editing or viewing data.
Up to the Minute Reporting
Immediate update means that management reporting is always up to the minute. Key De Facto reports can be reproduced retrospectively. Summary reports can also be run at a detail level, to back up information. Reports can be produced in local or foreign currency.
Multiple Company Consolidation
Enables Nominal Ledger consolidation for multiple companies. The consolidation can be automated if all the companies operate on servers based on the same local area network. For discrete remote networks, then consolidation files can be extracted and emailed centrally for consolidation. Third party company data can be brought in via import or manual entry. Elimination journals are created in the consolidation company.
Any number of currencies can be used, with individual customer and supplier accounts allowing local and specified currency postings. Nominal accounts will allow local, specified or mixed currency postings. Exchange rates are retrieved from module based tables, specified on a contract or handled per transaction. Automatic profit or loss on exchange journals are created when currency transactions are processed. Additionally the Nominal Ledger allows easy revaluation journals for whole account balances to be posted. All reports have options to show local, foreign or both currencies. An exchange rate history log is maintained.
Easy Period End
De Facto Financial Software allows up to 56 periods to be defined for 1 year and any number of financial years to be created. It is simple to open and close periods with any number open at a time. Default posting periods can be defined per module with user restriction as to who can select periods other than the current one. The Period end process is to update from an open “tick” to a closed “cross” in period control for each module. These can be switched on and off as required.
Fast Year End
Year End processing is fast and straightforward and can easily be re-run if prior year postings have been made.
Historical information is instantly available throughout the Ledgers by selecting previous years and periods in the normal processing screens.
Valid dates can be optionally set to control the dates on transactions which have a nominal implication or can warn against transactions being posted with a wrong date.
HMRC Compliance and HMRC MTD (Making Tax Digital)
De Facto Financial Software has the facility to handle multiple VAT registrations for companies with international registrations. Comprehensive reporting is available for VAT returns, EC Sales Lists and Intrastat reporting. VAT transaction handling is included in all modules, including VAT triangulation.
The software is recognised by HMRC as MTD compliant. Once a VAT table is flagged to show that VAT returns must be submitted digitally under MTD, a menu option is available to retrieve a Digital Login Token from HRMC by entering the authorised credentials for the business.
The token is firstly used to Retrieve VAT Obligations for the next return period (month or quarter). After building the VAT return for the table, the VAT return menu option of “Submit digitally to HMRC” is selected.
The system connects to the HMRC filing web page and uses the prestored Digital Login Token to allow steps to be followed to submit the return digitally and comply with MTD. Finally, the HMRC MTD Receipt ID is stored for future reference. This functionality can be used for multiple VAT tables in the same ERP.
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