Finance Module
  • Finance
  • Master
  • Transaction
  • Reporting System

     Needs no introduction.Ultimate goal of every business, it needs to be efficiently managed and monitored. A strong accounting system provides facts and figures that reflect an overall performance of a company on day to day basis. This in turn reflects a realistic financial position of the company. Due to its sensitive nature, an accounting system needs to have a strong security feature, restricting data only to authorized people. Finance Module of IMMS not only takes care of security but also integrates fully with other modules of IMMS. Instant automatic postings from other modules into Finance module eliminates paper work and prevents duplication and discrepancy of data. Debtor and Creditor accounts for Customers and Vendors are created automatically while defining them in respective modules. Strong integration with Purchase Module and Stores and Inventory Module ensures data accuracy during payments and ledger postings. Apart from regular accounting, Finance Module also takes care of Fixed Asset Management, TDS calculations and Depreciation calculations. A strong collection of MIS and statutory reports help management in making strategic decisions.

Masters

  • Definition of current Financial and MIS years. Specifies the start date and end date for both. Once entered, this data can not be changed or removed.
  • Allocation of monthly Budget for Accounts belonging to the chosen Account Group.
  • Definition of General Ledgers with their respective Currencies. A Sub Ledger can be of following types
    • Creditor
    • Debtor
    • Employee
  • Definition of Schedule VI Groups along with their respective Balance Sheet Head and Printing Sequence.
  • Definition of Account Groups.   Sample
    • Account Groups can be defined for the following categories
      • Expense
      • Income
      • Liability
      • Asset
    • Account Groups can further have Sub Groups.    Sample
    • Account Sub Groups can further have Sub Groups.   
    • Sub Groups can further have Account Heads. Each Account Head contains the following information   
      • General Ledger related to it.
      • Currency dealt in.
      • Link with its associated Schedule VI Group.
      • Whether it is related to a Party Account or not.
    • (Integration) Allows linking the predefined Account Group Head along with its Ledger while defining a Customer or Vendor. This automatically creates an Account Head for the concerned party under the specified Account Group.
  • Definition of Books belonging to various Accounts Heads.    Sample
    • Books can be of following types
      • Bank Book
      • Cash Book
      • Material Purchase
      • Sales (Excise, Non-Excise, Services)
      • Capital Purchase
      • Credit Note Register
      • Journal
      • Miscellaneous Transaction
      • Goods Receipt Note
      • Work in Progress
      • Rejection
      • Delivery Challan
      • Warehouse Transfer
      • Adjustment
      • Sales Return
      • Project Sales (Non-Excisable and Excisable)
      • Project Return
      • Purchase of Services
      • Gate Pass
      • Rework during QC
      • Rework during Gate Pass
  • Book details include
    • Account Head in which transaction should be reflected.
    • Voucher details related to the specific Book. Voucher details include the Voucher Type, Printing format for Voucher Number, whether Voucher should be auto generated or user generated during transaction, Abbreviation for the Voucher and its last Serial Number.
    • Bank Book contains details related to the Bank.
    • Sales (Non-Excisable and Excisable) can contain multiple Account Heads.
    • Project Sales (Non-Excisable and Excisable) can contain multiple Account Heads.
  • Definition of Cost Centers and Profit Centers. Cost Centers and Profit Centers can be defined for up to three levels.
  • Association of Cost Centers or Profit Centers with Account Heads.
  • Definition of Tax Rates for Tax Deduction at Source (TDS). The details include
    • Rate Type (Value or Percentage)
    • Rate Value
    • Tax Rate Type (TDS / Surcharge / Education Cess / H.E. Cess)
    • Account Head
  • Definition of TDS Rate Structure.
    • A Rate Structure can consist of multiple Tax Rates.
    • Formula as per which the particular Rate Structure should be calculated. The Formula can contain Basic Value or one or more Tax Rate.
  • Definition of TDS Category. Details include Section, Limit above which TDS to be deducted, TDS Rate Structure.
  • Maintains Cheque Book details for a particular Bank Book. Details include Cheque Book Release year and date and Chque Number Range.
  • Linking of Assets with their respective Schedule VI Account Heads for Fixed Assets and Expenses.
  • Definition of Depreciation Calculation Period. The year can be divided in to twelve different end dates.
  • Definition of Depreciation Rates. Details include the Asset Item belonging to the Asset Account Head, Schedule VI Group, Depreciation Method (Written Down Value / Straight Line Method), Percentage or Value, Posting Rate for Account and Depreciation Rate as per the IT Act, Simulation Rate and Budget Rate.
  • Definition of WCT Tax Rates. Details include Rate Type (Percentage / Value), Rate Value in digit, Tax Rate Type (WCT / Surcharge / Education Cess / H.E. Cess) and Account Head.
  • Definition of WCT Rate Structure.
  • Definition of WCT Categories along with their Section, Limit above which WCT to be deducted and WCT Rate Structure.

Transactions

  • Maintenance of Cash Transactions
    • A list of existing Cash Books is displayed to select for which transaction has to be entered.    Sample
    • Cash transaction can be of two types
      • Cash Received
      • Cash Paid
    • Voucher Details such as Number, Date and Prefix.
    • Multiple Cash transactions can be entered against the same Voucher. Details include    Sample
      • Account Heads in which Cash transaction should be reflected.
      • Narration if any.
      • Amount of Cash transaction.
      • Whether account should be Debited or Credited.
      • TDS Category and TDS Amount if applicable. Final Amount after TDS.
      • Total Cash Transaction Amount for the Voucher is displayed for reference.
      • Individual Account Balance is displayed for reference.
      • Total Balance for the specified Book is displayed for reference.
  • Maintenance of Bank Transactions
    • A list of existing Bank Books is displayed to select for which transaction has to be entered.   Sample
    • Bank Transactions can be for 'Supplier Payments' or 'Other Payments'.
    • Bank transaction can be of following types-
      • Cheque Issue
      • Bank Payment
      • Cheque Deposit
      • Cash Withdrawal
      • Cash Deposit
      • Bank Receipt
    • Voucher Details such as Number, Date and Prefix.
    • Cheque details such as Cheque Number, Date, Payee and Amount are recorded.
    • Multiple transactions can be entered against the same Voucher. Details include
      • Account Heads in which transaction should be reflected.
      • Narration if any.
      • Checks whether the Vendor deals in Domestic Currency or Foreign Currency and accepts the Amount accordingly.
      • Displays the Exchange Rate accordingly.
      • Whether account should be Debited or Credited.
      • Total transaction amount for the Voucher is displayed for reference.
      • Total Balance for the specified Book is displayed for reference.
      • Option to enter Bank Transactions against 'Supplier Payment' or 'Others Payments'.
      • (Integration) The option of 'Supplier Payment' offers a strong integration with IMMS wherein payments related to Vendors against which Purchase Orders have been generated through the Purchase Module of IMMS can be made.
      • Three types of Supplier Payments can be done.   Sample
  • Maintenance of Journal Voucher
    • Maintenance of Journal Voucher   Sample
    • Voucher Details such as Number, Date and Prefix.
    • Multiple transactions can be entered against the same Voucher. Details include  
      • Account Heads in which transaction should be reflected.
      • Narration if any.
      • Amount of transaction in Domestic and Foreign Currencies.
      • Whether Account should be Debited or Credited.
      • TDS Category and TDS Amount if applicable. Final Amount after TDS.
      • Total Amount of Debit and Credit against the current Voucher is displayed for reference.
      • Checks that total Credit is equal to total Debit before saving the transaction.
    • Option to adjust Credits with Debits or vice versa through Remittances while entering transaction details for an Account.
      • Depending upon the transaction type (Debit / Credit), transactions of opposite type are displayed that are pending for remittance.
      • Remittance Amount can be entered in Domestic and Foreign Currencies.
      • TDS Category and TDS Amount if applicable. Final Amount calculated after TDS.
  • Raising Credit Notes for Creditors and Debtors.
    • Details to raise Credit Notes for Creditors include   Sample
      • Option to raise Credit Notes for various Creditors associated with the company.
      • (Integration) A strong integration of Finance Module with other Modules of IMMS allows raising Credit Notes to Vendors defined through IMMS.
      • Voucher Details such as Number, Date and Prefix.
      • Selection of Account for which the Credit Note has to be raised.
      • Currency in which the selected Account deals in is displayed for reference.
      • Credit amount can be entered in INR as well as in Foreign Currency related to Account.
      • TDS Category if applicable, TDS Amount and Final Amount calculated as per the TDS category chosen.
      • Bill details like Number and Date against which the Credit Note is raised.
      • Transaction details include   Sample
        • The Account against which the Amount is to be debited.
        • Debit amount can be entered in INR and Foreign Currency.
        • Total of Debit Amount in INR and Foreign Currency is displayed for reference.
        • Total of Credit Amount in INR and Foreign Currency is displayed for reference.
    • Details to raise Credit Notes for Debtors include   Sample
      • Option to raise Credit Notes for various Debtors associated with the company.
      • (Integration) A strong integration of Finance Module with other Modules of IMMS allows raising Credit Notes to Customers defined through IMMS.
      • Voucher Details such as Number, Date and Prefix.
      • Selection of Account for which the Credit Note has to be raised.
      • Currency in which the selected Account deals in is displayed for reference.
      • Credit Amount can be entered in INR as well as in Foreign Currency related to Account.
      • Invoice details like Number and Date against which the Credit Note is raised. Invoice Number can be either existing one or a new number.
      • Transaction details include
        • The Account against which the Amount is to be debited.
        • Debit Amount can be entered in INR and Foreign Currency.
        • Total of Debit Amount in INR and Foreign Currency is displayed for reference.
        • Total of Credit Amount in INR and Foreign Currency is displayed for reference.
    • Raising Debit Notes for Creditors and Debtors. Debit Notes can be raised in a similar fashion as Credit Notes.
  • Bill Passing against existing Purchase Orders created through Purchase Module of IMMS after goods are received in the respective warehouse. Payments can be done to the Vendor once a Bill is passed.   Sample
    • Bills can be passed against all types of Purchase Orders such as
      • Regular
      • Blanket
      • Labor
      • Import
      • Capital Goods
      • Cash Purchase
    • A list of Goods Receipt Notes against Purchase Orders for the selected Vendor is displayed to select from. Purchase Order No and Date, Rate Structure, GRN Date and Delivery Challan No. are displayed for reference.   Sample
    • Displays a list of all materials received against the selected GRN. Option to enter Bill Quantity for each item. PO quantity and rate, GRN / QC quantity are displayed for reference.   Sample
    • Facility to raise Bill for partial quantity of each item.
    • Amount of each item is calculated as GRN/QC quantity * Purchase Order Rate + Tax Amount.
    • Facility to see details of the selected Purchase Order while raising the Bill.
    • Checks that quantity for which Bill has to be made should be less than the unbilled quantity.
    • Rate Structure of the selected Goods Receipt Note is displayed for reference. Option to enter Tax.   Sample
    • Option to
      • Adjust Advance Paid Sample
      • Book Retention
      • TDS Amount if any that has to be deducted against this Bill.    Sample
    • Once this transaction is done, GRN Liability is debited and Supplier is credited.
  • Option to pass Bills against existing Service Purchase Orders.   Sample
    • A list of Service Purchase Orders raised against the specified Vendor is displayed to select from. Displays Purchase Order No and Date for reference.   
    • Facility to raise Bill for partial Amount of the selected Service Purchase Order.
    • Checks whether any amount has been certified against the selected Service Purchase Order Amount through Purchase Module.
    • In case Service Purchase Order is certified, checks that the Bill Amount should not be more than the authorized Certified Amount.  
    • In case Service Purchase Order is not certified, checks that the Bill Amount should not be more than the Purchase Order Amount.
    • Amount booked till now is displayed for reference.
    • Rate Structure of the selected Service Purchase Order is displayed for reference. Option to enter Tax.
    • Option to
      • Adjust Advance Paid
      • Book Retention
      • TDS Amount if any that has to be deducted against this Bill.
    • Once this transaction is done, Expense Account is debited and Supplier is credited.
  • Maintenance of Miscellaneous Transactions.
    • A list of Books belonging to 'Miscellaneous Transaction' is displayed to select from.
    • Voucher Details such as Number, Date and Prefix.
    • Transaction Details include
      • Account Heads in which transaction should be reflected.
      • Narration if any.
      • Amount of transaction in Domestic and Foreign Currencies.
      • Whether Account should be Debited or Credited.
      • In case of Creditors, details such as TDS Category if applicable, TDS Amount and Final Amount calculated as per the TDS category chosen, Bill details like Number and Date, Credit Days and Due Date is recorded.
      • Total Debit Amount and Credit Amount are displayed for reference.
      • Checks that Debit Amount and Credit Amount should be same before saving the transaction.
  • Adjustment of Debits and Credits through Remittance.
    • Remittance can be of two types
      • Normal Remittance
      • TDS Remittance (Payment to the Government)
    • Allows selecting the Account against which Remittance has to be done.
    • A list of all Debits and Credits along with their respective Voucher details, Books, Voucher Amount and Pending Amount for adjustment are displayed to select for adjustment.
    • A list of Vouchers pending for Remittance is displayed to enter the Adjustment Amount. Checks that Adjustment Amount should not be more than the Pending Amount.
    • Remittance can be done for Credits against Debits and Debits against Credits.
  • Allows entering Opening Balance for Remittance for Debtors and Creditors who have 'Bill to Bill' type of Payments.
    • Details include Book, Voucher Details, Voucher Type (Debit/Credit) and Bill Details.
    • Order Details and Customer Purchase Order Number are also included in case of Debtors.
    • Total Debit Amount and Credit Amount remitted are displayed for reference.
  • Option to update the Balance Sheet of the current financial year through generation of P & L Journal Voucher. Profits are converted into Liability and Losses are converted into Assets.
  • Checking of Vouchers belonging to Transactions by authorized persons.
    • Following Transactions can be checked
      • Bank Transaction
      • Cash Transaction
      • Debit Note
      • Journal Voucher
      • Miscellaneous Transaction
      • Credit Note
      • Bill Passing Transaction
    • A list of all unchecked Vouchers belonging to the chosen Transaction is displayed.
    • Option to 'Check' or 'Cancel' selected Voucher.
    • In case a Voucher is 'Cancelled', all existing Remittances against it are removed.
    • Once 'Cancelled', a transaction can not be changed.
    • Once a Voucher is 'Checked', it is available for authorization.
  • Authorization of checked Vouchers by only authorized persons ensures security of financial transactions in Accounts department.
  • Option to Reverse the Transactions in existing Journal Voucher Transactions and Miscellaneous Transactions.
    • Only authorized transactions are allowed to reverse.
    • Debits are converted to Credits.
    • Credits are converted to Debits.
    • New Transaction Number is generated by the system. The new transaction should be further checked and authorized by concerned persons.
  • Option to issue or receive C Form against purchase or sell. A list of Bill details is displayed against which C Form Number and Date can be entered.
  • Option to Cancel or Return existing Cheques.
    • A list of existing Bank Books is displayed to select from.
    • A particular cheque can be Cancelled with Reason.
    • A particular cheque can be Returned with Reason and Return Date.
  • Reconciliation of physical Bank Books with system Bank Books.   Sample
    • Option to reconcile Bank Books every month.
    • Transaction details for the selected Bank Book are displayed with Cheque details and their respective Debit or Credit Amount.
    • Reconciliation Date can be entered against multiple cheques.
    • Option to print Reconciliation Report As-On Date, for a Period, for a Date Range and previously unadjusted data.
    • Month end closure.
  • Allows changing Profit Centers in existing Vouchers.
    • A list of authorized Vouchers belonging to various Accounts against a selected Transaction is displayed.
    • Only Debit entries are displayed.
    • Allows changing all three levels of profit centers for the selected Voucher.
    • Allows changing Amount as well. Checks that Amount can not be more than the Transaction Amount.

Fixed Asset Transactions

  • Creation of new Asset Cards for capital purchases.
    • A new Card can be created once a capital good is received through Goods Receipt Note in Inventory and Stores Module and its corresponding Bill is passed.
    • Other details include
      • Asset Account related to the Asset Card.
      • Basic Amount is calculated.
      • Erection/Commissioning Date.
      • Effective Date of Depreciation.
      • Whether the Asset Purchase should be considered for depreciation calculation or not.
      • Model details such as Model name, Location, Product Sr. No., Internal Reference no. and Warranty Details.
  • Creation of new Asset Cards for Opening Assets.
  • Facility to include additions in new Assets.
  • Facility to include additions in existing Assets.
  • Calculation of Depreciation.
    • Calculation is done from the Year Starting Date to Period End Date defined previously.
    • Depreciation is calculated automatically as per the Depreciation Rate Master.
    • Postings are reflected in Fixed Assets Register and Fixed Assets Summary Report.
  • Conversion of Completed Capital Job Orders to Fixed Assets.
    • A list of existing Capital Job Orders is displayed to convert along with information such as Material-Labor and Service Value to be transferred in Finance.
    • Pre Operative Expenses can be specified along with other details.
    • Authorization of Converted Capital Job Orders to Fixed Assets.

Reporting System of Finance Module

  • Bank Payment Advice
  • Cash Book
  • Bank Book
  • Printing to Debit/Credit Note Register
  • Journal Voucher Print
  • Pending GRN for Bill Passing or Inspection
  • Miscellaneous Transaction Register
  • Journal Voucher Register
  • Purchase Register
  • Purchase Tax Register
  • Sales Register
  • VAT / CST : Report of Purchase / Sales
  • Outstanding Payments / Receipts   Sample
  • Ageing Analysis Report
  • Ledger Printing
  • Ledger Posting Check List    Sample
  • Trial Balance - New
  • Profit and Loss A/c Printing
  • Balance Sheet Printing    Sample
  • C-Form Receipt / Issue
  • Transactions pending for Authorization
  • Projected Fund Flow Report
  • Summary of Receipts and Payments
  • List of due PDC
  • Profit/Cost Centre wise Trial Balance
  • Vouchers Pending for Cost/Profit Center Breakup Report
  • RTGS Funds Transfer Print (Creditor/Inter Unit Bank Transfer)
  • Related Party Book
  • FOB Import Register (Bill Certification Base)
  • CIF Import Register (Bill Certification Base)
  • Cash Flow
  • Transaction Audit
  • Rate Code wise Purchase Summary Report
  • Current Ratio Report
  • Permissible Bank Finance
  • Fund Flow Statement
  • GRN Liability Reconciliation
  • Fixed Asset Register
  • Fixed Asset Summary
  • Bill Certification Done But Bill Passing Pending
  • SRN Liability
    

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