Fiscality:One Accounting – Purchase, Sales & Nominal Ledgers

Fiscality:One provides a double-entry based multi-current accounting system and this used throughout all ledgers – purchase, sales and nominal.  Anyone who understands basic double-entry concepts can understand Fiscality:One Accounting.

  • There is no plethora of real-world to computer analogues, i.e. input of data with pictures of cheques, ledger books or such like, and it doesn’t try to obscure basic accounting principals.  This is totally liberating and you can immediately see the debit/credit transactions which update the relevant accounts.
  • If a customer pays an invoice? Debit Bank, Credit Sales Control. If a supplier gets paid? Credit Bank, Debit Purchase Control.  Easy.
  • Our transparent double-entry implementation makes it extremely easy to make adjustments and post between nominal accounts without hindrance or having to adjust via suspense accounts, likewise for posting contra entries.

Purchase Ledger

  • Fiscality:One provides an easy to understand double-entry based Purchase Ledger, with advanced cross-period cash allocation functionality.
  • Ageing reports and due-dates are dynamically calculated and can be produces retrospectively.
  • Payments (BACS etc) can be automatically exported from the system into an online or installed banking application in any data format.
  • Automated payment Journals can be generated for purchase invoices that meet ageing (past-due) dates specified by the user.
  • Remittance Advices can be automatically generated and sent via email, online fax or printed to a printer.  If necessary, custom data formats can be generated to meet specific supplier requirements.
  • Supplier specific Journal Templates can be created to automate the posting of Journals for suppliers that require specific accounting entries or split transaction calculations.

Sales Ledger

  • Fiscality:One provides an easy to understand double-entry based Sales Ledger, with advanced cross-period cash allocation functionality.
  • Ageing reports and due-dates are dynamically calculated and can be produces retrospectively.
  • Customer Statements can be automatically sent via email, online fax or printed to a printer.  If necessary, custom data formats can be generated to meet specific customer requirements.
  • Customer cash can be imported directly from downloaded bank statements and posted as a Sales Receipt to the Customer’s account – if possible, an automated allocation will be performed, depending on either the open transactions or electronic notification of payment.
  • Integrated VOIP telephone dialling of Customers for credit-control and debt chasing purposes.
  • Advanced Customer note history for credit-control and debt chasing records.

Bank Statement Import

  • Data downloaded and imported directly into Fiscality:One from online banking in either QIF, MNY, IIF or CSV format.
  • Supplier/Customer/Nominal Journals automatically created for bank statement transactions.
  • Massively saves on user input and reduces errors.
  • Automated bank reconciliation and transaction matching facilitated by the download and import of bank statement data.

Journals and Journal Templating

  • Postings are made to the accounts via Journals and Journal Transactions, and these are input via Journal Templates which automatic the double-entry transactions required for various types of Journal – i.e. Purchase Invoice, Sales Invoice, Purchase Payment, Customer Payment.  In most cases, the user just needs to enter basic information about the Journal and Fiscality:One will do the rest.  Super easy.
  • Journal Templates are an way to quickly create accounting transactions and they are very flexible and easy to setup, and totally scriptable.  Even if an accounting journal requires several calculated transactions, it’s absolutely no problem for Journal Templates.
  • By going a long way to automating the creation of Journals Transactions, Fiscality:One helps to ensure consistency and error free posting.

Accounting Periods

  • The financial year in Fiscality:One is split into accounting periods, which can be in week, month, quarter or however is appropriate to the organisation, and there can be any number of financial year’s data stored in the database, if necessary with an additional period for post year end/audit adjustments.
  • There are validation checks performed at the point of input to ensure that the user is logging into the correct accounting period – based on the current date and active accounting period.
  • All major records with potential financial-impact in Fiscality:One are allocated to a accounting period, which is set at the point of login.  This allows the identification and extraction of cross-period activity, for example, when a purchase order is created in period one, but the goods didn’t arrive until period two, or when supplier goods have been ordered and received mid-month in period six, but the supplier does not send the purchase invoice until period seven.  This poses absolutely no problem to Fiscality:One for accruals and matching purposes.
  • Accounting periods can be locked as required to prevent the additional posting of Journals or amendment of transactions in locked periods.

Cash and General Allocations

  • Fiscality:One provides the facility to allocate (match) cash (or any of type of match-able transaction) to its related transaction, for example matching a Supplier or Customer payment to its relevant invoices.
  • Allocations ensure that, where necessary, the outstanding balances on accounts are only those transaction which are unallocated.  This is important in the case of Customer and Supplier accounts in order to know which invoices are outstanding for payment.
  • Allocations are also very useful to match contra entries in miscellaneous nominal accounts to keep them tidy and to better understand the balance.  Nominal accounts can quickly become unwieldy, especially with several adjusting entries, and the allocations functionality in Fiscality:One goes a long way to help improve this issue.
  • Fiscality:One Allocations are cross-period and do not affect reporting for ageing reports etc – which can be produced retrospectively after the period end – we go a long way in order to remove the necessity to cease post month end posting activity whilst the previous period is still being closed, which can particularly be an issue during the year-end finalisation activities.

Analysis and Cost Centres

  • Throughout the entire database, not just limited to Fiscality:One Accounting, upto 15 fields of Analysis information can be specified for each record, with user-definable names and data types for each analysis field, if necessary with drop-down/searchable fields to ensure input consistency.
  • Analysis Fields provide the ability to create very flexible multi-level cost-centres that are searchable across the entire database – for example, to summarise Department, Project, Customer, Client and just about any other type of grouping.
  • With Fiscality:One’s super fast search and filtering, users can quickly find transactions related to a particular cost centre (Analysis Field) and export them to Microsoft Excel for further analysis and reporting.
  • Analysis Fields allow users to quickly report on project costs and profitability, without adding excessive input burden onto the user.
  • By providing complete flexibility, our clients will never outgrow Fiscality:One’s ability to produce fast and timely information right across the business, without the need to maintain separate databases and spreadsheets for additional reporting and analysis purposes.