Financial accounting IMMS handles many important functions like book keeping, cash flow, taxation, costing and management information systems. In an environment where multiple currencies are handled having accurate financial information is the key to enterprise resource planning.
Book Keeping
Book keeping is further classified as follows.
- Day books (e.g. cash books, bank books, journal)
- Registers (e.g. sales, purchase, credit notes, debit notes)
- Ledgers (e.g. Master, Subsidiery, provisional)
- Trial balances
- Profit and loss and balance-sheet
Transactions are processed on-line with links to other parts of the IMMS. All documents are generated through the IMMS. Adequate checks and balances are provided in the IMMS. Transactions are posted in respective books, registers and ledgers and they also update taxation and MIS data.
Taxation
The details regarding sales tax and income tax are collected from transactions. Important data like TDS and sales tax set off is calculated automatically. The TDS certificates are printed from the IMMS. Separate tax registers are maintained to provide accurate data on taxes paid and collected.
M.I.S.
The financial management IMMS provides a lot of useful information regarding the main resource in the company, which is money. Cost centres and profit centres can be defined and data pooled together. Outstanding payments on debtors and creditors can be viewed in different forms. Cash flow can be planned on the basis of this. Unfulfilled statutory commitments like 'C' form collections and issues can be tracked. From the purchase and stores module and finance module coupled with debtors' receivable and creditors payable positions can be plotted..
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