An innovative software solution like the one we have designed can significantly increase the efficiency of a company. This is especially true in the area of financial accounting for logistics. An example of how a modern and innovative software based on Microsoft Dynamics NAV/Business Central can streamline work processes can be found by looking at the transaction month, the associated booking of sales tax, and our solutions concerning this matter.
The transaction month is decisive for determining the period in which VAT items must be formed when posting a settlement (purchase as well as sales). For a transport of goods it is basically defined by the day of delivery to the final destination. As a result, regardless of the invoice date, all incoming and outgoing documents must be booked to the period of the month of performance. This is the prerequisite so that the data can be offset accordingly in the advance return for sales tax input tax and value added tax.
For this purpose, most financial accounting systems rely on user discipline. That means, the user is responsible for determining the correct period. Incorrect application will result in an incorrect UVA.
The advantages of our software solution
Unlike other systems that rely on user discipline for this purpose, our add-on to the software solution for logistics allows you to quickly and safely initiate the determination of the correct period. Therefore, you are able to prevent the risk of submitting an incorrect UVA, which can be challenged during a tax audit and result in unpleasant consequences. Thanks to the modular structure of software solutions based on Microsoft Dynamics NAV/Business Central, you can always adapt your financial accounting for logistics to your needs. Moreover, our software allows you to create and use dimensions. One of the dimensions used can be the shipment number of a transport. For further information, you can look up our page on cost centres.
If this consignment number is provided together with the service date when transmitting the invoice to be posted, the correct accounting period can also be determined automatically.
Operational systems, such as Xfreight, usually transmit incoming and outgoing invoices via an interface. In this case, the shipment number and possibly also the service date is transmitted. The posting is therefore made according to the specification from the operational system to the financial accounting system.
However, if the Financial Accounting posts a shipment-relevant document directly to the Financial Accounting system, the reference to the shipment is often missing. This leads to operational statistics being distorted, and sales or input taxes being posted to the wrong period.
With our solution, it is possible to require the user to enter a dimension value when posting to certain G/L accounts. This eliminates the risk of losing the reference to the shipment and falsifying the statistics.
The user is therefore obliged to enter a consignment number before posting, from which the system interprets the month of performance and consequently posts the document to the correct period. This way you are always on the safe side.
Features of our solution improve the efficiency of Financial Accounting
In addition to reliable posting at month-end closing, our XTRAS solution for Financial Accounting in the logistics industry offers you numerous other features and benefits. Get an overview here and learn more about each of them by clicking on the corresponding link in the text fields.