abas ERP | Financials and Accounting

Financials and Accounting

Financial Accounting
abas Financial Accounting maps the requirements of small, midsize, large and multinational companies. It is regularly certified in accordance with the Generally Accepted Accounting Principles (GAAP). abas Financial Accounting provides complete visibility into the data and value flow of your company. Parallel accounting is possible in accordance with the German Commercial Code, IFRS, etc. A broad range of flexible, individual financial reports are available. abas Financial Accounting also supports swift comparisons of target/actual figures for any given time period. All of the key information about unpaid invoices allows for the management of outstanding items, including payment transactions, direct debits and reminders. Integrated Cash Management supports short-term liquidity planning. This sets abas apart from many other ERP systems, which integrate with financial accounting systems from third-party providers.

Fully integrated financial accounting
Financial Accounting (FinAcc) is fully integrated into abas ERP. All transactions are fully recorded in a structured manner. Financial Accounting is based on master data and data from purchasing, sales, warehouse management, etc. As a fixed component of abas, financial accounting is not supplied with data via a linked interface, but receives this data directly through the processing of individual business transactions. The generation and posting of an outgoing invoice in sales are simultaneously connected to the posting of data in financial accounting. The advantage of this integration is that you can drill down to the original document from financial accounting at any time. Financial accounting provides a clear overview of all financial transactions. For example, data from several fiscal years is accessible. The use of offset or shortened fiscal periods is also supported. Monthly comparisons can be generated by managing transaction figures using legacy data. It is also possible to do planned/actual comparisons of values covering the course of several years. Furthermore, plausibility and completeness checks can be created for P&L and balance sheet accounts. Bank account statements can be posted automatically.

Chart of accounts included:
Set up a chart of accounts in abas ERP that meets your company's requirements. When installing your ERP for the first time, your financial accounting will include a standard chart of accounts, which is closely related to DATEV SKR 04. This is especially important for partnerships and incorporated companies. All evaluations are coordinated with the chart of accounts. If you decide to use the standard chart of accounts, you can start immediately upon opening financial accounting. Individual modifications and expansions are also possible for the chart of accounts. The accounts are structured based on their summarization. A flexible grouping of the accounts is also possible, based on the given account ranges. The standard account assignment and the default setting of the account properties will automatically generate suggestions for the use of accounts, such as when automatically generating financial entries from purchasing and sales.

Taxes under control
Any number of tax codes and tax periods can be defined in abas ERP. An individual tax rate can be assigned to each tax code for each tax period. You can define tax periods for each month. This means that all legally specified tax conversions can be made. A tax deduction can be made for any percentage rate. The tax codes are allocated to tax and cash discount accounts. Correct backdated tax calculations are guaranteed at all times.
One multi tax code for several tax rates
The multi tax code allows tax to be calculated on an assessment basis multiple times. Several already existing tax codes with different percentages can be combined into one multi tax code. The multi tax code will then be calculated and ready for an invoice item in one step.

Advance sales tax return
Sales tax items can be defined as required, and accounts are flexible with how they can be allocated. Since the accounts and the sales tax item are both used in financial accounting, the monthly advance sales tax return figures will always be up to date. Advance sales tax returns can be created individually in accordance with statutory requirements. Country-specific adjustments are also possible. A verification can be carried out by using clear account and entry reports. In addition to the electronic sales tax advance return via Elster, abas ERP also supports print output. As an abas user, you will receive update programs and up-to-date PDF forms every year.

Tax issues can be clearly displayed
Tax issues in purchasing and sales processes, as well as financial entries, are clearly displayed in abas ERP. All data necessary for taxation is displayed in invoices, entries and outstanding items. All data for the financial entries are displayed in invoices, including the entry preview for invoices. This means that you have access all available data, such as accounts, tax codes, tax entry types and sales tax items in a single overview, and can make any necessary edits.

Multiple sets of books 
In order to map out the reporting for one ERP client according to different accounting rules, up to five sets of books can be defined. These can be posted and evaluated independently of each other. Postings that apply to multiple sets of books only need to be entered once.

Automatic financial entries 
Due to the integration with abas ERP, most financial entries are generated automatically, such as purchasing and sales, payment, fixed asset and material entries. The manual creation of entries is supported by the automatic default setting of data, copy functions and cancel functions. The monthly values of the accounts are automatically updated when posted, and are then available for evaluations. Since the balances carried forward will be updated automatically for upcoming years, no additional actions under the annual balances carried forward portion are necessary.

Recurring entries 
Recurring entries are financial entries that repeat in defined intervals. You can choose whether the entry process is carried out monthly, quarterly or annually based on different templates and rules. It is possible to change the contents and move the entry date or due date from entry to entry.

Cash book
abas ERP supports the management of cash books in domestic and foreign currency. The cash documents for a month can be entered in any time intervals and can be posted automatically. abas ERP also provides consecutive document numbering and automatic cash balance updates. Users can print individual documents and all monthly receipts and expenditures. Purchasing and sales cash invoices are connected. When clearing outstanding items, the cash book is updated. Outstanding items can also be allocated directly in the cash book.

Cash management
Outstanding items accounting is also integrated in financial accounting. It is available for accounts payable, accounts receivable, employees and general ledger accounts. Outstanding items can be managed in foreign currencies, down payments, guarantees of payment, other accounts receivable and accounts payable. Outstanding items are evaluated according to various selection and sorting criteria. 

When posting invoices and generating manual entries, the system automatically generates outstanding items for customers, vendors, employees and the OI-relevant G/L accounts. Both the standard default setting as well as the differing process-related default setting of data, such as payment due dates, bank details and purpose of use, are taken into account. When recording the invoice, one or several partial payments can be scheduled.

In accounts receivable/accounts payable cash management, you can select between different methods of payment such as bank transfer, direct debit, check or bill of exchange. Various selection options help you to find the relevant outstanding items. 

Outstanding items
abas ERP displays all processes created for an outstanding item, such as payments, reminders or revaluations. Creating a new process permits a reference to existing outstanding items. When invoices or credit notes are created, the user can refer to a customer's outstanding items and settle them immediately. If a payment is cancelled, the system opens the original outstanding item. 

Revaluate outstanding items
Outstanding items in a foreign currency can be revaluated. Individual outstanding items can be excluded from the revaluation. The following takes place when revaluating outstanding items in foreign currency: 

The outstanding item will be updated, i.e. the exchange rate is preset to the revaluation exchange rate and the amount is recalculated in the domestic currency. 
  • A financial entry is created with an exchange rate difference account and an exchange rate difference amount
  • The posted revaluation can be viewed in the revaluation history and in the complete history of an outstanding item. 

Clearing outstanding items
In abas, whether an entry should be made to settle the outstanding items is decided on a case-by-case basis. Settled outstanding items can be documented and viewed in the outstanding items history. You can settle and close any number of OIs of the same account without using financial accounting. This is also possible with a financial entry, if preferred.

Outgoing payments/incoming payments
Outstanding items can be prepared for an outgoing or incoming payment in one or several steps. The selection can be made using selection criteria. The system suggests fixed value dates, payment due dates, and cash discount amounts on the basis of the terms of payment. You can either adopt this data or replace it based on your own decisions. Different methods of payment, such as bank transfer, direct debit, check, bill of exchange or other, are supported for outgoing and incoming payments. The create payment file info system generates export files for outgoing cash management, which can be imported and processed in the respective banking software, such as SFirm for instance.

abas ERP supports SEPA payment transfers, SEPA basic direct debits, SEPA urgent direct debits and SEPA company direct debits. abas ERP provides a simple system, that can be automated if required, to enter the SEPA mandate and to administrate and archive these direct debit mandates. There is also the option of informing the payer in advance of the direct debit using a pre-notification. SEPA defines that the due dates of individual direct debits are determined by calculating their minimum execution dates. The new XML data formats are now permanently available for the processing and are based on the German standards and ISO standard 20022. 

Payment suggestions
If required, abas ERP creates payment suggestion lists for outgoing and incoming payments. There are various selection options available to the user for determining the affected accounts payable or accounts receivable and outstanding items. 

The payment suggestion list:
  • Offers simple and clear display of the invoices to be paid
  • Is displayed and archived in the database
  • Takes the date of the next planned payment into consideration
  • Provides flexible selection: vendors, customers, employees, and outstanding items
  • Only allows cash discount payments or net payments
  • Allocation to several banks
  • Selection criteria can be adopted from the template. 
In reminders, there are multiple levels with individually configurable texts. The reminder texts can be created and printed in multiple languages. You can determine when the individual reminders are due and can include fees, interest on arrears or minimum payment amounts. The reminders can be locked for specific customers or outstanding items. The reminders suggestion list provides information about all outstanding payments. Reminders and the suggestions list are output in the dialog. The archiving of reminders and their processes are done automatically after the last level and date have been updated in the affected outstanding items. The status of the reminder provides information about its current processing status.

Principles for data access and the verifiability of digital documents
Accounting in abas ERP exports tax-relevant data in electronic format to the tax office according to the principles for data access, and the verifiability of digital documents. In the standard release you will find an expandable data model for the data output according to the XML description standard, which is recommended by the German Federal Ministry. The tax audits can be carried out in abas ERP using the AIS TaxAudit software. 

Financial accounting in abas erp has interfaces to:
  • Payroll 
  • DATEV financial accounting