📄️ Company Profile
To complete important company information related to the name, address, phone number, and so on, we can fill it in through the company profile menu. This important information will be displayed on the company's business documents. To open this menu, click on the Miscellaneous/Setup Menu/Company Profile. Complete the company profile information as shown in Figure 2.1.
📄️ Accounting Period
An accounting period is a range of time used in a financial report. The most common accounting period is one year, following the annual calendar from January 1st to December 31st. However, it is not uncommon for a company to use a different periodization, such as from April 1st to March 31st, depending on the company's needs. Additionally, an adjustment period can be added for audit purposes.
📄️ Using Cost Center
If a company needs to break down expense and revenue accounts beyond the accounting chart of accounts for deeper transaction analysis, the cost center feature can be used. You can use the Division or Department feature. With this feature, recording expenses or revenues is not limited to the accounts we register, but can be more detailed. One account that we register can be broken down further into division or department analysis. To use this feature, you must first activate the Divisionable/Departmentable setup in the Setup menu.
📄️ Setting Journal Account for Exchange Rate Differences
SOFICloud provides an Auto Calculate & Journal Forex Realize & Revaluation feature for transactions or ending account balances that require exchange rate difference calculations. The system will compare the exchange rate at the time of the transaction and the exchange rate at the time of payment for all invoices needed to determine the profit (loss) difference due to exchange rate movements. To set up the account for holding profit or loss from this exchange rate difference calculation, you can choose multiple holding accounts or a single holding account. Create a Multi CoA Forex setting according to your company's needs. Refer to Figure 2.4.
📄️ Creating Additional Information (Additional Field) in the Transaction Menu
In addition to the standard information required to record business transactions in a company, we can also add other important information as needed. SOFICloud provides a customization module for each journal transaction in the header and transaction details sections. We can name the fields according to our needs. In the Miscellaneous/Setup/Field menu, select the required transaction table and create the naming as needed. See Figure 2.5.
📄️ Setting Up Monthly Process Menu
To generate financial statements at the end of each accounting period, it is necessary to process the transactions we have recorded in the transaction menu. SOFICloud provides various process menus to process the transactions we have input. The type of process that needs to be performed depends on how much you use the features available in the program. For example, if you use the auto adjust inventory facility, the process menu must be activated, if not, the process menu should be deactivated. The process menu in this setup menu serves only to manage which processes need to be activated or deactivated. As for running the actual process menu, it is available in the Process menu.
📄️ Defining Receivables and Payables Aging
For the purpose of analyzing company receivables and payables, SOFICloud provides an Aging Analysis Report. The system can divide the receivables and payables categories of a company into age or term categories from the date the document is created until the present. You can choose the report display method based on the age after its due date or the age since the invoice was issued.