iX ERP comes with a ready-to-use standard chart of accounts, users can add and modify the accounts as required by the business. iX ERP chart of account structure is highly flexible to accommodate all accounting scenarios with unlimited chart levels. Banking and General Ledger > Basic Data > iX ERP Structure the chart of accounts…
iX ERP support cash transaction by allowing users to create an unlimited number of cash and bank accounts with different types and currencies. Users can choose a default bank account per currency, so it will be stamped on the issued customer’s invoices and will be selected automatically when doing payment or deposit to related suppliers…
iX ERP enables users to process multi-currencies transactions in all its screens like invoices, customers and suppliers payment and cash transactions. iX ERP handles the conversion between currencies using your entered exchange rate for the day or exchange rate entered inside every transaction, also iX ERP calculates the foreign currency profit and loss if you…
iX ERP helps you to track your business performance by comparing actual transaction with entered budget, it allows you to enter your annual budget using chart of accounts and cost centres. You can define a monthly budget for every account, also you can have the budget entry split by cost centres. *Please note that all…
Payments and Deposits in the Accounting module handle all cash and bank transactions in or out using any banks or cash accounts. It can also handle customers and suppliers advance Payments and Deposits. From the main menu: Hint: Check Budget section for real-time budget smart indicator.
Account transfers enable you to transfer money between your accounts within the system, for example, money withdrawal from a Bank account to Petty Cash is a transfer process, you can use different currencies accounts to transfer from and to. *Note: The accounts within the system is not connected to your actual bank account.
Revenue and Cost Accruals is a way of distributing the revenue and cost accruals into periods where the revenue and cost should have been taken. For example, if you pay yearly Insurance of 1000 in January. You Credit the Bank Account and Debit would be an accrued balance account in the assets section. Then at…
Reconcile Bank Account is the way to match your Bank Statement with your iX ERP entries in the bank account section. How it works: Select the account you want to reconcile. Get your bank statement (from the bank) The first time you reconcile you will need to enter a reconcile date and a start balance……
Journal Entry allows you to enter a general-purpose bookkeeping or account settlement of your choice using your chart of accounts directly. How it works: Counterparty: Considerations: Hint: Check Budget section for real-time budget smart indicator.
You may unmark the automatic Revaluation of Currency Accounts that is default settings in Company Setup. Then you decide yourself when you want to run these revaluations. At least you should do that on Fiscal Year End. This is operation recalculates the value of your foreign currency savings in GL using current daily exchange rate.
Quick Entries is a part of the Banking and GL module to ease the repeated accounting entries. Many business transactions are repetitive. Quick Entries allow presetting transactions and allocate a transaction amount to different fixed accounts or taxes. Setting up a Quick Entry involves defining the type of entry first, then creating numerous transaction lines….