Transactions

The accounting system is supported in a transactional database so that a normal person no need to undertand the accouning credits and debits. As the system will clearly show the transactions and only the accounting team most of the time spent on verifying the accounting data automatically posted in the system and can focus on other accounting tasks. Hardly requirements of postings entries into General Ledger manually

General Ledger

INFOQUID ERP Financial Accounting is based on Sub-Ledger Accounting Principle. INFOQUID ERP includes the tools and processes that manage and govern income, expenses, and assets.

• Ledgers—especially the general ledger—is the core component. The design and capabilities are critical to overall functionality across the complete software suite.

• System Providing Detailed Chart of Accounts. It includes Legal Entity names, Branch Name, Departments Name and Accounting Details,Provides Account Information like one particular account comes under which type, category, class and group etc.

• The GL is the primary ledger and provides a master line-by-line collection of all completed financial transactions. For each transaction, GL records usually include: the associated amount, account, date, description, transaction number, and type.

• INFOQUID include sub-ledgers to the GL, aligned by branches, locations, countries, or major projects. Sub-ledgers improve accounting accuracy and financial transparency for tax payments, budget and finance planning, as well as financial analysis and reporting.

• System providing Accurate Bank Reconciliation.

• System automatically generate all Financial Reports like Trading, Profit and Loss Account and Balance Sheet.

Reports and dashboards should offer click-through access to view supporting records. Besides its value to operational performance and compliance, reporting often reveals would-be problems in time to take remedial action and can significantly reduce the resources spent on audits.

Accounts Payable and Accounts Receivable

• Accounts payable and accounts receivable drive debits and credits across the system.

• The ability to quickly and accurately process payables and receivables impacts cash flow, month-end close, year-end close, and most periodic financial processes. Connecting to OCR and other automation technologies speeds processing and improves accuracy of AP and AR processing.

• Can track Expenses and Revenues.

• It follows a well-defined Workflow System & Approval Mechanism. It gives the user a fully controlled system.

• At the time of creating any data, System saves current user name and creating date and time, which in turns helps in Auditing Purpose

Asset Register / Fixed Assets

Asset Purchases, Depreciation, Transfers, Asset Sales, Period Closing, knowing the value and condition of assets is a requirement for inventory management. INFOQUID software captures capital and operational data with descriptive information related to assets to deliver accurate financial statements related to appreciation and depreciation.

Budgets

The system is in built with various budgeting options such as Master Budgets, Capital Budgets, Expense Budgets, Sales Budgets / Targets, Man Power Budgets. As the Budgets are tightly integrated with the Operations and other financial ledgers, the system will monitor the Budgets with actuals and can be configure to generate alers and measurable Key Performance Indicators (KPIs)

Other Features

• Period and Year Closing of Books

• Multi Currency

• Advanced COA - Chart of Accounts

• Multiple Legal Entities

• Forward Trading

Error-Free Financial Stewardship

Today’s organizations need more than a digital version of tactical bookkeeping with spreadsheets. Beyond just recording transactions, INFOQUID help finance teams maintain their fiduciary stewardship, reducing accounting errors, shortening invoicing cycles, complying with ever-changing tax laws and regulatory requirements, and optimizing daily, monthly, and yearly cash flow

Compliance with Current and Future Accounting Standards

National and international accounting standards set rules for private and public enterprises. With set rules, definitions, and processes, these standards normalize financial information. But these standards change frequently. In the last few years, new standards have come into effect, including IFRS 15 and ASC 606. INFOQUID is able to handle the latest accounting standards, with the flexibility to adapt to new changes as they are adopted.

Accurate Financial Data

INFOQUID do more than just basic accounting; it helps organizations to: Reduce records redundancy, deliver better budgeting, forecasting, and planning, enable a thorough and properly categorized expense management, provide seamless integration into banking systems, enable more accurate audits, and keep detailed tracking records of all assets and liabilities..

Data and Systems Security

The accounting, finance, and audit activities also offer comprehensive systems security with absolute data integrity integrated across the entire solution.

Connected Enterprise Operations

For larger companies, Accounting is part of an ERP system that connects financial and other data across inter-company, inter-plant, or inter-division boundaries. Consolidating financial data aligns corporate processes and reduces complexity.

Scalability for Growth

As companies grow, their systems and processes increase as well. INFOQUID have the ability to rapidly and easily scale to handle growth—across markets, geographies, and products.

Strong Internal Controls

As money is tracked and managed across the enterprise, financial management systems should help protect critical data against theft, fraud, and other criminal mischief. INFOQUID include risk and compliance management, so companies can leverage these capabilities beyond audit trails and error checks to include the segregation of duties and mapping of roles to responsibilities across the enterprise.