In finance, reporting of data to authorities and two-way data transmission with banks become quicker with electronic communication.


Banking interface

Financial management is divided into three large units in the QAD Enterprise Applications solution. Electronic payments are accounted in the complex Bank Module.

By creating bank master data, every financial institution the company has dealings with can be defined. Methods for the calculation of money management can be set in advance for each bank, i.e. whether the balance of bank accounts in foreign currencies should be calculated at bank rates, according to the FIFO method or with average prices. According to the parameters, calculation is performed immediately in the application based on recorded account statements.

With the MNB exchange rate load function exchange rates are automatically loaded into the system, and when account statements are recorded, transactions are calculated according to the current assessment principle.  Cash flow calculated with the FIFO method can be checked on an interactive interface, where it can track which incoming payments were settled with which outgoing payments.

Loading bank statements electronically has become a routine practice. Through an interface, the QAD solution can read and process data from the document in a special file format.

The automatic bank transfer and bank account read applications of the system are devised in compliance with guides and sample files of Hungarian and foreign financial institutions.


VAT statements

State revenues constitute a pillar of the modern economy, and value added tax is an integral part of that. In the Hungarian tax system, the seller has to pay and record this tax on every level of trade whenever value is added. The Tax Management module of QAD Enterprise Applications provides help with this. The VAT module complies with the Hungarian tax code and particularities of the system, like the cash accounting principle and monitoring events within the HUF 2 million limit.

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