Release Notes

• Major changes:
  • Solution for accounting of the Excise duties: https://accountingsuite.io/docs/excises/ and the Levies: https://accountingsuite.io/docs/levies/ , which automates calculations to reduce manual errors and ensures accurate assessments with current tax rates;
  • Fine tuning enabled for amount in words on the print forms: setting the format for decimal part, adding currency code or symbol, adding words (e.g.”only”) and other options to make the print form fully compliant with the local requirements. https://accountingsuite.io/docs/print-forms-reports-and-data-processors/#2-toc-title
  • New “Entity type” attribute required for Companies (LLC, LTD etc.) list items other than Employees (e.g., for Customer and Vendors). This split by Entity type is used for different WHT entries in cash sales: if the Customer in the Cash sale was an Individual, then the WHT liability is posted on the Vendor side.
  • If the Customer in the Cash sale was not an Individual, standard Vendor-side WHT postings are made (Creditable WHT).
  • Issuing a Tax invoice form the Cash sale now available
• Soon in AccountingSuite:
  • VAT Detail Report is showing documents with/without tax invoice and VAT transactions to help keep track of VAT balance;
  • Barcode labels printing available for lots and serial number in Inventory Receipt and Bill for tracking warehouse;
  • Landed cost to be added to the warehouse transfer document to allow any additional costs associated with getting the goods to a particular location to be included in the stock value.

• Bug fixes:
  • The calculation of taxes has always worked on the NetAmount database. It should work by setting up NetAmount + VAT/WHT base.

• Major changes:
  • G/L accounts tab of the Bill has been updated to enable assets acquisition (previously – only services were allowed for purchase). All of the applicable taxes are calculated automatically (see more https://accountingsuite.io/docs/asset-acquisition/).
  • When selecting a calculation base for a tax, all other taxes created so far are available for selection (e.g. calculation base for VAT can be Net amount + Withholding tax).
  • Compliance and security features that may be required by the local tax authority – documents safeguarded from changes, printed copies watermarked (see more https://accountingsuite.io/docs/protect-invoices-from-changing-after-printing/).
  • Print forms developed for Purchase documents (Bill, Tax invoice received, Vendor credit memo, Tax credit note).
  • All available print forms can be edited using customisable templates to achieve total flexibility and compliance with local legislation (see how to customize a print form https://accountingsuite.io/docs/print-forms-reports-and-data-processors/#0-toc-title)
• Bug fixes:
  • Accrued depreciation report shows full amounts
• Soon in AccountingSuite:
  • Excise and Levies tax calculation
  • VAT transaction report to check documents with/without Tax invoice
  • Further development of Amount in words on the print form (https://accountingsuite.io/docs/print-forms-reports-and-data-processors/#1-toc-title) to ensure full compliance with local requirements

• Major changes in tax accounting
  • Withholding tax now available. There are options to apply WHT either upon payment or upon invoicing, depending on the local tax legislation https://accountingsuite.io/docs/wht/
  • Applicable Taxes should be grouped and assigned to Items, so that the taxes can be calculated automatically in sales and purchase documents  https://accountingsuite.io/docs/taxes/ 
  • New option for VAT accounting introduced: to decrease the prepayment received or paid out by the amount of applicable VAT, set the Prepayments accounts as the default posting accounts for “VAT on prepayments paid out” and “VAT on prepayments received” under Accounting settings. Under this option, posting a Tax invoice issued/received for a prepayment, will reduce the prepayment balance.
• New documents released:
  • Inventory taking – management accounting document, that records any differences in the accounting and actual quantities for Items https://accountingsuite.io/docs/inventory-taking/
  • Inventory adjustment document – multifunctional tool to book an increase or decrease in inventory to a GL account or any other applicable account https://accountingsuite.io/docs/inventory-adjustment/
• UI changes:
  • Hierarchy view mode now available for Lists: Companies, Items, Locations
  • Documents in the “Related documents” report displayed with amount (previously – only number and date)
  • Dr Cr button now available in the Tax invoices issued/received for prepayments
• Other updates:
  • Changes in document recorded in Audit log https://accountingsuite.io/docs/audit-log/
  • Extra dimension assigned with a Type for an easy navigation in the Extra Dimensions list https://accountingsuite.io/docs/extra-dimensions/
  • Three print forms for asset operations documents: Asset Receipt, Asset Transfer, Asset Disposal
• Soon in AccountingSuite:
  • G/L accounts tab in the Bill document can use account types for Assets and has VAT and other taxes calculation. Purchase of assets will be available
  • Excise and Levies tax calculation
  • Protect invoice documents of changes after posting and printing
  • Print Forms. Original / Copy mode in Invoice, Memo and Tax Invoice
  • Print Forms. Bill, Tax invoice Receipt, Vendor Memo, Tax debit note
  • VAT transaction report to check documents with/without Tax invoice

• Setup Wizard: remove accounting method
• Setup Wizard: steps adjustments
• Tree view now works in CoA in the selecting account mode
• Show General journal in Reports menu
• Enable drill-down to Chart pf accounts (CoA) and Extra-Dimension from DrCr button General journal transactions list
• Bugfix: Quantity not posted in accounting register
• Bugfix in Aging report
• Bugfix on Location form with Default checkbox
• Bugfix: Incorrect invoices payment status in Sales Invoice after Back to Draft and Save again

• Report distribution – https://accountingsuite.io/docs/report-distribution
• Chart of Accounts – Account’s Code length can be up to 20.
• Chart of Accounts shows hierarchy (use More actions – View mode – Tree).
• Chart of Accounts allows to switch On accounting by Classes and Projects.
• Projects use and show hierarchy (use More actions – View mode – Tree).
• Predefine Access user profile for easy settings rights: Auditor (for read only users), Standard user (normal usage without admin rights), Login-only user (for other settings as additional to run program) – https://accountingsuite.io/docs/security-settings/
• Setup Wizard. Creating a user is now mandatory for security reason.
• The Journal Voucher print form has been added to most documents.
• Data Import Tool modifications for importing Chart of Accounts with hierarchy and numbers without zero (453 instead of 000453 or 453000).

Soon in AccountingSuite:

• Update on Taxes, including release of Withholding tax and VAT update.
• Document Inventory adjustment for creation Assets from Inventory Items.

Beta version of the Asset management module.

Print forms are now available for tax invoices and tax credit notes.

Journal voucher print forms available for all documents.

Fix UoM bug in assembly/disassembly.

Fix MacOS version editing Address field.

Attachments

Attach multiple files to documents such as images, spreadsheets or PDFs to create greater transparency.

In a list view, see the documents that have an attachment marked with a paperclip icon and the number of attachments to each document.

VAT accounting

Posting Tax Credit notes and Tax Debit notes now available for Customer/Vendor returns and for prepayments received/paid out.

Default VAT posting accounts are organized as a separate group under Accounting – Accounting settings.

Please refer to an article in User Guide to learn more about options for VAT accounting. VAT accounting – AccountingSuite

For users convenience, tax documents are organized as separate lists under:

• Sales – Tax invoices issued and Tax credit notes
• Purchases – Tax invoices received and Tax debit notes

Updated General Journal

Extended filtering options for General Journal entries by period, account number or document type.

User Guide

New article available in the user guide to speed up your start in AccountingSuite – User interface navigation. User interface navigation – AccountingSuite

Print forms

Print forms are now available for Journal entry, Invoice Payment and Cash Receipt. They are designed to be easily customizable, allowing you to tailor them to your specific requirements. Video tutorial to be released shortly.

Coming soon in AccountingSuite

Asset management module available soon, covering tangible and intangible assets, deferred expenses and low-value assets.

Setup wizard improvements

After AccountingSuite is launched for the first time, user is offered to follow the steps of SetupWizard.

To learn more, please watch a new tutorial on the Setup wizard

• Chart of Accounts: extra dimension added to the accounts, default code length increased to 5 digits. All accounts assigned with categories and subcategories (required for financial reporting).
• Data Import Tool function available. Importing of lists, chart of accounts and journal entries from clipboard or from an external file (supported file formats: Excel .xls of .xlsx, LibreOffice speadsheet .ods, Comma-separated text .csv, Spreadsheet 1C document .mxl). Guide available under link: https://accountingsuite.io/docs/data-import-tool/.
• Sales persons list renamed to Responsible persons. Added Responsible persons to the documents for information about who is on charge of the record and for the different schemes of sales/purchase bonuses for employee. You can add Person to the User. And it allows you automatically set Responsible person to any document created by this user. You can also change manually the Responsible person if you are creating documents for someone who is absent now. Guide available under link: https://accountingsuite.io/docs/sales-people/
• Setup Wizard has import links for Chart of Accounts, Lists and initial balance with Journal Entries import.

• Payroll module
• Import of currency exchange rates from a file
• Units of Measures: to choose from the classifier and metric by default. Conversion factor when selecting in UoM Set now available.
• Customisable VAT accounts in the Accounting settings
• Setup Wizzard adjustments: unlimited telephone number length (also adjusted in Companies’ addresses)
• Setup Wizzard adjustments: no drop-down list for e-mail entry; e-mail entered in the field
• Setup Wizzard adjustments: organization type as editable list. Frequently used items predetermined, adding new one available
• New splash screen at start
• Demo Case description with links to documents available in demobase under Support – Features and Learning – Demo Cases
• Custom fields: all lists can be a type for custom field