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Tecta Accounting and Finance
The module Financials in PANTHEON is designed for posting company transactions, accessing customer or supplier card accounts, reviewing open item lines, printing payment orders and company finance-related reports.
Using the fictional company Tecta as an example, this chapter describes several types of posting methods for incoming/outgoing documents, including posting directly from the document, manual posting and automatic posting. The chapter also covers processes that an accountant in any company will encounter: from purchasing fixed assets, creating payment orders, printing account cards and open items, submitting the VAT return to closing the fiscal year.
| Posting |
For each accounting document, it is important to know who can prepare it and how the bookkeeper or accountant should post it (to which accounts). Every finance-related event that occurs within a company is recorded as a change in an account, either a credit or a debit. This gives you an overview of the account balance at any time. This chapter shows an example of posting directly from a document received from a fictional company as well as the examples of manual and automatic posting.
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| Fixed assets |
Fixed assets are owned or leased by the company and are used for the manufacturing products and generating income. They are generally used for more than one accounting period (fiscal year). When these assets are used and consumed, the process of incurring a cost is referred to as depreciation. This cost shows the wear and tear of a fixed asset and its real value. This chapter describes the acquisition of a new work machine at a fictional company and its entry into the fixed assets register, the calculation of depreciation and the process of inventory count. |
| Transactions |
In the module Transactions, you can control the payment of the company's payables. The module covers the creation of payment orders to domestic and foreign suppliers, payments abroad, import of bank statements, preparation of ODO forms and other activities. This chapter shows an example of creating payment orders for the payment of a fictional company's payables and instructions for importing bank statements. |
| Outstanding items |
Outstanding items provide an overview of unpaid or partially unpaid invoices issued and received. Companies should regularly review outstanding items using various reports in PANTHEON. A report on outstanding items can be accessed in the module Reports. This chapter shows how the outstanding items of the fictional company are monitored and closed. |
| Reports |
The module Reports is used to report accounting data and create reports for making analyses, such as the annual report and income tax, summary reports, account card, general journal, financial report and trial balance report and other reports. This chapter shows examples of creating a general journal report for a certain period, an account card report and a trial balance report. |
| VAT account |
Tecta does business with domestic and foreign suppliers and customers. If the company is a taxable person identified for VAT purposes, it must submit a VAT return to the tax authorities every month using the DDV-O form. This chapter describes the process of accounting VAT, the posting of VAT and electronic tax filling using the eDAVKI portal. |
| Year-End |
At the year-end, companies are required to prepare financial statements and notes, a management report and other reports required by law. The annual report summarizes their business activities during the period and is submitted to the competent institutions. At the end of the fiscal year, the company must ensure that its accounts are well-ordered. This chapter shows how to use the year-end process in PANTHEON. |
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