The finance module in TOM gives you control over your payments, receivables and liabilities. It is divided into two sections:
|•|| : outgoing invoices (i.e. your own invoices going out to your clients),|
|•|| : incoming invoices (supplier invoices and other expenditure items). |
|•||It allows you to export data to bookkeeping or spreadsheet applications. |
|•||It is a protected area requiring specific user privileges.|
|•||To open the Finance section choose the command from the menu in the StartScreen.|
TOM is not designed to meet strict financial accounting standards as specialized financial accounting software does. However, it automatically collects all data necessary for financial accounting, and offers them for export in flexible formats for other applications to use. In addition it can provide important control of receivables and liabilities.
|•||(auto-) assigning financial accounts to each book item|
|•||turnover and VAT calculation for periodical VAT tax declaration|
There is no separation between Single-item view and List view (as there is in most other modules). Clicking on a list entry opens an editing area at the bottom.
Taxation: Invoice creation vs. payment transaction
Each booking item includes two types of activity that are relevant for accounting purposes: the date of invoicing and the date of payment of any particular item. Relevant for taxation is one or the other. Reports and selections made usually require you to choose between one or the other.