Service Tax

1) Financial Period

It is a one year period from any starting date. However Internationally followed Financial Period is 01-04-any year to 31-03 starting year + 1

2) Accounting Starting Date(Book Beginning)

Any date within the financial period.

3) Allow Foreign Currency (Transaction?)

Required to create currency symbol, description, selling rate, buying rate. (Forex Table)

4) Do you have Inventory?

Stock Item creation. Stock category, stock groups, standard selling price etc.

5) Do you have Payroll?

By default disabled. It is a built-in module. Need to enable if required.

6) Do you have Remote user? (Internet user?)

Internet User. Need configuration to enable this feature.

7) You have to make a list of required Reports.

8) Do you Sell Services?

Service sale is different from stock item sale.

9) Checking All financial reports must tallying. (Do the auditing in the old system)

10) Verify physical Stock

11) Re-order level

12) Stock Item Valuation Method

13) Decimal (How many digits?)

14) Integrate Accounts with Inventory?

15) Bill wise detail? (Required for Aging Report)

16) Interest calculation (for delayed payments)

17) Budgeting required?

18) Branch Accounting?

19) Schedule Training for your staff

20) Department wise cost allocation?

21) Reversing Journal?

22) Multiple Store?

23) Job costing?

24) Batch for stock item? (Expiry Date)

25) Transaction Numbering Method

26) Do you have Sales man?

27) Sales / Purchase order processing

28) Multiple price list?

29) Additional cost of purchase?

30) Discount for sales / Purchase

31) Debit Note / Credit Note?

32) Create User list

33) User wise Security

34) Define Cost centers (department, salesman, project)

35) Groups Customer

36) Groups Suppliers

37) Groups Fixed Assets

38) Groups Expenses

39) Groups Stock Items

40) Employee Details (Like Passport No: Exp. Date, Contract Exp. Date, Etc)

41) Define Pay Heads

42) Define Invoice, PO, DN, GRN (Goods Recipt Note) Formats (If Pre-Printed forms required)