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QuickBooks Online Journal Entry is of two parts one is debit & other one is credit transcation.

Making Journal Entry Online has many advantages.A Journal Entry is an accounting transaction that has been entered directly into the general ledger.

The general ledger is used by a company to record its transactions.

The transactions are recorded as a balance sheet and income statement.

The CFO Services in Dubai,refers to a senior executive responsible for managing the financial actions of a company.

The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions.

The chief financial officer is the officer of a company that has primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financial reporting.

In some sectors, the CFO is also responsible for analysis of data.CFO Services Benefits : Professional advice from certified Industry expertsCost Effective instead of appointing a full time dedicated manpowerFast and reliable servicePartnership approachFulfill your legal obligations related to UAE VAT to file your returns Process of  CFO service : A CFO Services in UAE, will oversee your current bookkeeping and controller staff to ensure all procedures have a series of checks and balances to strengthen security and present accurate financials.

The CFO service also will ensure you are using the correct and most up-to-date financial software to best operate your business.

Steps to obtain CFO service : Send your inquiry online about your business details and expectationsReview our quotation and packages (monthly, quarterly, half yearly, annually)Choose the desired package and make online paymentAccounting software will be installed at your company Periodic consultation and update of your account statementSchedule video calls for any specific clarification sessionGet update of all your reports (real time) It is not practical and viable for small and medium size organizations to appoint full time CFO.

BoE continues its systems overhaul…

The Bank of England (BoE) has gone to market this week seeking a software and hardware package to underpin its financial risk management processes in a £3 million contract opportunity.

“The Bank intends to identify an economic operator to provide the financial risk architecture simplification (FRAS) solution and services”, it said in the procurement notice, posted Wednesday.

“FRAS delivers a new financial risk management framework covering the Bank’s balance sheet and the UK’s foreign exchange reserves.”

(Those alarmed by the plunging pound amid Brexit uncertainty may be either reassured or alarmed by the news: the Bank of England software hunt comes as analysts say the pound will fall to its lowest against the dollar since 1985 on a hard Brexit).

The five-year contract will go to a company that can provide hardware, software and services, the BoE said.

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Anurag Rathod is an Editor of Appclonescript.com, who is passionate for app-based startup solutions and on-demand business ideas.

After taking you to the sky and the roads, now Uber app launches its unique concept of underwater rides.

It is the world’s first submarine ridesharing.

The Great Barrier Reef is the biggest persisting creature on Earth and turned out to be throbbed by climate change.

Uber is identifying the number of dollars spent on scUber and also it is giving a donation of $100,000 to the citizens of Great Barrier Reef so that they can help in protecting the reef from the harm caused by nature.

Even so uber did not disclose the exact number of the submarine but told that there would be only limited scUber trips available for the passengers.

Accounting in Odoo 12: An Overview

Accounting involves maintaining ledgers, recording assets, and counting liabilities to determine the economic position of a company. To enable businesses in keeping a record of their financial transactions Odoo launches its accounting software version 12. Odoo 12 accounting version enables businesses to record transactions; create, send, and reconcile invoices; process payments; and audit statements. 

Let’s explore some of the core features of Odoo 12 Accounting software. 

Features of Odoo 12 Accounting

1.  Odoo 12 automatically creates an additional entry of every transaction including customer invoices, inventory movement expenses, the point of sales, etc.  

2.  Supports accrual and cash basis methods through which businesses can report any income/expense at the time of transaction.

3.  Robust software to support and manage multiple companies.

4.  The multi-currency support feature enables businesses to make transactions in other countries.

5.  Facilitates organizations to create real-time financial reports, management reports, performance reports, cash reports and more

6.  Speeds up the bank reconciliation process and makes the task of importing bank statements directly from your bank to the Odoo account easier. 

7.  Enables businesses to conduct both manual and automatic inventory valuations.

8.  Automatically calculates current year earnings to eliminate year-end journal and rollovers.

9.  Odoo 12 has simplified the process of matching credit and debits by linking journal entries.

Different Types of Payment Workflows and invoices 

Odoo 12 accounting software supports different types of payment workflows and invoicing. Let’s explore some: 

Invoice Creation: Businesses can manually create sales orders, purchase orders, etc. with invoicing or sales app. It also facilitates businesses in splitting a payment into multiple invoices or an invoice into multiple payments. 

Open invoices: An invoice includes information like price, quantity, dates, parties involved, tax details, etc. Once an invoice is ready, it gets validated and the status changes to an open invoice. A detailed invoice can be sent to the customer via email for validation. 

Reconciliation: Odoo 12 makes it easier for businesses to reconcile their invoices with banks or other systems. Businesses just have to integrate their banks with Odoo 12  to automate reconciliation. 

Payment follow up: Tracking the payment and keeping a regular follow up is essential to avoid overdue. In the case of any overdue or other payment-related issues, businesses can take necessary actions using Odoo 12 accounting.

Customer aging report: The customer aging report is used to check whether there are issues in the plan or customer credit.

Profit and loss: The businesses can access revenue and expense reports from the profit and loss statements. It gives a clear idea about the present financial/accounting scenario.

Balance sheet: The companies can access all the information regarding liabilities, assets, and equity from the balance sheet.

Latest Additions and Changes in Odoo 12 Accounting

A journal entry is a record of the accounting transaction in which entered directly into the company general ledger. Journal entries are used by a company to its transactions. In the journal entries, each transaction is recorded as a balance sheet and income statement.

There are two parts of journal entries, one part is debit and the other one part is credit. The total of the debit column is equal to the total of the credit column.

Tech Cloud ERP systems improves enterprise efficiency and effectiveness in several ways.

By integrating financial data in a single system, ERP software unifies an organization’s financial reporting.Our Cloud Based ERP Software system allows enterprises to reduce the time required to complete implicitly every business process.

They also promote collaboration through shared data formed around common data definitions, resulting in better decision-making.Connect with usEmail: info@techclouderp.comPhone: IND: +91 8919439603Website: www.techclouderp.com