Fastbase

What accounting treatment does Fastbase apply when making a Stock Transfer between branches? :
First stock is taken from the sending branch, and is "in transit". The available quantity of the stock decreases. When the goods are receipted, the available quantity of the stock increases. The Stock/Purchases account does not change.

1.And what if the Stock/Purchases account is a "per branch" account ?:
When the Stock Transfer is done, the value of the stock goes from the Stock/Purchases account into the Goods In Transit account. The available quantity of the stock decreases. When the goods are receipted at the destination branch, the Stock/Purchases account increases, and the the Goods In Transit account decreases. The available quantity of the stock increases.

2.And what if the company has a parent/child structure ?:
Assuming both companies are using FastBase, the stock transfer is an external transaction. The Stock/Purchases account decreases, Cost of Sales increases, Sales account increases, and Accounts Receivable (the other company) increases. At the destination company, the Stock/Purchases account increases and Accounts Payable (the sending company) increases.

How does FastBase report about the invoices?:
In the GST report, FastBase looks at the GST amount Field and also GST line items on the invoice when generating invoices. If cash payment to NZ custom is made without a relevant payment invoice, the GST report will not show such payment as deferred GST (if it is a cash basis GST).
In the Invoice Register, it records every invoice ever been processed, including canceled ones.
For the Cost of Sales in the Profit and Loss Report and Stock Report, it looks at line items in the invoices.

How does FastBase deal with Foreign Exchange Variance?:
There are 3 stages when the exchange rates could be entered, Ordering, Stock Receiving/Supplier Invoicing and making Payment. It calculates and shows the difference in Foreign Exchange Variance GL account and also in the P/L Reports after the Period End/GL posting. The variance could also be manually entered to Foreign Exchange Variance GL account against that invoice.

GST Reports::
2 bases could be chosen for setup.

Invoice Basis: Accrual Basis. FB picks up GST figures from every GST Field in all the invoices in selected periods regardless whether those invoices have been paid or not. This is a default option for FB.

Cash Basis: FB picks up GST figures from every GST Field in all the PAID invoices. If a GST figure is entered as a line item in an Invoice, FB could not treat it as using cash basis. Because it is not in a GST Field and also it is a line item on an invoice, that is following Invoice Basis Rules. One solution is to Enter Paid GST as a Journal, DR GST Expenses, CR Bank Account/ Cash. That could treat GST in cash basis in the report. Additional step is to add a new TAX CODE and allocate a GST GL into a GST Paid Control Account field that allow the GST GL account showing in the report. (No GL Update needed to showing the right figures). Both Invoice and Payment have to be entered on this basis to show the figures in the report.

Profit&Loss Reports: (Similar applied to Balance Sheet):
Every GL account under types (Income, Expenses, Cost of Sales) will showing in the Report IF there are transactions against those GL accounts, unless Include Zeros is selected to Yes. If subtype GL accounts are setup, make sure their Numbering correctly let FB allocate transactions against those subtype GL accounts ( e.g. Branch/Department Pre-sub fixes in account number structure, also Yes to the WILDCARD option in the Main/Master GL accounts which the subtype GL following.)

FB could do a one month advance Draft Report, e.g. Period end date is 31/08/07, FB can report the real figures for period ended on 31/08/07, and FB can also report estimated figures for the period ended on 30/09/07.If Yes to Consolidate Accounts, all the sub-accounts will be sum up into Master Accounts. GL update is a must for a selected period. Unless a journal is entered.