Full control of finance in your organisation!
Insight into the spending room of the budgets is important to every organisation. To improve this insight, the entry of negative reservations and obligations (for example, discounts and returns) is being supported from Profit 7.
Image that you are expecting to receive an amount as income in a specific period. You can now record this as a negative obligation in Profit. This negative obligation counts immediately with regard to your budget and your spending room will become greater!
You could already generate an obligation automatically when adding a purchase order. In Profit 7, Profit will automatically generate an obligation with a negative amount if the amount of the purchase order line is negative. This also ensures that the processing of the credit invoice will run quicker!
You can manage contracts, reservations and obligations with Contract management. Contracts and obligations have been available in InSite for a longer period. As from Profit 7, you can also add, view and change reservations in InSite.
To use reservations in InSite, you need to activate the Reservations page type in the site's properties. Next, authorise the related InSite pages (they are linked to the View reservations functionality). Then the Site Administrator can include the pages in InSite.
A few more improvements - reap the benefits!
Collectively delete allocation assignments
To make the clearing of allocation assignments easier, the Allocation assignments view has been expanded with the Used in journal entry and Used in budget check box fields. This ensures that you can quickly see where an allocation assignment is being used. If an allocation assignment is not being used, it will have perhaps been added incorrectly. If this is the case, you can directly delete the allocation assignment collectively.
Financial contract extension in InSite
The Tacit extension field has been added on the Financial contract InSite page that is delivered as standard. Based on this field, the person responsible knows whether action must be undertaken when assessing the contract with regard to suppliers or that the contract must be extended tacitly.
You will see all contracts in the view with contracts (of Profit Financial) regardless of the administration from where they come from. You can now split the authorisation for viewing/maintaining contracts and obligations from different administrations and entering and paying from different administrations.
Note:
If required, change the authorisation in Profit 6 before transferring to Profit 7.
If you add a view and place the Administration field in the view, you can toggle between the active administration, all administrations or a specific administration.
Do you sometimes encounter that you cannot make the VAT declaration final because of a negative balance in a specific VAT section? Submitting a VAT declaration with negative amounts is not permitted in Belgium. Negative VAT amounts can occur in sections 81, 82 and 83 because both the debit and the credit invoices of the relevant goods, services and investments are entered. You can now pass on negative sections to a next period with the new Pass on negative sections action. You can pass on the negative amount until the box is again positive. Manually passing on negative VAT amounts through a general journal entry is now therefore a thing of the past!
Configuration
Before you can pass on negative sections, you need to authorise the new Pass on negative sections action. Next, you define a journal and contra account for the journal entries in the financial administration settings on the VAT tab for the journal entries that are created because of passing-on negative sections.