June 19, 2018 Computers - Hardware
What is Accounting Software?
Accounting software is an invaluable resource for modern business. Essentially, it is a ‘set of procedures that includes internal mechanisms of control, books of accounts, and plans/charts of accounts that are all used for administering, recording, and reporting financial transactions. Functional modules that are typically built into an accounting software include accounts receivable, accounts payable, sales orders, purchase orders, inventory, billing, and general ledger.
What is a Tax Accounting Software?
Tax accounting software is developed to accurately capture and produce accounting information for tax reporting.Tax Accounting Software in the context of the FTA Software vendors must strictly abide by this guide when developing the tax accounting software.
Three key functionalities that must be included in the accounting software require the system to have the ability to automatically generate
1) a standard file known as the FTA Audit File,
2) VAT return file, and
3) Tax invoices and credit/debit notes.
Vendors will be required to demonstrate that their tax accounting software has this functionality and complies with the requirements in this guide.