Accounting and tax accounting for Ukraine
Cash Accounting. Fixed assets. Tax accounting. Settlements with contractors. Reporting.
Innoware developed a specialized solution based on Microsoft Dynamics 365 Business Central for financial and tax accounting in accordance with the requirements of Ukrainian legislation (UA Localization for Microsoft Dynamics 365 Business Central). This allows you to manage all business processes of the enterprise in a single ERP system.
Key features for accounting and tax reporting
- Accounting according to the PSAP (P(S)BO) and IFRS
- Support for multi-currency accounting
- Ability to configure many financial accounts, analytical measurements, approval processes and task queues
- Support for period closing procedures, cost distribution, calculation of currency exchange differences and formation of financial results in accordance with the requirements of Ukrainian legislation
- Ability to use Copilot artificial intelligence capabilities
- Ability to integrate with other Microsoft products (Power BI, Power Automate, Outlook, etc.)
Functional modules
Non-current assets
- Supports fixed asset accounting in line with Ukrainian statutory accounting and tax requirements. Also includes support for management accounting.
- Ability to manage fixed asset lifecycle processes: release assets via FA Release Orders, transfer assets between locations and/or responsible employees via FA Movement Orders, conduct physical inventory via FA Inventory Orders, write-off assets via FA Write-Off Orders, supporting asset modernization, calculating depreciation, and handling other related fixed asset transactions.
- Regulated and other printed forms forming: Act of acceptance and transfer of FA (ОЗ-1), Act of write-off of FA (ОЗ-3), Inventory description (ІНВ-1), Act of FA modernization and Detailed FA statement.
Inventory and Warehouse
- Management of warehouses, items, units of measurement, support item substitutions.
- Tracking inventory by lot and serial numbers, support bin-level accounting.
- Item revaluation, reclassification, and transfers between warehouses.
- Item charges and their allocation to the item cost.
- Special prices and discounts for items.
- Item assembly procedure (creation of a new item from several ones).
- Items receipt, shipment, and inventory processes.
- Printed forms forming: Inventory List Document, Inventory Control Check, Inventory Shipment, and Low-value inventory Shipment MSH-8.
Bank and Cash
- Accounting for cash and banking transactions, currency purchase and sale, multi-currency payments, cash flow forecasting, and payment calendar.
- Ability to configure the service for automatic import of currency rates.
- Bank statements import (with additional search for contractors by registration and VAT registration numbers) and payment orders export.
- Reconciliation of bank accounts – comparison of transactions from a client-bank and their reflection in the system.
Purchase and settlements with contractors
- Maintaining vendors, vendor agreements and their use through the entire system.
- Forming and controlling purchases budgets.
- Management of prices and discounts.
- Full purchase cycle through various types of documents – from quates, various types of orders, correction documents and its posted versions.
- Accounting for returns and adjustments – fixing the accounting trail.
- Automatic calculation and accounting of exchange rate adjustments. Possibility of controlling the availability of items and automatic replenishment policies.
- Possibility of controlling the availability of goods and automatic replenishment policies, planning purchases.
- Maintaining a cargo customs declaration (CMD) reflection.
- Accounts payable control and the vendor reconciliation report forming.
Sales and settlements with contractors
- Maintaining customers, customer agreements and their use through the entire system.
- Forming and controlling sales budgets.
- Management of prices and discounts.
- Full sales cycle through various types of documents – from quates, various types of orders, correction documents and its posted versions.
- Flexible shipment and invoicing posting – possible in several stages.
- Accounting for returns and adjustments – fixing the accounting trail.
- Automatic calculation and accounting of exchange rate adjustments.
- Possibility of controlling the availability of items and automatic replenishment policies.
- Accounts receivables control and the customer reconciliation report forming.
Settlements with other contractors
- Accounting for settlements with other contractors, including with advanced holders (list of accountable persons, list of corporate cards and advance reports).
- For advance reports, it is possible to create a printed form “Report on the use of funds” issued for a business trip or for a report.
VAT Accounting
- Sales and purchases VAT invoices, manual creation of Appendix 2 for VAT invoices.
- Automatic creation of sales VAT invoices based on the first event rule.
- Application of VAT invoices to vendors’ outgoing documents.
- Integration with M.E.Doc for importing and exporting VAT invoices and Appendix 2.
- Creation of a register of issued and received VAT invoices and VAT declaration.
- Support and closing of VAT periods.
Budgeting
- Form various budgets with the ability to specify additional dimensions or cost centers and objects.
- Ability to copy budgets and manage different versions and scenarios, with support for coefficient-based automatic recalculations.
- Import and export budgets from Excel.
- Comparison of budgets with actual data.
Project Management
- Plan, track projects, tasks and resources.
- Accounting of income and expenses by project, automation of invoice, plan vs. actual analysis.
Production
- Form production routes, managing specifications, machines and work centers.
- Production planning, formation of production orders and calculation of production cost.
Service Management
- Planning and management of service, service contracts.
- Resource assignment, planning of service work time.
- Automatic generation of invoices for performed services.
- Maintenance of service history.
Intercompany and Financial Data Consolidation
- Support intercompany accounting between companies with different accounting currencies, charts of accounts, dimensions, reference information (for example, different item numbers).
- Automatic or with additional approval displays of “mirror” documents (for example, purchase document when posting of sales one).
- Flexible consolidation setup for companies with different accounting currencies, charts of accounts, and dimensions.
- Consolidate financial data not only within one environment, but even from other databases.
- Automatic amount conversion into the consolidation currency.
- Ability to exclude intercompany transactions from consolidation.
- Consolidation reporting.
Reporting
- Management, accounting and regulated financial reporting forming.
- The possibility of using the “constructor” to form various reports without developments.
- Turnovers (by items, fixed assets, customers, vendors and banks) and account analysis report forming.
- Financial correspondence forming.
- Regulated forms Ф1-Ф4, including for small enterprises forming, and integration with M.E.Doc.
The solutions are available to participants of the global Microsoft cloud ecosystem on the appsource.microsoft.com platform:
Would you like to receive advice on the implementation and capabilities of a specialized solution based on Microsoft Dynamics 365 Business Central for accounting and tax accounting in accordance with the requirements of Ukrainian legislation specifically for your company?
Please contact us by phone: +38 044 490 22 20 or at erp@innoware.com
The system has a large amount of additional modules that support specifics of different industries.
Select business processes which system should cover
We Work With the Very Best
INNOWARE USA
501 Silverside Rd, Ste 105, # 4995,
Wilmington, Delaware, 19809-1376,
United States
Tel.: +1(302)4672024
E-mail: info@innoware.com
Local Contact – United Arab Emirates
Dubai
Tel.: +971588894591
E-mail: info@innoware.com
INNOWARE UKRAINE
3, Sholudenka Str., office 204 (Cubic BC)
Kyiv, Ukraine, 04116
Tel.: +380(44)4902220
E-mail: info@innoware.com
