Having the right chart of accounts makes a big difference for your organization. It helps you classify your transactions correctly, and generate meaningful reports to help you run your business better.
Tranquil Financial Management Software assigns your organization a default chart of accounts when you start on Tranquil. We can even import a chart from your previous accounting system, or your own custom chart.
The Chart of Accounts includes all the accounts you need to track for your small business: assets, liabilities, equities, income and expenses.
Using Tranquil accounting software post/Unpost allows users to audit the journals before affecting the finance.
So the accounts managers can better decide what expenses to be paid and when.
Our VAT accounting Software automatically generate VAT return in one click and keeps track of how much tax received/owe.
With full support for Tax calculation, now you only have to apply the tax rate in the tax settings and Tranquil will calculate the tax breakdown.
Tranquil Tax process is optimized to be compliance with Saudi laws.
The cost center in Tranquil Financial Management software refers to an organizational unit to which costs or expenses can be allocated during transactions, For example, you can use cost center to see the effectiveness of each project.
Keep track on a cost center allows you to manage expense and income efficiently.
Prepayments are amounts paid in advance for goods and services and comprise of Expense and Asset components. As such, it is important to know when and how to reflect prepayments in Profit & Loss statement. Businesses prepay their expenses all the time. Most of the common examples are:
- Prepaid insurance
- Prepaid rent
- Prepaid advertising
- Prepaid royalties
- Supplies. etc.
With Tranquil Financial Management software, bank Reconciliation matches the balances in a company’s accounting records with the corresponding bank statement. Its purpose is to detect any and all discrepancies between the companies’s accounting records and the banks other than those due to timing differences.
It’s extremely important to do bank reconciliation regularly to ensure recorded cash is correct, to avoid overdrawn fees, to keep a check on bounced, stolen or altered checks or any other fraudulent activities.
With regular reconciliation, any unforeseen problem or error could be detected and resolved on time.
In accounting the term aging is often associated with how much money is coming into your business and what is owed.
In order for the company to minimize its cash flow problems and potential losses from customers who are unable to pay,Tranquil accounting software routinely prepare an aging of accounts receivable which allows managers to quickly see which customers are behind in meeting the agreed upon terms.
A/P payable or supplier aging is particularly useful if your cash flow is tight and you cannot pay your invoices on time. You can refer to it & decide who should get paid now and which payments can be delayed.
If you have a expense/receipts with a regular billing such as monthly charges, amortization, pre-paid expenses, paying rent; you don’t have to enter the same information with every time. Simply create one expense/receipt voucher with recurring option, and tell how often it should occur.
Tranquil Finance Management system helps you to generate all of your company’s recurring expenses/receipts with just one click.
and it is well worth the initial setup time to save you hours of time and avoid a lot of repetitive work in the future.