I would like to share a few ideas for your consideration:
- Additional Modules for Non-Operating Expenses
Adding a extra “Supplier” and “Purchase Invoice” module specifically for tracking non-operating expenses (expenses not related to trading, manufacturing, or business purposes) could be beneficial. At present, it is challenging to effectively monitor outstanding payments for such expenses. This enhancement would greatly improve tracking and management in this area. - Income/Expense Incurred Date
Currently, as I understand, the transaction date in the books is determined by the Sales Invoice or Purchase Invoice date. However, most accounting standards (e.g., IFRS, US GAAP) require reflecting the actual date when income or expenses are incurred, as this often differs from the invoice date. For instance, if services are invoiced seven days after being provided, the invoice date will not align with the income incurred date. This can result in discrepancies, especially during month-end or year-end cut-offs, where income/expenses may fall into the next accounting period. In these standards, such invoice date is merely a reference only. - Depreciation Method
In some jurisdictions, the reducing balance (declining) depreciation method is not permitted. I believe incorporating a straightforward straight-line depreciation method would suffice for most users and ensure compliance with various local requirements.
Thank you for considering these suggestions.
Looks like AI generated text.