Cloud & Desktop Edition Comparison

Is the Features of the Cloud Edition & Desktop Edition are same?
Is there any possibility to print cheque for Payments?
Can we give access, section by section to users (eg. Payments, Sales, ect…)?

Cloud and desktop editions are identical except for multi-user capability. Right now, Manager does not print cheques. For user information, read the Guide at Create users.

Is there any approval levels in this system?
Can we set production formulas for each & Every items?

Can you please explain what you mean by this ?

If you mean similar to a Bill of Materials, not yet but has been discussed here

Regarding the Bill of Material,
We are producing cement blocks & to produce that we need as example,
Cement 50kg
Sand 50kg
Quarry Dust 50kg
Can we create formula & when we creating the Inventory (Finish good) Item?

Not currently but its a possible future development as the attached thread discusses, however if you make the same quantity of the finished good each time then you can use the clone function to save re-entering the raw material quantities.