Donnotec Business Management Solution
Donnotec Business Management Solution is a system that allows you to manage clients and suppliers, create quotes, estimates, orders, job cards and invoices.
Donnotec Business Management Solution has a complete accounting system and fully controllable management system. It consists of the following four sections :
Donnotec system allows you to manage your clients with ease. Each client is categorized to a client category this accommodates the accounting system and keeps track of all client transactions. Client information can be added, edited and deleted. Our client history system allows events to be automatically recorded so with one click of a button employees can quickly view essential client information. Employees can also add client events to have a full record of client interaction. Client statements can be generated individually or according to a client category which displays all transactions made on the account.
Clients Requests, Job Cards and Invoices
The client request system can add two types of documents, a fixed price quotation or an uncertain price estimate which may vary from the final invoice price. Client documents can be generated quickly and easily saving your business a great amount of time. With a simple and limiting input system, employees can generate the appropriate information but yet powerful enough to make proficient and expert documents. Documents can be converted with a click of a button transferring existing information to the relevant document for example, converting a quote to an invoice will transfer all client and item information, removing duplicate work. Client invoices are linked to the accounting system which allows your accountants to save time, transactions are automatically generated from the supplied information on your client's invoices which is then allocated to the appropriate accounts. When clients invoices are generated, all previous documents associated with that invoice will be locked, however all linked documents to the invoice are displayed next to the generated client invoice.
Donnotec system allows you to manage your suppliers with ease. Each supplier is categorized to a supplier category this accommodates the accounting system and keeps track of all supplier transactions. Supplier information can be added, edited and deleted. Our supplier history system allows events to be automatically recorded so with one click of a button employees can quickly view essential supplier information. Employees can also add supplier events to have a full record of supplier interaction. Supplier statements can be generated individually or according to a supplier category which displays all transactions made on the account.
Suppliers Orders and Invoices
Supplier documents can be generated quickly and easily saving your business a great amount of time. With a simple and limiting input system, employees can generate the appropriate information but yet powerful enough to make proficient and expert documents. Documents can be converted with a click of a button transferring existing information to the relevant document for example, converting an order to an invoice will transfer all supplier and item information, allowing employees to quickly allocate items to the appropriate expense account. Supplier invoices are linked to the accounting system which allows your accountants to save time, transactions are semi-automated and makes procedures easy from the supplied information on your supplier invoices which is then allocated to the appropriate accounts. When supplier invoices are generated, all previous orders associated with that invoice will be locked, however all linked orders to the invoice are displayed next to the generated supplier invoice.
Items consists of a service or a physical type. Items are generated on the fly with client and supplier documents, this allows for unnecessary procedures or processes and this feature can be enabled or disabled in company/biller settings.
Bill of Quantities
Bill of quantities allows the grouping of items and additional information can be added to the bill of quantity for example: Quoting on a desktop computer, the bill of quantities system can assist in grouping different parts of the computer box, displaying individual component prices and the total amount of the assembled computer box. Additional information can be added for example, the serial number of each part of the assembled computer box. The bill of quantity is only available in client request section, this feature can be enabled or disabled in company/biller settings.
The inventory system allows for the creation of stock codes, it is also categorized and linked to different warehouses, allowing employees to allocate specific item locations. Inventory items can be added, modified or removed. All actions will automatically be updated to the stock accounts on the accounting system, this allows for stock-taking and unforeseeable loss or additional items which are not allocated on the system. Inventory items can be linked to multiple suppliers for fast restocking of items. Supplier invoice items can be linked directly to add stock items, removing unnecessary procedures or processes. Item prices are individually recorded, simplifying price fluctuations for example: When old items were bought cheaper than new items, the system will keep track of the value of the inventory item assets. Donnotec's inventory system will calculate the average buying price for the stock item, making it easier to add markup to stock. Users will add a recommended selling price to stock items which will be used in client invoicing when inventory items are added, the system will then automatically add cost of sales and reduce stock. It will not allow client invoices to be generated when there is an inefficient amount of items in a stock code. Additional information can be added to stock to better describe items. The inventory system grants the business to manage buying and selling of items, this feature can be enabled or disabled in the company/biller settings.
Cost items are made with multiple items and stock codes, this is great for businesses that manufacture, assembles and repairs items. When inventory items are used to generate cost items and there is not enough items in the stock code, it will not allow you to add cost items to client invoice documents. When client invoices are generated, the system will automatically generate all transactions and allocated stock items. Cost items are only available in client request section, this feature can be enabled or disabled in company/biller settings.
Donnotec makes it easy to add multiple companies and set up each company to the user's needs. When companies/billers are created all relevant information is automatically set up including all accounts, document layouts and additional information. Donnotec has a wide variety of custom settings in accordance with your business needs. Procedures for client and supplier can be specified to generate invoices. Custom prefixes can be added to documents and user's signatures can sign documents in order to identify which employers created documents. Users can specify if no client/supplier information is shown alternatively client/supplier can be generated on the fly or a prefix list of clients/suppliers can be selected which was registered on the system. Companies/biller settings can also determine how items and bills are added this includes adding of items, inventory, cost items and bill of quantities to clients and supplier documents. Each system account for the specific company/biller can be renamed to accommodate the accounting part of your business. A company/biller can have its own currency format with a variety of symbols, decimal symbols, decimal digits and digital grouping symbols with its own display of positive and negative currency formats. Each company/biller can specify a unique business time zone which is critical when adding transactions with different time zones. A list of different tax types can be added and owners of a company/biller can also be defined which is used to generate equity reports. Business details can be edited on the fly which will automatically be modified to the relevant parts of the system.
Document layout editor is a unique feature of the donnotec system, it allows you to create professional layouts for each document for example statements, invoices, orders, client's requests, etc. Our document layout editor allows you to create documents from scratch or use our default layouts or edit existing document layouts. Document layout image manager allows users to upload their logos or custom images. Document layout editor allows different page sizes and orientations. We have a wide variety of selectable fonts and each aspect of data can be displayed according to your color scheme, font size and how documents should break on each page which means each company/biller can have a unique design for each document type. Each document is generated in a PDF format (Portable Document Format) which is a standard in the industry, it is supported by most devices and applications including phones, tablets, email programs, etc. This makes it easy accessible to clients and suppliers and gives you a professional edge over competitors.
Donnotec allows you to generate financial statements, this is done automatically by using the information in the accounting system that the user inputs into the system. The different types of statements is as follows:
Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements.
An income statement is a financial statement that reports a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities.
Owners' equity is the total assets of an entity, minus its total liabilities. This represents the capital theoretically available for distribution to shareholders.
This accounts consists of two parts, firstly the fixed system accounts that donnotec allocates to the users input like clients, suppliers, inventory, etc. The system account names can be changed in the biller settings to fit your custom accounting needs.Secondly the user accounts are created by the user additionally donnotec does create a preset of accounts which can be later modified or deleted by the user.
In a business accounting context, the word inventory is commonly used to describe the goods and materials that a business holds for the ultimate purpose of resale. Donnotec automatically manages this account when stock items are created. It is automatically deducted when an inventory item is sold with a client invoice and new inventory is automatically added when a supplier invoice is generated when the user allocates supplier items to the inventory.
A bank account is a financial account maintained by a financial institution for a customer. A bank account can be a deposit account, a credit card account, or any other type of account offered by a financial institution, and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals. The financial transactions which have occurred within a given period of time on a bank account are reported to the customer on a bank statement and the balance of the accounts at any point in time is the financial position of the customer with the institution. Donnotec allows users to add multiple cash/bank accounts, with our system it is easy to add cash/bank transactions and import statements in a standard CSV (comma separated values file) which is supported by most banking institutions or computer applications. Donnotec also allows the removal of cash/bank transactions with a simple click of a button. Current Asset Account to keep record of all cash and bank accounts. Multiple cash and bank accounts can be added, the system accounts is used when cash and bank statements are imported and allocated to the necessary account.
Accounts payable is money owed by a business to its suppliers and shown on its Balance Sheet as a liability. The system account automatically generates sub-accounts according to the supplier category, in additional all the suppliers are added to supplier category accounts.
While money is used to purchase goods and services for consumption, capital is more durable and is used to generate wealth through investment. Examples of capital include automobiles, patents, software and brand names. All of these items are inputs that can be used to create wealth. Besides being used in production, capital can be rented out for a monthly or annual fee to generate income, and it can be sold when it is no longer needed.
Capital received from investors for stock, equal to capital stock plus contributed capital. Also called contributed capital. Also called paid-in capital.
Retained earnings refer to the percentage of net earnings not paid out as withdrawals or dividends, but retained by the company to be reinvested in its core business, or to pay debt. It is recorded under equity on the balance sheet. This system account is automatically increased or decreased by donnotec at the end of the financial year depending on the net income minus the withdrawals or dividends of the owner or shareholders of the business.
In business, Net income also referred to as the bottom line, net profit, or net earnings is an entity's income minus expenses for an accounting period. This system account is automatically calculated at the end of each financial period.
Withdraw by business owner(s) of the company's earnings/a distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders. The dividends is most often quoted in terms of dollar amount each share receives (dividends per share). It can also be quoted in terms of a percentage of the current market price, referred to as dividend yield. The system account is found under retained earnings.
The income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted. Revenue is shown usually as the top item in an income (profit and loss) statement from which all charges, costs, and expenses are subtracted to arrive at net income. Also called sales, or (in the UK) turnover. The system account is found under net income.
Technically, an expense is an event in which an asset is used up or a liability is incurred. In terms of the accounting equation, expenses reduce owners equity. The system account is found under net income.
Cost of goods sold
Cost of goods sold is the accumulated total of all costs used to create a product or service, which has been sold. These costs fall into the general sub-categories of direct labor, materials, and overhead. The system account is automatically increases when inventory is added and your expenses become more.
At its simplest, a company's tax expense, or tax charge, as it sometimes called, is computed in by multiplying the income before tax number, as reported to shareholders, by the appropriate tax rate. In reality, the computation is typically considerably more complex due to things such as expenses considered not deductible by taxing authorities ("add backs"), the range of tax rates applicable to various levels of income, different tax rates in different jurisdictions, multiple layers of tax on income, and other issues. This account can be found under current liabilities.
Deferred income tax
Temporary differences are differences between the carrying amount of an asset or liability recognized in the statements of financial position and the amount attributed to that asset or liability for tax which are temporary differences that will result in taxable amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled; or deductible temporary differences, which are temporary differences that will result in deductible amounts in determining taxable profit (tax loss) of future periods when the carrying amount of the asset or liability is recovered or settled.
A sale is the act of selling a product or service in return for money or other compensation. It is an act of completion of a commercial activity. This system account automatically increases when a client invoice is created.
Allowance Uncollectible/Accounts Expense
The allowance account is shown as an offset (contra) to gross accounts receivable in order to arrive at net accounts receivable. The net figure is the realizable value of the receivable.
Accounts receivable also known as Debtors, is money owed to a business by its clients (customers) and shown on its balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. The system account automatically generates sub-accounts according to the user client category, in additional all the user clients are added to client category accounts.
Unallocated Account/Temporary account
Unallocated Account/Temporary account (one not included in financial statements) created to record disbursements or receipts associated with yet-unconcluded transactions until their conclusion, or discrepancies between totals of other accounts until their rectification or correct classification. The system account is used for all unallocated transactions, users cannot generate the end of a financial period if the balance of the Unallocated Account/Temporary account is not equal to zero and thus it also affects the financial year in.
Value Added Tax (VAT) is a consumption tax levied in many countries around the world, including member countries of the European Union. VAT is similar to sales tax in the United States; a portion of the sales price of a taxable item or service is charged to the consumer and forwarded to the taxation authority.
Output VAT is the value added tax you calculate and charge on your own sales of goods and services if you are registered in the VAT Register. Output VAT must be calculated on sales both to other businesses and to ordinary consumers. VAT on sales between businesses must be specified in a sales document.
Input VAT is the value added tax added to the price when you purchase goods or services liable to VAT. If the buyer is registered in the VAT Register, the buyer can deduct the amount of VAT paid from his/her settlement with the tax authorities.
Discount allowed/Discount received
Discount Allowed for Clients is automatically generated when adding discount to client invoices and thus the opposite is true for Discount Received from Suppliers when adding discount to supplier invoices.
Donnotec automatically generates a preset of user accounts which can be modified or deleted by the user and additional accounts can be created. The following is a list of preset accounts:
- Accounting Fees(Expense account)
- Advertising (Expense account)
- Bad Debts Recovered (Revenue account)
- Bank Charges (Expense account)
- Bank Loans (Non-Current Liability account)
- Computer Expenses (Expenses account)
- Depreciation (Expenses account)
- Electricity and Water (Expenses account)
- Equipment (Non-Current Asset account)
- Furniture and Fittings (Non-Current Asset account)
- General Expenses (Expenses account)
- Insurance (Expenses account)
- Motor Vehicle Expenses (Expenses account)
- Motor Vehicle (Non-Current Asset account)
- Other Sales (Revenue account)
- Printing and Stationery (Expenses account)
- Rent Paid (Expenses account)
- Repair and Maintenance (Expenses account)
- Salaries and Wages (Expenses account)
- Staff Loans (Current Assets account)
- Telephone and Internet (Expenses account)
- Travel and Accommodation (Expenses account)