Auction Finance

General ledger

The General ledger is a complete record of all financial transactions in a company. The general ledger holds account information that is required to prepare financial statements, and it includes accounts for assets, liabilities, owners’ equity, revenues and expenses.

All transactions are posted to the general ledger, either automatically by the system or manually by the accountant. This gives you accurate financial statements, consistency between the general ledger entries and the real world; traceability and documentation of all entries.

An advanced interface between the transactions and the general ledger will provide you with tools for reconciliation and quality assurance, providing a traceable and high-quality year-end closing on month by month basis.

Account Payables

The payables are the company’s unrealised debt to the suppliers or the debtors. The payables are connected to the General Ledger via a sub-ledger called Accounts payable. The Accounts payable ledger provides an overview of all transactions between your own company and each supplier and is used to keep track of the settlement of open and closed entries in the General Ledger.

RamBase provides you with:

Processes supported within the payables:

Account Receivables

Receivables are the company’s unrealised claims on the customers or the debtors. Receivables accrue when goods or services are delivered, and a sales invoice has been issued. Receivables are connected to the General Ledger via a sub-ledger called Accounts receivable. Accounts receivable provides an overview of all transactions between your own company and each customer and is used to keep track of the settlement of open and closed entries in the General Ledger.

RamBase provides you with:

Processes supported within the receivables:

Auction counter accounting: In an auction, a supplier might just as well be a customer. Therefore, we have an auction settlement process that handles clearing (counter accounting) and disbursement towards suppliers after auctions.

Cash Management

Management of the company’s cash flow is an important, daily process in all companies. The purpose of the cash management process is to mirror the real bank accounts, so you do not have to leave RamBase to get control over your company’s liquidity and the balances on the different bank accounts you have. RamBase provides tools for managing, monitoring cash flow and all necessary transactions efficiently and reliably.

Budgeting

RamBase supports budgeting and reporting against a budget. Budgets can be created in RamBase, or in a spreadsheet and subsequently imported into RamBase. A budget can be divided into one entry per budget account, period, department, or project. RamBase supports a simple consolidation of budgets.

Most users prefer to enter budget figures in a spreadsheet, as it speeds up the registration process. If different spreadsheets do not contain the same combination of account, period, department and project, the budget will be consolidated while it is loaded into RamBase. This makes it possible to distribute the budget process to different departments or projects.

 Budget figures are stored on separate budget accounts and are mapped against the Chart of accounts, or the flexible account group structure in RamBase. This provides a flexible budget structure. Budgets can be compared with both balance sheets and income statements.

The RamBase budget process provides you with:

Tax Handeling

VAT reference configuration:
RamBase VAT management is based on the VAT reference system. The VAT reference system helps you pick the correct VAT code based on automatically registered country codes. It simplifies time-consuming VAT management, especially when a company has VAT registrations in many countries.

Multinational VAT configuration:
If a company has a warehouse or an agent (location) that is VAT registered in another country, you have the possibility to set up separate VAT rates for that country / VAT registration number. Transactions, where this location is the consignment country, will then be managed with a separate set of national VAT rules. Based on the setup chosen, it is possible to run VAT reports for different countries in the same accounting system.Intrastat reporting
It is possible to issue the EU Intrastat sales and purchase reports in order to report trade between companies within the European Union.

VAT Handeling

Satisfactory tax handling requires that the company’s system is configured in accordance with the company’s standards, and the applicable laws and regulations stipulated by the authorities. RamBase provides you with the necessary control to follow up on laws and regulation.

Management of sales tax:
For trade between companies within the United States (US), the VAT reference system traces the states for consignment and shipment. A state can be defined on transactions, and for suppliers and customers. This provides the option to post and report trade between US states manually. RamBase does not support automatic management of sales tax.

See all Features for Auction

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