Socrate Platinum Series 6 financial feature suggests to the user a simple and yet integrated approach to manage his financial operations. In case you are looking for a powerful and simple system to manage your general ledger, your assets ledger, to compute and control interest on accounts, to manage your payables and receivables, to control the due date of collections and payments, to generate cash forecasts, to develop and follow-up different budget scenarios, to design and submit different financial statements, as well as many other useful features. You will find in Socrate Platinum Series 6 the proper tools to assist you in executing these tasks in the most comprehensive and simple way.
 

GENERAL LEDGER

Socrate Platinum provides a complete set of transactions which simultaneously updates the general ledger, cost accounting, budget figures, prepaid and depreciation entries. In addition to the common specifications of Socrate Platinum, and the financial package, the General Ledger presents the following main features.

KEY PRODUCT CAPABILITIES

✔ Manages multi-dimensional accounting system.
✔ Allows multi-segment account structure including GL reference, company, department, source file and analytical section.
✔ Provides views on any of the above.
✔ Manages accounting vouchers with unlimited number of debit/credit.
✔ Linked to primary processing document.

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✔ Performs difference of Exchange, cost reallocation, transfer of balances, end of year closing procedures.
✔ Manages unlimited number of accounting periods.
✔ Re-evaluates all accounts in any currency.
✔ Manages account’s reconcilement and ageing.
✔ Outputs movement and aged trial balance.
✔ Outputs multiple journal ledgers.
✔ Reports balance sheet, profit and loss statement.
✔ Offers a powerful tool for the design of financial statements with comparison to n, n-1, ...
✔ Manages VAT and tax.
✔ Consolidates statements of accounts.
✔ Consolidates information of different companies and groups and by percentage level.
✔ Consolidates accounts per cost centers and files.

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COST ACCOUNTING

For a powerful cost accounting system, Socrate Platinum has developed two fields of cost centers and source files. The allocation of cost is done on the entry level or can be virtually reported on the financial statements. This way, you can imagine and compare multiple allocation scenarios for costs. In addition to the common specifications of Socrate Platinum, and the financial package, the Cost Accounting presents the following main features.

KEY PRODUCT CAPABILITIES

✔ Manages two cost centers per entry.
✔ Allocates costs either virtually on the report level or confirms it on the entry level.
✔ Gives instant access to the statement of each cost center and source file.
✔ Establishes a relation of parent/child between cost centers with an unlimited number of levels.
✔ Allows consolidation of cost centers on a parent level.

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✔ Consolidates data between sister companies with an inter-group account offsetting.
✔ Outputs movement and aged trial balance.
✔ Reports balance sheet, profit and loss statement per cost center.
✔ Offers a powerful tool for the design of financial statements with comparison to n, n-1, ...
✔ Consolidates statement of accounts per cost center and source file.
✔ Consolidates accounts per cost centers and files.

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ASSETS LEDGER AND DEPRECIATION

Socrate Platinum provides an assets ledger as part of the financial package. This ledger is updated from the purchase invoice. The user can choose his method and period of depreciation. Cost centers are directly linked to the depreciation entry.

KEY PRODUCT CAPABILITIES

✔ Keeps track of the initial amounts, YTD depreciated amount, cumulative depreciation and salvage value.
✔ Manages prepaid expenses.
✔ Generates depreciation entries.
✔ Manages straight-line and declining-balance depreciation method.
✔ Links UDDB (user-defined database).
 

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