Accounting Management in Automotive Industry
What is cost accounting all about?
The basic purpose of Cost Accounting is to help understand the costs involved in running a business. On the whole, full integration has been performed amidst Cost Accounting and the General Ledger application area. In the long-term, it will help to make analysis with regards to the costs per departments and products/services. With the help of this analysis, it will be a whole lot easier for a reliable base to be created with regards to Cost Accounting. It can be utilized to perform an analysis on the following:
- The different types of costs or expenses that occur while running a business
- Areas where the costs occur
- The individuals responsible for bearing the costs
When it comes to Cost Accounting in Elva DMS, you get to benefit from the following features:
- Place easy definitions for chart of costs types with the help of a functionality and structure that holds much in common with the General Ledger chart of accounts
- In one cost type, you are allowed to place summaries of a variety of general ledger accounts
- A basic chart of cost types, all of which have been formulated with regards to the General Ledger income statement accounts
- Predefined departments or expense centers, and products/services or cost objects – all of which have not just been sorted, but have subtotals and titles as well
Details on Receivables Management
In case you wish to make use of the Multiple Currencies functionality, it will be possible for you to post sales transactions and even manage debtors in varying currencies for every customer.
Apart from that, you will also have the power to keep an eye on your reminders along with a number of finance charge memos. It is typically inclusive of checking whether or not the said amounts are regularly being paid on time. In case there are customers who have lapsed payments, it is vital for you to work out when, and how reminders can be sent. For any interest, and/or fees, it is easily possible for you to debit their accounts.