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With many businesses using accounts packages, hiring outside accountants or designating a single staff member to manage finances, it is rare to find an entire company workforce that is well accustomed to accounting terminology.
However with staff ultimately processing information that has an effect on company finances, it is important that companies offer their employees guidance on accounting terms and their meanings.
Depending on the procedures in place, staff may be required to input tax or nominal codes when processing purchase order invoices. If staff are unable to identify the information they require or don’t fully understand the codes they are processing, they are more likely to input erroneous data or incorrect codes. Therefore it is important for businesses to make staff aware of what these codes mean so that accuracy can be maintained and correct codes entered.
To help tackle this problem, new functionality has been added in version 9.9 of OrderWise to assist staff when they are adding tax and nominal codes to purchase order invoices.
Certain businesses, for example those trading in foreign currencies as well as pound sterling, can use a huge range tax codes. To assist OrderWise users who do not have a full understanding of exactly what each tax code is for, a new combo box has been added to the tax code field within the purchase order invoice screen. This provides users with the full description making it far easier for staff to select the correct code, reducing the opportunity for errors and the need for corrections of VAT return issues.
Similarly to tax codes, certain businesses can handle large numbers of nominal codes, with many companies breaking their purchase nominal codes down into specific categories. If only the codes themselves are displayed, a solid knowledge of these is required by the staff member who is tasked with inputting the correct code when entering a purchase order invoice. As these nominal codes are used to group information and analyse spending to help set budgets, it is vital to ensure costs are assigned correctly. Therefore a new combo box has also been added to the nominal code field within the purchase order screen to provide users with the full description for each code.
These two new tax and nominal code combo boxes join the others that are already in place in OrderWise to help guide users when entering important information, ensuring data accuracy is preserved and errors are always kept to a minimum.
For more information on OrderWise including Purchasing, you can download our brochures or watch our videos.
To discuss your requirements in more detail contact us today on 01522 704083
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