1C:Corporate Finance Management

1C:Enterprise 8. Corporate finance management

Functionality description

Bookkeeping and tax accounting subsystem

In “1C:Enterprise 8. Corporate finance management” (1C: CFM) bookkeeping and tax accounting subsystem developed on basis of typical configuration “1C:Accounting 8”, which is universal software for bookkeeping and tax accounting automation, including generating of statutory reporting. 1C:Accounting 8 allows conduct accounting in commercial organizations, involved in wholesale and retail trade, commission trade (including subcommission), services, manufacturing, etc. Bookkeeping and tax accounting designed in accordance with legislation of Russian Federation. In configuration included chart of accounts, customized in accordance with Order of Minfin of RF “Approving the chart of accounts for financial and business organizations, and instructions for its use” from 31 October 2000 №94n.

IFRS accounting subsystem

In “1C:Enterprise 8. Corporate finance management” IFRS accounting subsystem allows to financial services of enterprise finished methodological basis for accounting under IFRS and can be adapted under specific of standards implementation on concrete enterprise.

IFRS accounting subsystem allows:

  • conducting financial accounting and preparation of individual financial reporting in accordance with IFRS;
  • parallel translation (transfer) of greater part of accounting records (postings) from bookkeeping subsystem by rules, which can be flexibly customized by user;
  • separate accounting under Russian and international standards, where differences between Russian and IFRS requirements significantly (e.g. asset and IA accounting, credits and loans (both issued and received), leased facilities accounting, receivables);
  • conduct own regulatory documents (e.g. accrued expenses, reserves accounting, asset impairment accounting and others), as well as making adjusting entries in “manual” mode.

Additional tools of postings translation check significantly simplify implementation and exploitation of system.

Subsystem includes independent chart of accounts, which meets requirements of IFRS and can be customized by user.

Database on IFRS

Subsystem also can be customized for accounting and generating statutory reporting in accordance with other foreign standards, including US GAAP. Also its comfortable to use it for management accounting.

Subsystem also can be customized for accounting and generating statutory reporting in accordance with other foreign standards, including US GAAP. Also its comfortable to use it for management accounting.

Subsystem

The subsystem provides formation of primary financial statements in accordance with IFRS:

  • Balance
  • P & L reporting
  • Statement on changes in equity
  • Statement of cash flow

Subsystem of data preparation for formation of consolidated financial reporting

Subsystem allows preparing data for formation of consolidated reporting by data of accounting and IFRS subsystems.

Process “Export of reporting under ESR into Consolidation PROF” allows to unload relevant turnovers on chosen organization, which involved in specified consolidation group, into group of reports of stage “Import of reporting about intra-group transactions” of software “1C: Consolidation 8”.

Subsystem of cash flow management

Subsystem automates process of funds operative planning. To solve this problem in circuit of money management used two-stage scheme transactions registration.

  • registration in information database of intention to change status of funds and mutual settlements. Intensions registered in information base by requests on planned disbursements and intakes of funds;
  • registration in information base fact of payment, which leads to a change in state money and mutual settlements. Requests on disbursement of funds create money demand from the business units.

Subsystem of contract accounting

In “1C:Enterprise 8.Corporate finance management” (1С:CFM 8) in subsystem of contract accounting following features developed:

  • preparation of contract conditions;
  • planning of fulfillment of commitments by contract;
  • control of plans on shipping/intake of goods, works and services;
  • control of incoming/outgoing payments on contract and verification with limits of budgeting subsystem;
  • document accounting on contract;
  • safekeeping documents on contract in 1C:Archive.

Subsystem of budget planning

In 1С:CFM 8 subsystem of budget planning is a solid system of planning control and analysis of cash flow and financial results.

Subsystem of budget planning allows generating optimal system of financial and operational plans, interconnected between them. This system can include:

Master-budget of enterprise (main, general, summary), which consists of:

  • Cash flow budget
  • P & L budget
  • Budget according to balance sheet
  • Investment budget, or budget of equity

Functional budgets:

  • Sales budget
  • Production budget
  • Purchase budget
  • Budget of direct consumption on emolument
  • Other budgets

Budgets of projects:

Budgets can be prepared at the next few months (current or refined planning), and for longer periods of time (strategic or aggregate planning).

Subsystem of budget planning is a tool of financial planning on enterprise, corresponding to universal budget model.