TFX Biz-Flow Comprehensive Guide
  • Quick Start
    • Sell Module Guide
      • Introduction
      • Navigating the Sell Module
        • Dashboard
          • Features
            • Access to Critical Data
            • Interactive Reporting
            • Actionable Insights
        • Product Management
          • Overview
          • Adding a New Product & Services
          • Adding Products/Services via CSV
        • Price List Management
          • Overview
          • Setting Up & Updating Prices
        • Customers Management
          • Overview
          • Adding New Customers
          • Customer Information Management
        • Invoice Management
          • Overview
          • Invoice Creation
          • Editing and Deleting Invoices
      • Compliance with LHDN's E-Invoice Enforcement
    • Buy Module Guide
      • Introduction
      • Navigating the Buy Module
        • Dashboard
          • Features
            • Access to Critical Data
            • Interactive Reporting
            • Actionable Insights
              • Purchases with PO
              • Purchases Without PO
              • Detailed Procurement Tracking
        • Purchase Requisition
          • Overview
          • Step-by-Step Guide to Creating a Purchase Requisition
        • Initiating Quotation/Tender Process
        • Vendor Evaluation
        • Selecting a Vendor
        • Supplier Invoices and Goods Receipt
          • Goods Received Note
        • 3-Way Matching Process
        • Handling Discrepancies in Procurement
        • Inventory and Asset Management
        • Additional Procurement Scenarios
        • Conclusion
    • Pay Module
    • Accounting Module
      • Right of Use (ROU) Asset
      • General Ledger
      • Direct Costs
      • Viewing General Ledger Accounts
      • Subsidiary Ledgers
      • About Debit Note
      • Real-Time Financial Statements
    • Manage Module
      • Inventory Module
        • Inventory Management
        • Our Inventory Management Application
        • Product & Material Inventory Ledger
        • Transfers
        • Issues To Production
        • Adjustments
        • Importance of Stock Count
        • Valuation of Inventory
      • Asset Register Module
        • Non-Current Asset Register
        • Fixed Asset Register
        • Depreciation Methods
        • Disposal/Write Off of Fixed Assets
        • Asset Impairment
        • Maintenance History
      • Project Accounting Module
        • Contract/Project Accounting Module
          • Project Accounting
          • Contract Accounting Ledgers
          • Invoicing
      • Data Migration Module
        • Migration at the end of a Financial Period
        • Migration Process for Trade Receivable and Payable
        • Migration of Fixed Assets
        • Migration of Inventories
        • Migration of Other Asset, Liability, and Equity Accounts
        • Migration During a Financial Year
        • Trade Receivables & Payables
        • Our Data Migration Facilitations
        • Sales Invoice Migration
        • Vendors Invoice
  • FAQs
Powered by GitBook
On this page
  1. Quick Start
  2. Accounting Module

Real-Time Financial Statements

To enhance the functionality of Biz-Flow and enable the generation of real-time financial statements, we have incorporated the following features:

  1. Dynamic Inventory Tracking: As your inventory position fluctuates due to sales, production activities, and restocking, the system will seamlessly reflect these changes in the cost of sales. To facilitate this, we have implemented two specific accounts within the general ledger under the direct cost category.

  2. "DC150 Change in Material Closing Inventory Valuation" Account: This account is designed specifically for manufacturing entities to accurately record changes in the raw material inventory position. The balance of this account will be included as part of the manufacturing cost in the profit and loss statement.

  3. "DC250 Change in Product Closing Inventory Valuation" Account: This account caters to both manufacturing and trading entities, enabling them to effectively track changes in the finished product inventory. Similar to the previous account, the balance of this account will contribute to the cost of sales in the profit and loss statement.

  4. Automated Entries: We have developed an automated process that will seamlessly update these specific accounts within the general ledger as inventory changes occur. This automation negates the need for manual intervention, ensuring accuracy and efficiency in financial record-keeping.

Please be advised that these refinements have been meticulously implemented to streamline your financial reporting process and facilitate real-time decision-making.

PreviousAbout Debit NoteNextManage Module

Last updated 1 year ago