Multi-Accounting Multi-Tax Rules

OpenPro has thousands of users everyday using our Multi-Tax capabilities.

OpenPro supports several different tax basis rules to meet US and international standards:

  • US tax rules for sales tax and payroll tax rules
  • International VAT tax rules for Europe, UK and Canada tax rules
  • Different accounting standards (e.g., US GAAP, UK SAP, German HGB)
  • Different inventory costing methods (e.g., Standard, Average, FIFO)
  • Different currencies

OpenPro supports multiple accounting through the concept of an Accounting Schema. An Accounting Schema is any combination of the following:

  • Chart of Accounts
  • Accrual or Cash-based accounting
  • Accounting standard
  • Costing method
  • Accounting currency

Note that in contrast to Set of Books, Calendar is not directly part of an Accounting Scheme, as you may have multiple calendars per accounting schema. The calendar is reduced to transaction support functions (open/close periods, summary postings, allocation definition ease of entry).

An important design advantage in OpenPro for parallel accounting is that OpenPro differentiates between the transaction details and the resulting accounting consequences. Separating transaction detail from accounting consequences has the following benefits:

  • Transaction data is not replicated
  • You can add or discontinue an accounting scheme anytime
  • You can generate accounting information for historical transactions
  • You can modify or replace any attribute (and optionally regenerate the accounting)
  • It is easy to extend and to maintain your parallel accounting practices

Transactions such as inventory updates and invoice payments, for example, complete immediately with high priority, while the accounting completes asynchronously with lower priority and is dependent on the system load.