There are a myriad of Bookkeeping apps out there, so why use microbooks in the first place? Below is a description of the platforms power features that set it apart from the competition.
Inclusive and Exclusive Taxes
Taxes attached to a Line Item may be applied exclusive from the line item amount, i.e added on top of the value or inclusive of it, in which case the tax amount is calculated as part of the Line Item gross amount.
Multiple Taxes may be applied to the same Line Item, which application is determined by whether they are simple or compound taxes as described below.
Simple and Compound Taxes
Simple Taxes apply in parallel, which each rate being applied on the Line Item amount independently. Thus the order of application in this case is irrelevant. Compound Taxes on the other hand apply in sequence, with each rate applying to the Line Item amount after it has been modified by the Taxes before it. As such, the order of application is important.
Multiple Discounts may be attached to the same Line Item, so long as they are all of the same type. Discount types are either Operational, or Administative.
Discounts may be applied to a Line Item's amount on a Gross basis, i.e. after the application of Taxes or Net basis before taxes are applied.
Transactional Forex Handling
Within the same reporting period, forex differences in the clearance of time lagged Transations Such as Credit Sales/Purchase which are cleared when the exchange rate might have changed are calculated automatically and posted to the appropriate non Operating revenue account as either a forex gain or loss depending on the exchange rate movement.
Forex Balance Translation
Balances for Accounts denominated in a non reporting Currency must be translated at the end of the Reporting Period to the reporting Currency for the sake of consistent reporting. microbooks handles this Translation automatically.
Two Step Commit
By default, all Transactions are created in a pending state during which all changes to the Transaction and its Line Items are permitted. Once a Transaction is posted i.e. committed to the ledger it becomes immutable and the only way to undo its effect is to create a new reversing Transaction.
For clearance Transactions such as Client Receipts and Supplier Payments, microbooks automatically allocates the payment to the Client/Supplier's outstanding Transactions on a First in First Out basis. This behaviour can be overridden by specifying exactly the Transactions that should be cleared by the Receipt or Payment.