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Group of programs: Business automation

Software USU

Accounting of received loans and borrowings

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  Who is the developer?

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Accounting of received loans and borrowings in the USU Software depends on who will keep such records - the company, ‘burdened’ with the received loans and borrowings, or the organization that issued loans and borrowings. This determines the name of those accounts that should be used in reflecting accounting transactions since they are different for each of the parties, although the presence of the word ‘received’ clearly indicates who should be discussed. It should be noted that automated accounting of received loans and borrowings can be used by both organizations, but for each case different settings are used when installing the configuration of accounting received loans and borrowings - both are performed by employees of the USU Software using the Internet connection for remote work.

Loans and borrowings differ from each other as loans are received only from the bank in monetary terms and with obligatory interest for the use of loans, and since this is a banking operation, loans are provided by non-cash payment, while borrowings can also be in monetary terms and based on offset, they can have an interest and can do without interest, provided both in a non-cash way and in cash. All these nuances are considered in the configuration of accounting of received loans and borrowings. The employees of the enterprise only need to enter the required values in the cells prepared for each option, the rest of the accounting work will go automatically in compliance with all the above conditions, although in accounting, by and large, there is no distinction between loans and borrowings.

Who is the developer?

Borrowings and loans received, interest on which is accounted for separately, are distributed among different accounts in this way - loans received are divided into short-term and long-term, borrowings received are reflected with or without interest, and each category has its separate account. The configuration of accounting of loans and borrowings received accounts for interest as an expense on a straight-line basis. The purpose of this description is not to clarify the accounting of loans received and the accounting of interest to them, but to show how much the automated accounting system is more convenient than the traditional method of accounting of interest on loans and borrowings received.

In the configuration of accounting of the received interest, everyone can work, but not in the sense of who wants, but in the sense of all those who have received admission to the system and must work in it, and due to the lack of user skills cannot be among the lucky ones. So, the configuration of accounting of the interest received is available to everyone. It has a simple interface and easy navigation, which allows you to master it quite quickly. By the way, only the USU Software can boast of this quality and in alternative menu designs it is much trickier, and without being an experienced user, it is difficult to understand it. The duties of employees in the configuration of accounting of the interest received include only the operational addition of primary and current information collected during the execution of tasks, registration of finished operations, based on which the accounting system makes its automatic calculations, providing performance indicators that demonstrate the current state of the enterprise.

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Accounting requires periodic updating of information about its conduct since the development of technologies and increase in the scale of activity bring certain changes to the process of its conduct, therefore, the program has built-in information and reference base, which contains regulatory documents on maintaining all types of accounting in lending activities for both parties and gave recommendations on specific types of accounting, as well as proposed calculation methods. At the same time, the system automatically monitors changes in standards, including documenting accounting transactions, so the information in this database is always up to date. The program automatically compiles all enterprise documentation, including financial document flow and mandatory industry reporting, and it is important for it to be aware of all changes that may be related to documents so that the presence of a reference base is necessary for the staff to be fully confident that everything has been done correctly.

The staff does not participate in accounting procedures and the formation of documents. The system performs these operations automatically as the necessary information is added to it, instantly reacting with new calculations when entering user readings, which entails an instant change in performance indicators that characterize the current state of the enterprise. The advantages of an automated system include the analysis of an enterprise's activities, including financial analysis of received loans and borrowings, which makes it possible to improve the quality of work operations, staff efficiency, and eliminate unproductive costs.

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Accounting of received loans and borrowings