What's New - Version 6.0.22
Release Date : 12 Jul 2021
- Document Vault in CXO Control Tower (New)
- Instantly Search all documents and attachments
- Automatically indexes text inside documents / search indexed text as well.
- Following Documents are Searchable
- Attached to Transactions (Sale Invoice, Payment Voucher, Debit Note etc)
- Employee Master (Passport, NRIC, Educational Certificates, Visa etc)
- Customer Master, Vendor Master and more
- Compliance Configuration
- Compliance Notifications
- CXO Control Tower (Enhanced)
Extensive “Colour Coding” makes it yet easier to navigate the spot the outliers- Customer Code, Customer Name & Sale Invoice are Blue
- Vendor Code, Vendor Name, Purchaser, Purchase Invoices, Paid Amounts & Debit Balances are Red
- Received Amounts & Credit Amounts are Green
- Balances are Black
- Stock In is Green and Stock Out is Red
- Tax Deduction at Source u/s 194Q on “Goods” wef 01 July 2021 (TDS) (New)
– Applicable for India only
With the introduction of Section 194Q in the Indian Income Tax Act 1961, you are required to deduct TDS on literally every Purchase Invoice wef 01 July 2021. Similarly, your Customers are now required to deduct TDS on literally every Sale Invoice you rise on them. This increases the workload in the Accounts Department exponentially, especially due to the many conditions under which the TDS needs to be deducted.FACT ERP.NG has automated TDS Deduction u/s 194Q in a Fully Automated manner. No human errors are now possible as are commonplace in other ERP Systems. Click on link below for the simple steps to activate Automatic Handling of TDS u/s 194Q (and the subsequent changes in TCS u/s 206C (1H)).Once you have done both the above and Purchases made from or Payments made to Resident Vendor exceeds INR 50 Lakhs, FACT ERP.NG will automatically prompt Deduction of TDS u/s 194Q when entering the following: https://www.factsoftware.com/tds-deduction-u-s-194q-guide/ FACT ERP.NG will automatically prompt TDS Deduction u/s 194Q when entering:- Purchase Invoice
- Vendor Advance Payment
- Vendor Debit Note
Amazing Benefits on TDS Deducted u/s 194Q by you:
- Fully Automatic TDS Deduction / no errors
- All conditions of Section 194Q captured in FACT ERP.NG
- Automatic generation of TDS Payable Amount to Government at month end
- Automatic generation of TDS Return Form 26Q
FACT ERP.NG will also automatically prompt you to enter TDS Deducted u/s 194Q by your Customers when entering:
- Customer Receipt
Amazing Benefits on TDS Deducted u/s 194Q by your Customers:
- TDS Deduction Amount captured at the time of Customer Receipt (no extra entry required)
- All conditions of Section 194Q captured in FACT ERP.NG
- Automatic Reconciliation with TDS Form 26AS (downloaded every quarter from TDS Portal)
- Single-Click Email to all Mismatched Customers
(System – Preferences – System Control)
(Masters – Tax Deduction at Source (TDS) – TDS Types (Sections))
(Accounts Payable – Purchases – Entry – Purchase Invoice, Debit Note, Vendor Receipt/Payment)
- Tax Collection at Source u/s 206C (1H) – (TCS) (Enhanced)
– Applicable for India only
FACT ERP.NG has amended TCS Collection u/s 206C (1H) in a Fully Automated manner. No human errors are now possible as are commonplace in other ERP Systems. Click on link below for the simple steps to activate Automatic Handling of TDS u/s 194Q (and the subsequent changes in TCS u/s 206C (1H)). https://www.factsoftware.com/tds-deduction-u-s-194q-guide/
Amazing Benefits:- TCS Box Pops up at Customer Receipt & Vendor Payment automatically
- No errors in TCS Amounts / fully automatic
- All TCS conditions taken into account / no manual work required
- Automatic generation of TCS Payable to Govt at month end
- Automatic generation of TCS Return Form 27EQ
(System – Preferences – System Controls)
(Masters – Customers/Vendors – Customers, Vendors)
- Statutory – Form GSTR-1 (Enhanced)
– Applicable for India only- New Column ‘Rate’ has been introduced as per new format in ‘HSN/SAC Wise Summary of Outward Supplies – 12′ to display the GST percentage of HSN/SAC.
(Statutory – Reports – GST – Form GSTR-1)
(Auditor’s Toolbox – GST – Form GSTR-1)
- GST Form 5 (Enhanced)
– Applicable for Singapore only
New Column ‘GST Registration Number’ added in GST Form 5- Breakup Tab
- Revenue Tab / Transaction Breakup
- Breakup of GST Boxes 1 – 9
(Statutory – Reports – GST – GST Form 5, Breakup of GST Boxes 1 – 9, Group Filing)
(Auditor’s Toolbox – GST – GST Form 5, Breakup of GST Boxes 1 – 9, Group Filing)
- General Ledger Data Dump – Parameter Box (Enhanced)
‘Tag All’ and ‘Untag All’ Buttons in ‘Document Types’ Group(General Ledger/Cash/Bank – Reports – General Ledger – General Ledger Data Dump)
(Auditor’s Toolbox – General Ledger Data Dump)
- Entry – Customer Receipt / Payment (Enhanced)
New Field in ‘Add/Remove Fields’- Reconciled Date
(Accounts Payable – Purchases – Entry – Vendor Receipt / Payment)
- Entry – Vendor Receipt / Payment (Enhanced)
New Field in ‘Add/Remove Fields’- Reconciled Date
(Accounts Payable – Purchases – Entry – Vendor Receipt / Payment)
- Print & Email in Entry Documents (Enhanced)
Emailing to Customers and Vendors now yet more powerful- Default Contact Email automatically populated in ‘To’
- New Button “Select Email Address”
- Customer Ledger – Customer Wise
- Vendor Debit Note
- Vendor Credit Note
- Vendor Ledger – Vendor Wise
(Masters – Customers / Vendors – Customers & Vendors)
(Accounts Receivable – Sales – Reports – Party Ledger – Customer – Customer Wise)
(Accounts Payable – Purchases – Entry – Vendor Debit/Credit Note)
(Accounts Payable – Purchases – Reports – Party Ledger – Vendor – Vendor Wise)
- Entry – Sale Return (Enhanced)
Following Fields switched to ‘General – Mandatory’ in ‘Add/Remove Fields’- Amount
- Outstanding
- Adjusted (%)
(Accounts Receivable – Sales – Entry – Sale Return)
- Tax Deduction at Source (TDS) (Enhanced)
– Applicable for India only
New TDS Sections added- 194J(a)
- 194J(b)
(Masters – Tax Deduction at Source (TDS) – TDS Types (Sections))