A new Single Company Version of Account21 with VAT is available now. This version is most suitable for small businesses that can now get a full-fledged Accounting cum Invoicing cum Inventory package at an affordable cost.

All the features of standard Account21 is available in Single Company Version except that only one company can be created. Some of the standard features are:

• VAT enabled Invoices/Purchases

User can create VAT enabled Invoices and Purchase vouchers in this version. The VAT schedules of items are captured at the Item creation level so that chances of making mistakes are minimum. Non-VAT invoices can also be created in the system.

• Stock Transfer Documents

To facilitate movement of stock from one location of the company to another location, the new version of Account21 comes with Stock In and Stock Out documents. Without affecting sales and purchase, these vouchers allow users to move stock from one location to other location of the company.

• Dr/Cr Notes

These are new documents made available as per VAT requirement. These documents allow issuing Dr/Cr notes against Sales/Purchases. These documents can also be printed out. The normal Dr/Cr notes on the accounting side will continue to be made available for using other than Sales/Purchase related activities.

• VAT Return Document (Form 100 and Detailed Report of Form 100)

A new report is made available which meets the monthly VAT 'Return' requirement on Sales & Purchases.
A new functionality to view the detailed transactions of VAT Report (Form -100) is added in Account21. Using this functionality user can view the details of each column. On selection of each column the system will display the transactions considered for calculating that column value. This function will help the user in verifying the VAT Report easily.

• New report on Capital Goods purchase is added to the VAT version of Account21

A new report on deductible input tax on Capital Goods is added to the VAT version of Account21. This report gives complete clarity to the user on how the deductible input tax is arrived at for each month. The report shows the purchase voucher number, date, purchase amount, input tax paid, number of installments and the input credit for each month.

• FBT (Fringe Benefit Tax) module added in Account21
  
  A new module to calculate the recently introduced Fringe Benefit Tax is added in Account21. The quarterly report that is available with this module will indicate FBT applicable amount against various accounts and the FBT to be paid. As part of one-time set-up, user has to select the accounts for which FBT are applicable and the applicable percentages to be entered against these accounts.
  
  
  To know more about Account21 click here.