Accounting
You can take view of the video of the accounting feature below.
The OHADA Accounting standards provide a framework for preparing financial statements that are consistent, reliable, and comparable. They cover various aspects of accounting, including recognition, measurement, presentation, and disclosure of financial information. By establishing clear guidelines, OHADA Accounting helps businesses maintain uniformity in their financial reporting, enabling stakeholders to make informed decisions and fostering investor confidence.Advantages
Facilitates cross-border transactions and economic integrationHarmonizes accounting practices for consistency and comparability.
Facilitates cross-border transactions and economic integration.
Aligns with international financial reporting standards (IFRS).
Enhances transparency and disclosure of financial information.
Promotes investor confidence and attracts foreign investment.
Supports good governance and accountability.
Simplifies financial analysis and benchmarking.
Reduces compliance costs for businesses.
Strengthens regional trade and cooperation in Africa.
Enhances credibility and trust among stakeholders.
Drives the development of a robust business environment.
Streamlines financial reporting requirements.
Enables informed decision-making based on reliable financial statements.
Boosts the competitiveness of African businesses.
Multiple Branches/Location
A cutting-edge accounting system that supports multiple branches/locations revolutionizes financial management for businesses. This sophisticated software seamlessly integrates data from various branches, empowering organizations with centralized control and real-time visibility over their financial operations.
- Centralized Control:
- Real-time Visibility:
- Streamlined Processes:
- Enhanced Collaboration:
- Scalability and Growth:
Enables organizations to have a centralized view and control over financial operations across multiple branches/locations.
Provides real-time access to consolidated financial data, facilitating informed decision-making and strategic planning.
Simplifies accounting processes, reporting, and inter-branch transactions, reducing manual effort and minimizing errors.
Promotes collaboration among teams in different branches, enabling seamless coordination and efficient communication.
Invoices/Retail
You can view the Youtube video to see how it's done.
An innovative accounting system that supports invoices and retail transactions revolutionizes financial management for businesses in the retail industry. This advanced software seamlessly integrates sales, invoicing, and financial data, providing a comprehensive solution tailored to the specific needs of retail operations.
Automated Invoicing:
Integrated Retail Functionality:
Real-time Insights:
Tax Compliance:
Scalability:
Financial Reports
You can use the video to see brief reporting.
This cutting-edge software integrates data from various sources, enabling organizations to generate accurate, detailed, and timely financial reports. With financial report support, businesses can effortlessly generate balance sheets, income statements, cash flow statements, and other essential financial reports. The system automates the report generation process, reducing manual effort and minimizing the risk of errors. It ensures that reports are consistent, reliable, and compliant with accounting standards.
Real-time Visibility:
Efficient Order Management:
Data-driven Insights:
Enhanced Accuracy:
Compliance and Reporting:
Inventory
You can view Youtube video as well.
With inventory support, businesses gain real-time visibility into their stock levels, ensuring accurate tracking, replenishment, and forecasting. The system automates inventory management tasks, such as tracking stock movements, adjusting quantities, and generating alerts for low inventory levels. This streamlines operations, reduces manual effort, and minimizes the risk of stockouts or overstocking.
Real-time Visibility:
Efficient Order Management:
Data-driven Insights:
Enhanced Accuracy:
Compliance and Reporting:
Multiple User Access & User Roles
check how to in the video below
With multiple user access, businesses can grant specific permissions and restrictions to different users based on their roles and responsibilities. This system ensures that only authorized personnel can access sensitive financial data, maintaining confidentiality and data integrity. It empowers businesses to define user roles, such as administrators, accountants, or auditors, and assign appropriate access levels accordingly.
Controlled Access:
Seamless Collaboration:
Customizable Roles:
Data Security:
Efficient Workflow:
Project Accounting
You can embed Youtube video as well.
With project accounting support, businesses can effectively track project costs, revenue, and profitability. The system allows for accurate allocation of expenses to specific projects, ensuring cost transparency and enabling businesses to monitor project budgets in real-time. This visibility empowers project managers to make informed decisions, control expenses, and deliver projects within budget.
Accurate Cost Tracking:
Real-time Project Monitoring:
Detailed Financial Reporting:
Streamlined Expense Management:
Compliance and Standards:
Recording of Business Transactions
check how to in the video below
With multiple user access, businesses can grant specific permissions and restrictions to different users based on their roles and responsibilities. This system ensures that only authorized personnel can access sensitive financial data, maintaining confidentiality and data integrity. It empowers businesses to define user roles, such as administrators, accountants, or auditors, and assign appropriate access levels accordingly.
Controlled Access:
Seamless Collaboration:
Customizable Roles:
Data Security:
Efficient Workflow:
How to add a unit of measurement
You can customize your own unit of measurement
custom unit of measurement specific to your software product, you can provide clarity to customers regarding what they are purchasing. It helps in setting clear expectations about the quantity or scope of the product they are acquiring. This consistency in unit measurement can prevent confusion and enhance customer satisfaction.
Custom units of measurement provide pricing flexibility, allowing you to offer different pricing tiers or options based on the quantity or usage of your software product.
Clarity and consistency for customers:
Product differentiation from competitors:
Pricing flexibility with different tiers and options:
Scalability and upselling opportunities:
How to Record in a Ledger
How to record a ledger in SOAS
By default the system presents to you principally the various ledger models such as the opening balance ledger, the sales ledger, the purchase ledger, cash ledger and the general ledger. But if you see the need to add more, follow this procedure.• Go to ‘accounting’ at the side navigation bar and click on ‘ledger’
• The above ledgers will be presented to you but to add more you will click on the ‘plus sign’ found at the end of the heading NEW LEDGER.
Editing a Ledger:
In case you see the need to modify a ledger all you will need to do is go to ‘accounting’ on the side navigation bar and select ‘ledger’ then move to the action Colum and click on the ‘pencil like icon’. Click on the ‘update option’.Deleting a Ledger:
To delete a ledger in the Solafide accounting system, go to ‘accounting’ on the side navigation bar and select ‘ledger’, then move to the action Colum at the end of the three icons. You will see a ‘red dustbin shaped icon’ click on it and an interview question will come up asking if you are sure you want to delete, you can then take the answer that suits you.
How to Register Busness Expenses
You can customize your own unit of measurement
Business Expenses:
This is the cost a business incurs while caring out its ordinary activities. Most if not all businesses subtract these expenses from their revenue so as to have their profits or loss.In the Solafide OHADA Accounting system setting up these expenses can be done as such:
• Move to the side navigation bar and click on ‘catalogue’ then select ‘business expenses’ and click on ‘add expenses’ on your left side of your workspace and fill in the information that is needed.
Once done take the ‘create option’ at the bottom.
How to Access Reports
How to record a ledger in SOAS
Reports:
A report is a structured document that presents information, data, or findings on a particular subject or topic. It is typically written or presented in a clear and organized manner to convey information to a specific audience. Reports are used to analyze data, summarize important information, and make informed decisions. The reports generated in the Solafide accounting system, follow the OHADA system of presentation, which is a standardized accounting format used in its member states. Here’s a more detailed explanation of how to access and view financial reports in the Solafide accounting system: • On the side navigation bar of the Solafide accounting system, you will find the "Reports" option. Click on it. • A menu will appear at your space with lots of reports grouped under four sections, accounting, ledger, transactions and stocks. select “the Reports you want " from the available options. • The system will generate the report based on the data entered and transactions recorded in the accounting system. • The report will be displayed on your screen, providing you with the relevant financial information in a structured and organized format. • You can review the report, analyze the data, and use it for decision-making, financial analysis, or reporting purposes.
How to Register Tax rates
How to Register Tax rates SOAS
Tax Rates:
Tax percentages may vary in the various countries or areas in which the business are located but the tax that often has a fixed rate is the VAT (Value Added Tax). To set this up in the system we: • Go to ‘accounting’ on the side navigation bar and click on it a drop-down menu will present it self • Click on tax rates and a new box will show up • At the top left of the box, you will see new tax rate click on it A new box will come up in which you will have to fill the information; such as the tax code, tax name, tax percentage, tax type, tax account and its matching account. Note: The matching account in this case is the account in which the tax is been calculated from.
Familiarize Yourself with the Solafide Accounting Dashboard
Familiarize Yourself with the Solafide Accounting Dashboard for an entity
After creating your Entity, ‘the Dashboard’ will appear. • You can then access the entity by taking the ‘open option’ found at the bottom of the entity box where you will be shown the entity Dashboard The Solafide OHADA Accounting system entity dashboard has been designed in a web base format so that it can be easy to navigate: at the left side of the screen we have The Side Navigation Bar and it contains Entity Dashboard, Management, Sales, Purchases, Catalogue, Accounting, Reports and Administration. While the work space has information such as summary of the Assets, Liability, Equity, Cash, Revenue, Expenses, Profit or Loss and the Accounting period. At the left side of the workspace the Fiscal years are displayed and just after there is a bar chard which displays the income and expenses of the period and at the right you have the Financial Analysis results.
How to Register Bank and cash
How to Register Bank and cash SOAS
Bank/Cash:
Bank or Cash in the Solafide OHADA accounting system is made up of three major elements which are cash at hand, cash at local bank and cash at electronic money.To make use of any of these elements in the system: • Set up the accounts in the chart of account (Error! Reference source not found.)
• Go to the side navigation bar and click on ‘management’
• Select ‘bank/cash’ and then go to the work space and click on ‘new account’
How to Add a User in the System
How to Add a User in the SOAS System
The Solafide OHADA System allows the administrator to add as many users as it please to enable the organizational structure of the entity grant access only to their respective departments. So, to add a user in the system, all we do is • Go to the side navigation bar and select ‘administration’ then click on ‘manage users’, on your workspace at the left side top take the ‘add user caption’ with the ‘plus sign’. Another menu will open, all that will be left to do is fill the information required like the role, the names, email and a password which will later be given to the user. When done, click on the bottom option that says Add User
How to register a service in the SOAS
How to register a service in the SOAS
Service:
This section allows you to track the services you render to your customer if you are an organization that deals with the provision of services. So to register a service you offer • Move to the side navigation bar and click on ‘Catalogue’ then select the ‘service option’
Closing the Financial Year
Closing the Financial Year in SOAS System
Every fiscal year comes to an end it may be within the year or at end of the year, That is to say December 31 depending on the country in which your business is located. However in the Solafide accounting system it has been made not only possible but simple as well when it comes to closing the fiscal year or accounting period and this is how it is done. • Go to the side navigation bar and click on ‘accounting’ then select ‘closing entries’. • A box will come up to your work space, click on the ‘plus sign’ which is at the end of the heading LATEST CLOSING ENTRIES.
How to add and Manage Account in the SOAS
How to add and Manage Account in the SOAS
Solafide allows you to add and manage users within your account. This feature is particularly useful for businesses with multiple team members who require access to the accounting system.
How to Add a Product
How to Add a Product in SOAS System
Product:
: This section contains the kind of good your business buys and sells hence it helps you keep track of the goods you buy and sell. To get a good registered: • Go to the ‘catalogue option’ on your side navigation bar and select ‘product’. • Click the ‘plus sign’ at the end of the heading product list, then fill in the required information such as the product name, Unit Cost, the SKU code 25 (stock keeping unit), the UPC code (Universal product cost / the Bar code), the internal ID, Unit of Measurement, Earnings account, the Purchases account and the inventory account. then you select the create option
How to Add a Customer in the SOAS
How to Add a Customer in the SOAS
Customers
According to the OHADA chart of accounts, Customers are treated as third-party accounts, as they affect the business not internally. They fall under class four so in creating a customer data in the system. To register a customer in the system: • Go to the side navigation bar click on management and select customers • Then at the top of the box in your work space, click on the option new customer click on it.
How to Record using Sales and Purchases
How to Record using Sales and Purchases SOAS System