Multi currency-accounting template for enterprise in United Arab Emirates with VAT
Double entry accounting for keeping track of the VAT transactions and printing a VAT Report for the United Arab Emirates.
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Information specific for United Arab Emirates:
Accounting template features
The template has been setup in order to let you manage a company in United Arab Emirates:
- Basic Currency is AED (UAE Dirham).
- Multi-currency accounting.
- VAT Table set up for UAE reporting.
Balance Sheet and Profit & Loss
The Accounts table contains all accounts and groups, structured for balance sheet (BS) and the profit & loss statement (PL).
- Customize the accounting plan to exactly your needs by changing description, add or remove accounts and groups.
- Select the View Basic and enter the opening balance available in the column “Opening”.
The following image shows the Account table, Balances view.
- The column “Balance AED” is updated automatically when you change the opening amount or you enter transactions in the Transactions table”.
The balance sheet shows your assets and your liabilities. Banana Accounting includes accounts that are usually utilized by SMEs. Nevertheless, you can customize the accounts. Be careful not to modify the accounts related to the VAT reporting. Those are essential to correctly generate the VAT report needed to fill out the online VAT return form in Saudi Arabia.
Profit & loss statement
The profit & loss statement shows the revenues and the expenses incurred by the company. Banana Accounting included accounts usually used by SMEs. Nevertheless, you can customize the accounts when needed.
After the P&L statement, there is a section where you can assign accounts to specific customers and suppliers. You will use these accounts to register transactions directly related to specific customers or suppliers. Banana also offers the possibility to print invoices from these transactions.
All the accounts in the clients/suppliers register are regrouped under two accounts present in the assets and liabilities.
You will notice that liability and revenue accounts are shown in negative and in red color. This is due to the fact that Banana Accounting fully leans on the concept of double-entry accounting. The principle of “debit and credit” present in the double entry accounting is usually represented in two separate columns. When it appears in a single column, as it happens in the accounts table, it is shown in red and in negative to better distinguish debit accounts from credit accounts.