Functions and Reports in VAS: An Overview of Key Features and Associated Reporting in Dynamics 365 Finance and Operations

 

Functions and Reports in VAS: An Overview of Key Features and Associated Reporting in Dynamics 365 Finance and Operations

The Vietnam Accounting Standards (VAS) integration within Dynamics 365 Finance and Operations (F&O) provides a comprehensive suite of functions tailored to meet the accounting and reporting requirements of businesses operating within Vietnam. This overview highlights the core functionalities such as VAT information adjustment, ledger transaction analysis, long-term value calculation, and the related reporting capabilities.

VAT Information Adjustment

Purpose: This function allows for the modification of VAT details post-transaction posting, ensuring the accuracy of VAT reporting and compliance with local tax regulations.

Process: Users can access the VAT information adjustment feature to update VAT-related data for transactions in the "Accounts Receivable" and "Accounts Payable" modules. This is particularly useful in scenarios where initial VAT information requires correction or updating due to various reasons such as audit findings or rectification of errors.

Ledger Transaction Analysis

Functionality: Analyzing ledger transactions is crucial for maintaining accurate financial records and ensuring the integrity of financial statements. Dynamics 365 F&O offers tools to scrutinize transactions recorded in the general ledger, facilitating a thorough examination of financial data.

Benefits: This capability enables finance teams to identify discrepancies, verify transaction classifications, and ensure that all entries align with VAS guidelines. It aids in maintaining a clean and reliable ledger, which is foundational for accurate financial reporting.

Calculation of Long-term Values

Objective: Certain financial elements require evaluation over extended periods, such as depreciation of fixed assets or amortization of intangible assets. Dynamics 365 F&O provides functionalities to compute these long-term values in accordance with VAS.

Implementation: The system allows for the setup of depreciation methods, amortization schedules, and other long-term value calculations, automating the process and reducing manual intervention. This ensures consistent application of accounting principles over the assets' lifecycle.

Related Reporting

VAS Reports: Dynamics 365 F&O includes a range of reports designed to meet VAS requirements, offering insights into various financial aspects of the business.

• VAT Reports: Detailed VAT statements are generated, outlining input and output VAT, aiding in the submission of VAT returns and ensuring tax compliance.
• Financial Statements: Balance Sheets, Income Statements, and Cash Flow Statements can be produced, providing a comprehensive view of the company's financial health as per VAS guidelines.
• Asset Reports: Reports concerning fixed and intangible assets, including depreciation schedules and long-term value calculations, are available, offering transparency into the value and performance of a company's assets over time.

Conclusion

The integration of VAS within Dynamics 365 Finance and Operations enriches the platform with functionalities that cater specifically to the Vietnamese market's accounting standards. From adjusting VAT information to conducting in-depth ledger analyses and calculating long-term asset values, Dynamics 365 F&O equips businesses with the tools needed for meticulous financial management. Coupled with a robust suite of related reports, organizations can achieve not only regulatory compliance but also gain valuable insights for strategic decision-making.