The Corporate Accounting System (CAS) provides the means of managing the financial transactions in a multi-currency environment. The system uses a two-base currency within a multi-currency chart of accounts whereby any processed transaction for a specific currency will have an equivalent value in the first and second base currency. For example, a business unit working in Lebanon will have the first and second base currencies in Lebanese Pounds (LBP) and U.S Dollars (USD) respectively, while in the Kingdom of Saudi Arabia the first and second base currencies will be Saudi Riyal (SR) and USD. With such an approach, consolidation of financial data based on (USD), the ‘Second’ base currency which is common for both business units becomes an easy task while satisfying local requirements and needs.

Key Features:

• System provides numerous sets of vouchers that include: journal voucher with cost accounting, booking of payable and receivable entries, cash or check receipts, cash and bank payments, defining voucher templates, generation of difference of exchange voucher, reverse entry, etc.
• Manages multi-accounting periods, locking of financial entries for auditing purposes and end-of-year closing
• Facilitates the means of using a unified chart of accounts throughout the organization and accommodates the necessary variation that might be needed at the project level in order to cater for project specifics

Corporate Accounting interfaces with most systems within CEMIS that include:

• Contract Management System is linked to Accounts Receivables in order to book all financial transactions with the clients that include Advance Payment and Payment Certificates
• Subcontracting Management System is linked to Accounts Payable to manage Advance Payment and Payment Certificates submitted by the subcontractors, suppliers, consulting firms, and individual consultants
• Purchasing to control all payable transactions issued from supplier’s invoices
• Inventory system in order to keep control on the money-value of material used at the project sites and the means of allocated cost with the project accounting system
• Fixed Asset system in order to keep control on the money-value of assets at the project sites and at the offices of the various business units
• Staff and Labor Payroll systems, in order to keep proper booking of direct expenses related to staff payroll and labor wages

In addition the system will provide numerous sets of financial reports that include:

• Daily Journal, Trial Balance, Profit and Loss statement, Balance Sheet, Cash Flow, Aging on Receivables and Payables
• Statement of Accounts, for a single account, or defined group of accounts, as well for a specific contract (quite suitable when a contractor or supplier has more than one contract on a project or multiple projects)
• Consolidation Reports – at the branch, company, and organization level, by project category and geographical area
• Multi-year financial statements for balance sheets and Profit and Loss
• Multi-company balance sheet