Importance of XBRL
XBRL (eXtensible Business Reporting Language) is a key emerging language standard for the reporting of global financial and business information.
In India, ICAI (Institute of Chartered Accountants of India) is the Indian jurisdiction of XBRL.
Across all industry sectors & regulatory bodies, XBRL has the potential to significantly enhance the quality of business, financial & investment reporting by reducing data errors.
XBRL is based on XML (eXtensible Markup Language) Technology.
The published accounts and periodic regulatory reporting data of most public listed companies all over the world would need to be reported using XBRL in the future.
International Experience dictates that organizations need on an average a couple of hundred hours to get started on their internal XBRL initiatives and completion of the 1st XBRL pilot projects.
We can help you in your XBRL Project
We can help provide Customized XBRL Consulting Orientation & Training for your XBRL project. Kindly contact us.
XML in Reporting Of Banking Transactions
XML (Extensible Markup Language) is an internationally accepted standard with specialized syntax for the banking industry worldwide.
Also, the Ministry of Finance, India has mandated all corporate Income Tax returns to be filed via XML format.
One of the major banks in India provides outputs only in RTF (Rich Text Format), XLS (Microsoft Excel) and .QIF (Money) formats for the 'Statement of Account' output in their Internet Banking for an individual accounts.
Banks in India should include XML as one of the additional data formats for the downloaded output reports from their Internet Banking Services.
This could be based on RBI (Reserve Bank Of India) and international banking guidelines for all the Internet Banking outputs.
Having the Output in XML format helps us save data entry, checking, reconciliation of the Internet Banking Transactions Data and it's integration into our internal financial accounting software packages.
Kaytek has developed software to convert the 'Statement of Account' output from RTF file to XML file internally for our individual accounts.
This has helped in the integration of banking website accounting transaction Data with internal accounting Software.
Query as regards the functionality of Tally Accounting System.
Most organizations have related accounting entities in which they carry out cross-transactions.
In case Company A makes a payment to it's sister Company B and the accounts of both Company A and Company B are under Tally on the same machine, will the creation of the payment voucher in Company A's books automatically create a corresponding reverse Receipt Voucher in Company B's books of accounts ?
Kaytek was informed by the Tally support staff that "currently this feature is not available in Tally, we can try to customise as per your requirement on chargeable basis."
We were also informed that they were planning to introduce the same in Tally Ascent (their ERP solution).
As per information received by one of the oldest Tally Enterprise partners, a Chartered Accountant it was confirmed that the same was not possible due to the Service Tax, TDS (Tax Deducted At Source) complexities in the same.
Email us : Can we advise in your Accounting Systems ?
He also doubted whether Tally would provide it in their Ascent solution. He said that Navision (one of Microsoft's ERP solution, now Microsoft Dynamics NAV ) had this facility but had not been customised for the Indian markets.
Such an automatic inter-account reconciliations facility exists in most of the advanced ERP and accounting systems.
Kaytek Accounting Perspectives
Accounting for Intangible Assets.
Accounting & Finance Careers in SAP and Oracle.
Kaytek Accounting Software Project Experiences
FBT Support Services for ERP Integration. (13th December 2008 )
Integrated Financial Accounting Experiences.
Experiences in the Specific Areas of
Sales Accounting - Customers.
Integrated Internet Web Based Customer Sales Ordering & Invoicing.
Integrated Internet Web Based Supplier Purchase Ordering & Invoicing.
Inventory & Materials Accounting.
Generation of Dynamic Web Pages containing Account wise Ledger & Other Data.
Portfolio Investment Accounting - Updating internal mutual fund investment databases with upto date pricing from mutual fund industry association website.
Independent Review of ERP / Financial Accounting Software Packages
FACT Financial Accounting Software Review. ACCPAC ERP System.