About finance

The purpose of the finance module in Tuum is to create and make available accounting entries related to any business transaction made within Tuum that impacts your company balance sheet or income statement.

To benefit from the finance module capability, you first need to configure it in the Tuum by doing the following activities:

• Define your organisation's accounting structure by setting Tuum work in single or multi-tenancy mode (single or multiple accounting entities).

• Configure system properties for the finance module.

Per each accounting entity:

• Set up your General Ledger (GL) accounts in the Tuum chart of accounts section.

• Map each business transaction in Tuum with the particular account in the chart of accounts.

• Set the reporting currency.

• Define rules for consolidating financial entries into the journal report.

You need to configure only these GL accounts in the Tuum chart of accounts related to the business transactions made within the Tuum system.

The configured finance module enables you to fetch reports about GL account balances and turnovers, entries, contra entries, or predefined journals. These reports serve as inputs for your accounting or ERP (Enterprise Resource Planning) system, which you can use to create your organisation’s regulatory and managerial reports.