Lebanese Accounting

Streamline Your Lebanese Accounting with Azkatech localization of Odoo

Tired of struggling with generic accounting software that doesn’t cater to Lebanon’s unique needs?

Azkatech offers a comprehensive Lebanese accounting system built on top of the powerful Odoo ERP platform. Our solution addresses the specific challenges faced by Lebanese businesses, ensuring compliance, accuracy, and efficiency in your financial management. It provides management reports needed to steer the business yet the financial reports needed by Ministry of Finance.

    Here's what sets Azkatech Odoo’s localization apart:

    Designed for Lebanese Accounting:

    • Complies with IFRS and Lebanese regulations: Our system ensures accurate financial reporting based on International Financial Reporting Standards (IFRS) and incorporates essential modifications required by accountant and auditor to handle the currencies fluctuation needs.
    • Multi-currency support: Manage transactions and generate reports in multiple currencies, including Lebanese Pounds (LBP) and foreign currencies. Our system captures currency-specific details and handles exchange rate discrepancies seamlessly at the level of each transaction. It incorporates counter value in an additional two currencies; log your transaction in USD, Fiscal LBP and black market rate.

    Overcoming Multi-Exchange Rate Challenges:

    • Accurate financial reporting: Avoid distortions caused by relying solely on the official exchange rate. Our system tracks and applies different exchange rates (official, bank, Sayrafa, black market) based on transaction types (B2C, B2B).
    • Simplified payment allocation: Eliminate the hassle of manually allocating payments across different currencies. Our system streamlines tracking and closing invoices paid in USD with VAT in LBP. It allows to reconcile payment in USD partially for multiple invoices and allocate payments done in LBP to cover the VAT only from each invoice.
    • Stock and account accuracy: Maintain precise stock valuation both in USD for management and LBP for fiscal accounting and bank/cash account balances through proper multi-currency handling.

    Effortless Closing Vouchers and VAT Management:

    • Automate closing entries: Generate closing vouchers efficiently, not just annually, to streamline accounting processes.
    • Simplify quarterly VAT declaration: Our system automatically calculates and summarizes VAT received and paid, creating draft journal vouchers for payment for declaration.
    • Optional consolidation: Azkatech allows consolidating all relevant VAT transactions for a comprehensive overview before finalizing the declaration.

    Meet Ministry Requirements Effortlessly:

    • Generate top 10 customer/supplier lists: Easily comply with the Ministry of Finance’s mandate by extracting accurate top customer and supplier data directly from your transaction records.
    • Link transactions to partners: Azkatech’s system connects every customer and supplier to their respective transactions, facilitating effortless generation of these essential reports.

    Manage Per-Partner Accounts and VAT:

    • Go beyond traditional limitations: Unlike other systems that merge accounts, Azkatech Odoo allows assigning separate accounts and VAT details to the same partner, whether they serve as a customer, supplier, or asset provider. In addition, it allows to split the transaction amount in USD for main services/products and LBP for VAT only. Thus, allowing to have a separate statement of account for customers/suppliers in LBP for VAT and USD for services & goods.
    • Simplified transactions: During transactions, users can easily select the purchase type (asset, raw material, etc.), ensuring accurate categorization and VAT application.

    Postdated Check Management (Unique to Lebanon):

    • Guarantee payments with postdated checks: Our system manages postdated checks, crediting the partner account upon receipt and debiting a temporary account instead of the bank.
    • Track due checks: Generate reports listing upcoming check due dates for timely collection from the bank.
    • Seamless bank reconciliation: Upon confirmation from the bank, Azkatech automatically updates the temporary account and bank account balances, streamlining reconciliation.