Finance and accounting in Digital WorkMate
Yes, Digital WorkMate has its own financial accounting. Here is what it includes, what it does not include and when you had better keep your current accounting.
Digital WorkMate has its own general ledger per tenant with chart of accounts, cost centres, journals, fiscal years and periods, receivables and payables with ageing, payments, bank statements (CAMT.053 and MT940) and a VAT return with ICP list. Sales and purchase invoices, goods receipts, stock movements and production orders post automatically in the same transaction as the operational action, and margin is visible per customer, project and production order. Finance is a regular part of the platform, not an experimental feature, but it is partially available: there is no consolidation across entities or countries and no direct export of the ledger to external accounting packages (there is a package-neutral export of posted entries), and you submit the VAT return itself outside Digital WorkMate. So you choose: keep your accounting in Digital WorkMate, or keep your current financial system and run Digital WorkMate alongside it.
When which choice fits
- Accounting in Digital WorkMate: you post in one entity and want invoices, stock and production in the ledger without an interface
- Accounting in Digital WorkMate: you want margins per customer, project and production order straight from the postings
- Keep your own accounting: you need consolidation across entities or countries
- Keep your own accounting: your accountant or group prescribes a specific package
- Keep your own accounting: you need a direct export of the ledger to your package
- In all cases: decide in the migration strategy which systems stay and which are retired
From operation to posting
There is no separate interface between production and accounting: work in progress, labour and machine absorption and variance settlement post along with the production order.
Receivables, payables and bank
Payments are allocated to open items, and you upload bank statements with matching suggestions and posting to the ledger.
VAT return and ICP
The return with its boxes follows from the posted entries and is finalised in Digital WorkMate. Submitting it to the tax authority happens outside Digital WorkMate.
What is not included
No consolidation across entities or countries and no direct export of the ledger to external accounting packages. There is a package-neutral export of posted entries.
Finance is partially available; below you see the status per part. If you doubt whether it is enough for your accountant, ask in the demo.
What Digital WorkMate offers for this today
For each part you can see whether it is fully or partially available.
- Financial accounting (own general ledger)Partial
Own general ledger per tenant with automatic postings from invoices, purchasing, inventory and production. A package-neutral export of posted entries is available, but a direct export to external accounting packages is not yet, and consolidation across entities or countries is missing.
- General ledger, journals, fiscal years and periodsPartial
Chart of accounts with default setup, cost centres, journals and posting rules. Manual journal entries (draft, post, reverse) with server-side balance control; posted entries are immutable. Close and reopen fiscal years and periods, year-end close transferring the result, trial balance, profit and loss, balance sheet and margins per customer, project and production order.
- Automatic postings from operationsPartial
Sales invoices, purchase invoices, goods receipts, stock movements and production orders (work in progress, labour and machine absorption, variance settlement) post automatically in the same transaction as the operational action.
- Open items, payments and bank statementsPartial
Receivables and payables with ageing, payments with allocation to open items and reversal, and bank accounts with uploadable statements (CAMT.053, MT940), matching suggestions and posting to the ledger.
- VAT return and ICP listPartial
VAT return with boxes derived from the posted entries, ICP list and finalising the return. Submitting the return to the tax authority itself happens outside DWM.
- Purchase invoices with three-way matchAvailable
Invoice lines linked to an order line are rejected when the price is higher or the quantity larger than ordered or received, including recognition of incoming invoices and early-payment discount on purchase invoices. Lines without an order link are not checked; there is no configurable tolerance.
- Integrations with financial systems and other ERP systemsAvailable
Integrations with your financial systems, e-invoicing and other ERP systems. Also when only the shop floor is wanted: Digital WorkMate then runs alongside your existing ERP.
Finance and accounting in Digital WorkMate: frequently asked questions
Does Digital WorkMate have a finance module?
Yes. There is an own general ledger with journals, fiscal years, receivables and payables, bank and VAT, with automatic postings from invoices, purchasing, stock and production. It is partially available: consolidation across entities or countries is missing.
Do I have to keep a separate accounting package?
You do not have to, but you can. If you need consolidation, or your accountant prescribes a package, you keep your current financial system and connect it. We decide that in the migration strategy.
Can I submit the VAT return from Digital WorkMate?
The return with ICP list follows from the posted entries and you finalise it in Digital WorkMate. Submitting it to the tax authority happens outside Digital WorkMate.
Which reports come from the ledger?
Trial balance, profit and loss, balance sheet and margins per customer, project and production order. You can close and reopen fiscal years and periods, with year-end close and transfer of the result.
See Digital WorkMate in action
In a no-obligation demo we show how Digital WorkMate supports your processes from sales to invoicing, with honest advice on what does and does not fit.