Finance Module
Udala's Finance module is the backbone of the entire platform. Every money flow across every other module routes through Finance.
The Finance-first principle
Every transaction that touches money in Udala follows one rule:
📖 Operations creates → Finance approves → Finance posts to General Ledger
No transaction can reach the General Ledger without Finance sign-off. Rejected transactions are returned to the originator with a written reason - they are never deleted.
This applies across all modules:
- CRM creates a quotation → Finance approves it before it becomes an invoice
- Procurement creates a purchase order → Finance approves before goods are received
- HR submits payroll → Finance reviews and approves before disbursement
- Projects log billable time → Finance approves before it generates an invoice
Finance module components
- General Ledger - The master record of all financial transactions
- Chart of Accounts - Your account structure (Assets, Liabilities, Equity, Revenue, Expenses)
- Journal Entries - Manual double-entry bookkeeping entries
- Invoicing - Sales invoices with VAT/tax support and payment tracking
- Payments - Record incoming and outgoing payments, link to invoices and bills
- Bank Reconciliation - Match bank statement lines to recorded transactions
- Financial Reports - Profit & Loss, Balance Sheet, Cash Flow Statement, Trial Balance
- Budgets - Set and track budgets against actuals by account or department
- Multi-currency - Transact in any currency with automatic exchange rate conversion
Accounting method
Udala uses double-entry accrual accounting. Every transaction creates at least two journal entries that must balance (debits = credits). Udala handles this automatically - you never need to manually create journal entries for invoices, payments or payroll unless you want to.
Tax support
Finance supports VAT (Nigeria 7.5%), withholding tax, and custom tax rates. Tax rates are configured at Finance → Settings → Tax Rates and can be applied per line item on invoices and purchase orders.