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Financial system modules for bookkeeping and ensuring accounts are paid or received on time.
General ledger keeps centralized charts of accounts and corporate financial balances. It supports all aspects of the business accounting process. In this module, financial accounting transactions are posted, processed, summarized, and reported. It maintains a complete audit trail of transactions and enables individual business units to view their financial information, while parent companies can roll up all business subsidiaries and view the consolidated information.
Accounts Payable (A/P)
Accounts payable schedules bill payments to suppliers and distributors, and keeps accurate information about owed money, due dates, and available discounts. It provides functionality and integration to other areas such as customer service, purchasing, inventory, and manufacturing control. The software should support the following functionality: AP company policies and procedures; suppliers/voucher master data; payment controls; invoice processing and aging analysis; payment processing; journal voucher processing; AP ledger posting; check processing; AP transactions and controls; and AP reporting.
Fixed assets manages depreciation and other costs associated with tangible assets such as buildings, property and equipment. The software should support the following functionality: fixed assets records; asset transactions; asset depreciation; depreciation books; revaluation and interest calculation; and tax reporting.
Cost accounting analyzes corporate costs related to overhead, products, and manufacturing orders. It provides a variety of costing approaches such as standard, FIFO, LIFO, average, target, and activity-based costing (ABC). The software should support the following functionality: cost data; cost allocation definitions; cost allocation process; cost management; cost and sales price calculation; activity based costing (ABC); and activity based cost tracing and tracking.
Cash management involves the capability of the system to record cash charges or deposits, recording of cash payments and receipts, cash projection reporting, calculation of expected cash uses/sources, current cash availability, etc. It monitors and analyzes cash holdings, financial deals, and investment risks.
AR ledger posting. foster change. The software should support the following functionality: AR company policies and procedures. credit management. cash/payment application. etc. Accounts Receivable Accounts receivable tracks payments due to a company from its customers. creating consistency in terminology and eliminates redundant accounts. and AR reporting. solutions should provide user generated reporting tools that are easy to use and provide sufficient depth of and access to the financial data to permit comprehensive analysis. to help with reporting requirements. Financial Reporting Financial reporting enables robust analysis of company performance through delivered reports. processed. It supports all aspects of the business accounting process. Parameters and Structuring Chart of Accounts Structure The chart of accounts is a list of ledger account names and account numbers. In this module. AR transactions and controls. General Ledger Features and Functions General ledger keeps centralized charts of accounts and corporate financial balances. and reported. Additionally. bill processing and aging analysis.Budgeting involves budgetary controls. Ledger Development and Management . while parent companies can roll up all business subsidiaries and view the consolidated information. and budget allocation. Additional functionality should be available to integrate with project management software applications either natively or with external interfaces. Data tree tools allow users to see the structure of the fields and summaries. while parent companies can roll up all business subsidiaries and view the consolidated information. customers/voucher master data. It contains tools to control and expedite the receipt of money from the entry of a sales order to posting payments received. financial accounting transactions are posted. A chart of accounts structure should include fields for account and ledger descriptions. budget accounting. summarized. These reports will allow individual business units to view their financial information. receipt processing. budget development. journal voucher processing. It maintains a complete audit trail of transactions and enables individual business units to view their financial information. Project Accounting Project accounting uses financial practices to monitor the schedules and spending of projects. multicurrency accounting and conversions. The software should provide sufficient tools to enable detailed budget development and analysis. to prevent shadow accounts from being created.
The JV may include copies of receipts and a sign off from a manager before the entry can be posted. Controls for Ledgers Multicurrency Capabilities Online Inquiry Reporting Report Writing Capabilities Variable Analysis Parameters and Structuring Features and Functions Lean manufacturing accounting practices and methods (i. JVs may have different approvals for different accounts. manufacturing overheads based on cycle time including labor) . All of the criteria that fall Journal Entry and Reporting relate to various ways to record journal transactions. As a means to record ledger transactions. A software feature might be the automatic reconciliation of payroll deductions when paychecks are issued (as opposed to having an accountant have to key the transactions by hand).e.Enterprise Reporting Structure Journal Entry and Reporting The accounting department is typically responsible for recording all transactions in the company in the journal (GL). The account may require a JV for posted entries. As paychecks are cut the AP items need to be reconciled with the cash outflow. Journal Vouchers A journal voucher (JV) is a document that authorizes payment for services performed. or for goods that are received or exchanged. For example payroll is an AP item.. For example when someone submits an expense report that money is typically associated with an account on the chart of accounts in the G/L.
Fiscal calendar is defined by the user Calendar periods are defined by the user Calendar can be defined as uneven periods. or 4-5-4 Organization of calendar periods determined by the user Calendar may be organized in a variety of ways. or to a maximum of 366 periods Multiple calendars Multi-entity financial reporting Twelve or thirteen fiscal months Fiscal quarterly periods can be defined as 4-4-5. 5-4-4. supporting 999 periods in a financial year Open any number of fiscal years or calendar periods at the same time Companies with different regional presences may set a default currency for the financial division of each region Sets reporting entity and its organizational characteristics Distinguishes A/P transactions (of the same type) from different entities . adjustment periods.
on an account-by-account basis . rates Automatic check to ensure that prior to deleting a financial record..e. nets to zero) Translation of balance sheet accounts including the ability to have a default rate (spot) that can be overridden on an exception basis (historic).the override rates will differ ledger to ledger Automatically inserts actual account balances into the elapsed month's bucket in a future forecast file at the end of each accounting period when the system rolls into the next period . tables.do not want to set up a rate for every balance sheet account . Each entity's ledger can have its own calendar and chart of accounts Each entity's ledger can have its own accounting periods opened and closed User may choose between data collection and real time posting modes Tracks items in the G/L and sub-ledger by quantity and value (in whichever currency is used) Maintains unit and dollar amount postings in GL and sub-ledgers User-defined criteria for system purges for general ledger transactions. sub-ledger transactions. journal vouchers. and accounts payable data based on the number of years or months of data required to maintain--each purge type has its own unique criteria Sub-ledgers closed out prior to performing a purge. The closeout process sets all financial account balances in the sub-ledger to zero by posting an equal and offsetting transaction Specifies a key and rules to have the system automatically purge all records related to the key throughout the system--sub-ledger accounts. the account balance must have been "closed out" (i.
new product development. for example. Prevents roll from one accounting period to the next unless the last job run is the financial statements Audit log required for any changes to table information that may contain rates and information used by the system in any way. date. supports standard (automatically repeating) postings and entries that are generated each month with reference to amounts maintained in budget fields for the month. bonus. and marketing expense. depreciation. The amounts may or may not be the same from month to month Automatic year-end rolling of balances in sub-ledgers and general ledger control accounts Automatic linking and posting of control accounts from related sub-ledger accounts Processes jobs in edit and update mode Jobs required to include error and warning messages on reports . accruals for any potential overhead item. professional fees. change. and user identification Flexible general ledger key with multiple levels Exception reporting with drill down capabilities Change cross charge percentages without retroactively changing previously published financial information Provision for use of standards that can be automatically propagated throughout the system to the various ledgers Integration with ADP electronic transmission of payroll data Uses the budget forecast information to create automatic postings. log contains before and after.
and title/SKU level Table master functionality--sets parameters in a table. to help with reporting requirements. Data tree tools allow users to see the structure of the fields and summaries. etc. such as the name and order for each part of the account may be defined online Account numbers may contain upwards of thirty alphanumeric characters Defaults to required number of alphanumeric characters rather than requiring the maximum allowable Common chart of accounts Common chart of accounts for both the ledgers and the sub-ledgers . and creates postings or reports accordingly User-defined field names for tables Method for verifying keying to ensure only appropriate records updated Archiving of transaction history as well as purge from active files Chachart of Accounts Structure Features and Functions The chart of accounts is a list of ledger account names and account numbers. market. Reports to include a control report that lists pages on which errors and warnings have occurred User-defined controls to allow specific jobs to update multiple times in a period Provides posting views at the company. has jobs read the table. Account structures. A chart of accounts structure should include fields for account and ledger descriptions. foster change. creating consistency in terminology and eliminates redundant accounts. to prevent shadow accounts from being created.
Account balances for the last twenty-four months Determines the size of the current period's budget for specific accounts Predicts the size of a future period's budget for specific accounts Alphanumeric account keys . cost centers. and departments are ordered in a logical manner or in numeric sequence Accounts cannot be created until an initial transaction is posted Creates accounts in accordance with structure of the chart of accounts Account description field accepts up to twenty-five alphanumeric characters Specifies account types in structure The current balance of an account may be determined from within a chart of accounts. Account numbers may be alphanumeric Hides account number or portions of account number during editing Hides account number or portions of account number while formulating account sequence Accounts.
which specify user-defined values and descriptions containing information that is not monetary Create cost center entities. Statistical accounts. and currencies Manages structures for all levels of all organizations Comprehensive system reorganization facilities including the ability to relate a new chart of accounts to a previous one . chart of accounts. supporting up to at least 999 Fields and segments can be defined in an account structure Analysis fields may be defined by users Sub-account codes for product lines within the account Intercompany accounts may be culled automatically Sub-account numbers Track multiple organizational divisions such as business areas and profit centers Tracks multiple entities in instances where each organization has a specific accounting structure Consolidates multiple entities (unlimited) results including calendars.
Multilevel hierarchy roll-ups as defined by the user Manage account hierarchies via a GUI interface (drag-and-drop) Chart of accounts and titles may have multiple entities. including monthly. which can be consolidated Data fields using descriptive flexfields may be added without programming Assigns a particular currency to each account Specifies accounting periods. quarterly. and year to date Fiscal year accounting periods are determined by the user Accounting periods may be designated by calendar or fiscal years Per-account entry on a monthly basis or annually by cost center Budget accounts for current and future year Accounts may be added to the chart of accounts with characteristics replicated for all departments Departments may be added to the chart of accounts with characteristics replicated for all expense accounts Budgets and accounts can be assigned to a department .
for example. balance sheets. Results in the automatic creation of a standard set of financial statements. Associates titles and description information with all accounts Hides account numbers for reporting Maintenance of history for two years (viewing) and five years (reporting) Standard chart of accounts that can be automatically copied from one ledger to the new ledger. income statements. and overhead statements Validity checks to ensure existence of standard accounts .
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