123smlcrop   Finance & Accounting

At the heart of ERP123 is an accounting system that is flexible, integrated and easy to use

ERP123 provides a full financial package that can handle the most intricate of accounting needs. Accounting is completely integrated with purchasing, sales, inventory, and product costing systems ensuring single point entry and the ultimate in real-time transaction automation. Data corrections are made easily and efficiently throughout the system.

Features include:

  • Real-time WIP, COGS, and inventory valuations
  • Real-time or batch posting
  • Accounts Receivable fully integrated with Sales and Shipping
  • Accounts Payable fully integrated with Purchasing and Receiving
  • Unique “UNDO” feature that automates corrections

General Ledger (GL)

The GL module is the center of all aspects of the financial process within ERP123. ERP123 provides a multi-tier chart of accounts that gives you virtually unlimited chart configurability. Accounts carry groups and departments for reporting purposes. Detailed drill-down functions provide summary or detailed views of transactions. Other features include:

  • Perpetual GL with no data consolidation or archiving
  • User definable flexible periods and period controls
  • Multiple periods can be simultaneously open
  • No period end freezes
  • Account and financial categories allow user to control standard financial report layouts
  • Batch or real-time posting of transactions
  • Recurring and reversing journal entries based on user-definable templates
  • Multi-currency with time-sensitive exchange rates
  • User definable taxes and rates
  • Choice of standard statements and balance sheets
  • Budgeting
  • Wide variety of analysis reports

Costing

ERP123 provides a variety of highly flexible costing processes that can be combined to meet of the needs of any manufacturing, distribution, or project-based environment. Features and available processes include:

  • Five simultaneously tracked costs at Item Master
  • Selected cost treatment for each item controls inventory, WIP, and COGS transaction method in GL
  • Standard or rolling average raw material costing
  • Landed cost factors for freight, duty, brokerage, adders
  • Purchase price variance against standard cost
  • Manufactured standard costing based on BOM/Routing
  • Actual manufactured cost based reported material consumption and booked labour (Job cost)
  • Various overhead calculation methods
  • Mass cost rollup based on product structure levels

Accounts Receivable (AR)

The Accounts Receivable system is fully integrate with the sales and customer modules to automate the generation of invoices and assist you in controlling and expediting your receivables. Application of payments is highly flexible including the ability to offset AP with AR.

It includes a variety of reports including statements, aging, and projects cash flow. Features includes:

  • Invoice generator that batches creates invoices based upon shipments
  • Shipments not yet invoiced are accrued
  • Credit Management via Sales Order and Credit Watch functions
  • Invoice batch printing
  • Invoices can be printed to paper, email or fax
  • Freight sales management
  • Term discounts and unauthorized discount tracking
  • Point of sales processing using SO Retail or standard POS module
  • Supports deposits
  • User-definable pay terms
  • Commission management
  • Supports surcharges
  • Track delinquent payment data in detail and display on aging report
  • Variety of customizable analysis reports including aging, customer history, accrual analysis
  • Contract payment schedules
  • Credits integrated with returns management
  • Surcharge processing

Accounts Payable (AP)

The AP module delivers the tools you need to efficiently process suppliers’ invoices and payments. It completely integrated with the Purchasing and Receiving modules and supports three-way matching. Features include:

  • Purchases are accrued upon receipt
  • AP invoice creation reverses accruals and generates variances
  • Easily manage small discrepancies
  • Auto-Pay automated payment run by currency with integrated pre-approval process
  • AP Payment module for single, complex payment processing
  • Simple and effective management of prepaid amounts
  • Miscellaneous payments can be made without creating invoices or suppliers
  • User-definable terms and discounts
  • Process invoices from multiple locations for centralized payment
  • Check reconciliation and check register by currency
  • Variety of analysis reports including aging, vendor history, accrual analysis

Other Features

  • Project-based revenue recognition system moves revenue and expense to P&L based on job complete%

Learn More about some of the functional areas of ERP123