Comments

erp financial management software

More Financial Features of Epicor ERP

To see the first part of unpopular features of Epicor ERP Financial Management solution, please click here.

Here are more financial features of Epicor ERP

Get Shipment function in Invoice Entry and Generate Shipment Invoices enable you to do the same task with some differences. Particularly, you can use the latter process to generate shipment invoices for products or services. It allows you to create invoices directly from packing slips. Furthermore, you can set it up to run at regular intervals.

Path to this feature from the main menu:

  • Go to Financial Management > Accounts Receivable > General Operations.
    Open Generate Shipment Invoices.

Use the Locate Invoice Group option to quickly find a group that
includes a specific invoice. This option locates the group number; you
can then enter this group number on the Group sheet to display all invoices within the entry group.

Path to the Locate Invoice Group:

  • Go to Financial Management > Accounts Payable >
    General Operations > Invoice Entry.
  • Select Locate Invoice Group from the Actions menu.

Advanced Allocations enhance and simplify the process of creating, calculating, and processing allocations and accruals. This functionality distributes specific amounts posted to the general ledger across various receiving, or target accounts. You can set up as simple or as complex an allocation structure as you need. By specifically defining the calculating and processing of allocations, you save time and ensure allocations are consistently dispersed across your selected target accounts.

What else can you do with this ERP financial management solution?

To begin with, you can use the Allocation Code Maintenance to create allocation codes and specify settings for each of them. For the creation of each code, you also need to stipulate the source.

Here are the available sources:

  • Categories
  • Journal Codes
  • GL Account Masks, and
  • Account Segment Ranges.

 

Then each account (or the GL transaction affecting each account) will be allocated based on your selection criteria.

It is necessary to set down a list of target accounts and their ratios defining the proportion to divide for each allocation code. Furthermore, you can create a fixed value or a formula containing the arithmetic operators and operands necessary for completion of the expression. Such a formula then can help determine if each allocation code disperses amounts.

The available operands are fixed values, balances of specific GL accounts, non- financial data, and summary balances generated across several GL accounts.

You can define the groups, or batches, of allocations that need to run simultaneously or sequentially by using Allocation Batch Entry. After creating the batches, you set up a schedule to define the fiscal year for these allocations.

In addition, you can configure the allocation process which allows automatic regeneration of a batch. Particularly, after creating a batch and assigning allocation codes to it, select Generate Schedule from the Actions menu to specify its fiscal periods.

You can organize the allocation codes within each batch into different levels or tiers. Particularly, the preceding tier(s) generate journal details for their successor(s).  Each tier processes one level of allocations. Furthermore, apart from the first tier, they follow the allocations of their predecessor(s). The process continues until all tiers have generated allocation amounts to the journals set up for each tier level.

After you group allocation codes into batches, use the Generate Allocations program to process the allocation amounts and post them to the general ledger.

However, you can first use the program in a simulation mode. In this mode, you calculate and save allocation transactions without affecting the general ledger. To do this, you must select the Simulation check box when running the Generate Allocations program.

Simulated results are saved separately from the general ledger. You can then verify the allocations in the Allocations History Tracker and make adjustments before you process the results against your actual data.

The Allocation History Tracker stores all allocation transaction information and provides references to the source data. Particularly, you can view the information on allocations with dates and user IDs.

Source: Clients First

financial features of epicor erp

epicor erp financial features

Epicor ERP Financial Features

The Epicor ERP Financial Management consists of many financials features. In this issue, you can review those available but little popular in the Epicor 9.05 version.

epicor erp financial features

Epicor ERP Financial Management

Use Asset Mass Changes to issue mass changes to assets. Such changes include changing the depreciation parameters of an asset, asset group, or asset class. This update impacts only the values in the default register while leaving all other registers unaffected.

You can use filters to specify the target assets, asset group, or asset class. Furthermore, you can use replacements to select the target assets and, at the same time, assign values to those assets.

Path to this function from the main menu:

  • Go to Financial Management > Asset Management > Setup.
  • Then open Asset Mass Changes.

The Auto Retrieve Invoices in the AR/AP Invoice Entry programs helps you activate automatic retrieval of invoices for the current group. After the activation, recalculation takes place whenever a line is saved.

Path to this function:

  • Open Invoice Entry.
  • Select Auto Retrieve Invoices from the Actions menu.

You will see a check mark after enabling this feature.

The Balance Control feature in the General Ledger module enables you to use multiple balance control methods. Available methods consist of:

  1. Detail Balance – Maintains segment balances for use on reports and trackers.
  2. Summary Balance – Summarizes segment balances for use on reports and trackers.
  3. Opening Balance on P/L – Maintains year-end segment balances for expense and revenue accounts.

Additionally, you can configure specific accounts to maintain daily balances. Moreover, this feature displays balances through chart, summary, or detail views.

Balances are automatically reset at year-end. However, you can also share balances between periods on a Profit and Loss account. Last but not least, you can maintain a cumulative balance within this account.

Path to this feature from the main menu:

  • Go to Financial Management > General Ledger > Setup.
  • Open Chart of Accounts.

This Automatic Transaction Reversal helps you cancel a posted journal. Here are the typical situations when you need this feature:

When you preview a consolidation in an intermediate book, you may discover an error. Reverse the consolidation within the intermediate book before transferring the data to the target book. After you make the changes you need, run the Consolidate to Parent program to re-post.

If you have already consolidated to the target book, you can first reverse that consolidation. Next, do it again in the intermediate book (a user within the source company launches this reversal process). When the data is updated in the source company, it is again possible to rerun the consolidation.

In addition, you can reverse the most recently posted journals. After you make the necessary corrections, you can then re-post the journals. This prevents values from duplication within the posted results.

Available cancellation modes include:

Reverse Transaction – Posts debit amounts equal to credit amounts on the original journal and credit amounts equal to debit amounts on the original journal. In Russia, this mode is known as ordinary storno. For example, you estimate payroll as a $1000 credit to the payroll accrual. When reversed, a second entry is created as a $1000 debit to the same account.

Reverse as Red Storno – Posts transactions that contain reversing amounts. This type of journal contains a negative debit or credit line when the debit or credit line on the original journal increases the account balance. The journal contains a positive debit or credit line when the debit or credit line on the original entry decreases the account balance.

For example, a posted journal line debits an asset account. A red storno journal posts a negative debit line to the same account to cancel the increase from the original detail.

Path to this feature from the main menu:

  • Go to Financial Management > General Ledger > General Operations.
  • Open Automatic Transaction Reversal.

Batch Balances
You can use the GL Batch Balances Process to maintain the GL balance records in batch mode. This feature helps to improve performance in companies with a high volume of daily transactions and in companies which do not find it necessary to review GL transactions on a daily basis.

This process can run manually. Furthermore, you can also set the schedule to run it at various intervals. It is possible to indicate whether it should be a recurring process.

Path to Batch Balances from the main menu:

  • Go to Financial Management > General Ledger > General Operations.
  • Open GL Batch Balances.

You can use the Copy Invoice Lines option to adjust public error invoices. Particularly, you can add adjusting entries to a miscellaneous invoice, shipment invoice, or credit memo. To do this, select the lines, copy and paste them to the original invoice.

You can choose to create the adjusting line as a reversing entry. This can result in the creation of a zero- balance invoice. Adjustments only affect financial processes.
Adjustments have no effect on shipments or other processes connected with the original invoice.

Path to the Copy Invoice Lines:

  • Go to Financial Management > Accounts Receivable > General Operations > Invoice Entry
  • Select Copy Invoice Lines from the Actions menu.

The Currency Account option allows you to set up natural segments to hold balances in multiple currencies. If a company is generating currency transactions, they may need to manually add or adjust the GL in a non-book currency.

To do this, they need to set up the natural account as a currency account. After that, you can revalue the currency balances via the G/L Currency Revaluation process and use them in General Ledger reconciliation.

The Aging sheet available in the Customer Tracker program displays AR invoice aging information for a selected customer. It calculates the year to date totals on the current invoices that the customer has paid. Moreover, it lets you compare these amounts to last year’s totals.

Path to the Aging sheet:

  • Open the Customer Tracker.
  • Navigate to Financial > Invoices > Aging.

In addition, the Aging sheet is a very useful tool to view AR aging by customer in a dashboard view.

The Advanced Allocations distributes specific amounts available in the general ledger across various receiving, or target accounts. Through this feature set, you define a series of allocations, which first pull amounts from financial source data, and then spread these allocated amounts across multiple accounts.

Moreover, you can set up your allocation structure to be as simple or as complex as you need. The feature set includes creating allocation codes, generating allocations, and viewing the history.

You can use the General Ledger Import process to import data from other applications into Epicor. The file you import must be a comma delimited one (CSV) and follow the GL import file template.
After you submit the General Ledger Import process, the changes update the application. If you want to review imported data before it posts to the GL, do not select the Post check box. Then, the imported group is available to review and post within GL Journal Entry.

Path to this function from the main menu:

  • Go to Financial Management > General Ledger > General Operations.
  • Open General Ledger Import.

[to be continued]

Source: Clients First

tips to choose the right erp solution

How to choose the right ERP solution

on

Here are some tips for leaders and CEOs to choose the best vendor with the best ERP solution for their companies. These tips are based on customers’ feedback and recommendations, namely those on TrustRadius and FeaturedCustomers. The order is tentative. Thus, each company can have their own schedule based on the information available to them.

1. Discuss among leaders

It is crucial that leaders and investors have information about the process to choose the best ERP option and vendor. That means, every step should be as transparent as possible.

how to choose erp solution

2. Assess the needs

You might want to do a SWOT* analysis of business and operations before doing anythings else. Particularly, it is necessary to detect the need to innovate the company’s operations.

It can be the company’s weaknesses or challenges, possibly due to some disruptors or competitors’ sudden growth. It can also be the opportunity to scale production or improve performance due to new technologies or policies in your sector.

tips choose right ERP

3. Determine own tips to choose the right ERP solution and vendor

The clearer criteria you have, the faster you can choose the appropriate ERP solution as well as the best vendor. Furthermore, the solution requirements can also serve as the benchmark for the latter. They can be features either in general or specifically for a department, budget, platform, schedule, and any concerns that your team might think of.

best erp solution

4. Seek consultations

It is optimal to search for the vendors in your country in order to save travel costs as well as misunderstanding during implementation. However, if you are a transnational company, it would be better to choose the best in your region. That means to widen the geographical scope of your search.

Do not hesitate to contact vendors by leaving your email address or phone number. The best ones usually contact you as soon as possible to learn more about your needs. In addition, they are proactive to arrange phone calls, in-person or Skype meetings, or online demos.

The first impression might also be one of the tips for the best ERP solution and vendor.

right erp software

5. Shortlist the best ERP vendors

The information and consultation services you have received or experienced are the very first clues to narrow down your list of vendors and ERP solutions to follow up.

best erp vendor

6. Prepare questions

It is better to collect questions from all departments where your company wants to make a change. Besides, it is also recommendable to involve all representatives in the meetings. That would save time to make the final decision.

right erp vendor

7. Check vendor references and/or make decisions

You might require the vendors to give you some references. However, if the vendors cannot give you any offline references, do not doubt their reliability immediately. Maybe you can ask ‘Why would your competitors give you some tips to scale their business?’ before judging.

Once you have made decision, work closely with your ERP vendor to implement the solution. You can then start mapping your critical milestones and recording your course to success.

right erp solution

* SWOT refers to strengths, weaknesses, opportunities, threats.

Why SMEs choose Epicor?

Managers and leaders of small and medium enterprises (SMEs) usually find hard to make decisions on an appropriate ERP solution. Particularly, they struggle with the questions of possible return on this investment and reliable software deployment. To answer why SMEs should choose Epicor, Data V Tech studies users’ reviews on TrusRadius*.

According to TrustRadius, there are 13 SMEs using Epicor. Only four verified users wrote their user experience on the solutions. All reviewers were working for enterprises of 11-50 employees. Particularly, Travis Kenworthy P.E., Josh Foote, and Rashell Bustamante gave an 8+/10 review on Epicor ERP On-Premises. And here are what they say:

Is Epicor ERP a solution for SMEs?

The shifting of workload and retraining of employees was challenging but we did it and now we can process more work with the same workforce.

The advantage to having all of our data in one location to eliminate the tribal knowledge has been priceless.

Rachel Bustanmante

Rachel BustanmanteProject Manager - Kinematic Automation

Rachel also raises a number of advantages that her company experiences. For example, Epicor SSRS helps generate reports and enables user to add fields and present data much easier. Furthermore, the software provides user interface enabling immediate access to information, which can be exported to Excel. Last but not least, Epicor’s scheduling capabilities help them increase orders with the same volume of resources.

I believe it has helped organize and track our work and provide a history of what we have done.

I don’t know how we would purchase things without using Epicor ERP to create POs and jobs.

Josh Foote

Josh FooteProcess employee - Grand Die, Inc

According to Josh, the software organizes, keeps track of work and provides a history of finished tasks. It also helps create POs and jobs and, as a result, facilitates purchasing things. More personally, the dashboard enables him and his fellows to customize the site in order to see their “favorites” easily. Finally, Epicor can satisfy their accounting requirements.

the benefit is the the better information can save money on projects as we know where best to spend our time and identify potential problems earlier on a project. We believe it will have a positive impact

Travis Kenworthy P.E.

Travis Kenworthy P.E.Principal Mechanical Engineer - ClearStream Environmental

Though Travis finds hard to evaluate return of investment, he is positive about the impacts of the solution on his company. Particularly, he also points out Epicor provides effective project management module. Furthermore, most of features he needs are available in the system, and he can easily hide those not in use. Finally, he concludes the list of Epicor’s strength with its supreme feature – expandability. That is, since Epicor enables you to customize almost everything, you yourself can expand your own system.

Are there any other reasons why SMEs choose Epicor?

Epicor programmers and consultants have proved Epicor is the solution for SMEs. According to Rachel Bustamante, “Epicor has truly listened and done their best to accommodate their customer’s needs.” Indeed, all Rachel’s comments on some unnecessary functions were promptly and seriously taken. Josh’s user experience in customizing the software in 2017 was another proof of our attempts to deal with this issue.

Proudly, we tackled the lack of detailed information on the available functions of Epicor as Travis mentioned in 2018. Particularly, Data V Tech is sharing knowledge on Epicor everyday on the website and forums. Moreover, there is now 24/7 support in services in order to ensure the best user experience.

In conclusion, Epicor is proved to be the ideal ERP for SMEs to develop their business. Particularly, the return of investment can downgrade the worrisome myth about unaffordable costs. Furthermore, the present version allows users to fully personalize their sites according to their needs. Foremost, Epicor vendors such as Data V Tech always listen to and support customers.

* TrustRadius is a review platform for software users.