Epicor ERP Financial Features

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

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