At the heart of the financial management solution, the design of Epicor’s global engines is to add accounting agility and flexibility to your business. Meanwhile, they simultaneously allow you to meet the local financial and legal compliance requirements of individual markets.
Here are more details of Epicor‘s global engines:
The rules-based global posting engine is central to the way Epicor applications work, and in particular, how Epicor Financial Management handles system transactions. Powerful enough to support the most complex global enterprise, with a need to configure comprehensive rules for how transactions from sub-ledgers are managed and posted to the general ledger, yet easy enough to support straightforward or out-of-the-box standards for smaller businesses.
The highly configurable global tax engine allows businesses to define comprehensive tax rules and calculations in order to meet the needs of unique tax requirements and jurisdictions internationally, and then update them as often as needed.
Epicor Financial Management contains a global legal numbering engine to manage legal numbering of all the printed transactions that a company sends to customers and suppliers.
Specific transactions that the legal numbering engine affects are sales orders, AR invoices, purchase orders, credit memos, promissory notes, and payments (checks).
Epicor Financial Management offers a global multicurrency engine that can support an unlimited number of currencies and exchange rate combinations. Sophisticated currency management provides the ability to process transactions in any number of currencies and gives your business the global competitive edge. Any currency can be used as the base currency for all financial records and accounting books, with default currencies applied at the general ledger account, user, customer, and supplier levels. Currencies may also be selected and changed at the transaction level as well.
Each company can have up to three reporting currencies; a reporting currency is one you use to record or report financial transactions. You can, however, have an unlimited number of transactional currencies, which gives you the ability to conduct business all over the world. The powerful multi-currency engine features include:
• Ability to define unlimited currencies
• Ability to print reports in both functional and base currencies
• Ability to enter transactions in any currency and process payments or receipts in any currency
• Comprehensive functionality to revalue transactions within General Ledger, Accounts Receivable, Accounts Payable, and Bank Accounts with the option to simply report in detail or summary, or report and post as a single reversing journal the value of the revaluation directly to General Ledger
Epicor Financial Management also supports the creation of currency rounding rules through a global rounding engine that is subscribed to by other application modules. Highly flexible and configurable, rounding rules may be created for specific customers, countries, currencies, and in support of local business or legal practices. The rounding engine supports up to three decimal places of currency precision.