Tag - epicor erp

Accounts Payable

Accounts Payable (AP) allows you to enter supplier invoices for purchases that you make, then create payments for the invoices you want to pay. The system can generate payments for all invoices due, those for a particular supplier, or only for specific invoices. If a supplier calls you to discuss an invoice, you will have complete information at your fingertips and that history can be kept indefinitely.

Accounts Payable allows you to update both purchase orders in Purchase Management as well as actual job costs. Adjustments are created if the purchase price does not match the invoiced price. With Accounts Payable, you will know how much you owe and when it is due.

Record and post all payables instruments easily, including supplier or vendor vouchers and invoices, debit memos, automated check runs, and manual payments.

Create standard accounts payable invoices that recur on set dates.

Record and track your future-dated payment instruments, including GL movements, and enter their values for credit. Accurately manage payment of invoice due dates and terms and conditions. control purposes. You can also change their status as you need. A final tax transaction moves the tax from accrued to due at the time of final settlement or cash movement.

Through this functionality, you print a future dated payment instrument as part of the invoice, so that you can send it to the customer to sign and return it, or include it as part of the customer statement if the customer pays on a monthly basis.

Epicor supports all of the most common business practice terms and conditions within Accounts Payable and Receivable. This feature also affords great flexibility for the definition of creative receipt and payment terms within countries where this functionality is not necessarily demanded but may offer a competitive advantage.

You can track or reuse voided or unused numbers or transactions that are not committed to a database. You are then accountable for all numbers and have no sequence gaps.

Print checks for select payments, or create manual checks.

Update jobs created in Job Management directly by material and subcontract costs entered through Accounts Payable.

Purchases may be made in any currency and goods received in any currency with support for the entry of an exchange rate at the point of payment entry.

Keep accounts payable transactions and supplier history files indefinitely.

Show online inquiries for open invoices, outstanding balances, and payment detail.

Automatically create and post general ledger entries from accounts payable transactions.

All payments are automatically available for bank statement reconciliation once posted.

View variances between planned and actual purchase price to allow cost adjustments and analysis.

Match invoice, receipt, and purchase order online.

Configure payment files for electronic submission to banks.

accounts payable

big data in erp

Big Data in ERP: Leveraging for support

Big data in enterprise resource planning – ERP – is defined as larger, more complex data sets. Especially from new data sources. These data sets are huge, to the point where traditional data processing software can’t manage them completely. For manufacturers, leveraging big data with ERP systems can be used to help solve certain persistent business problems. Not only does big data offers a huge amount of support to improve visibility and performance. It also improves your ERP system from sales forecasting and scheduling to enhanced quality control, and more.

Scheduling

Big data captures the information needed for all types of scheduling, and is more immediate and readily available, due to today’s expansive collection of delivery devices. Having real-time feedback from your ERP system can give manufacturers a leg up on scheduling efficiency and will ultimately lead to comprehensive ERP scheduling that, in turn, will create better overall project management efficiencies.

Quality Assurance

Predictive capabilities of big data can extend to product quality assurance as well. It allows manufacturers to channel, store and monitor every real-time data point along a production line in order to create better results at the work-in-progress phase rather than having to deal with problems only after a product hits the quality assurance floor.

Supply Chain

Integrating big data analytics in processes and operations leads to greater efficiency in the supply chain. According to Accenture’s report, Big Data Analytics in Supply Chain, the consultancy found that using big data within ERP systems instead of on an ad hoc basis led to 1.3 times the supply chain speed.

Having the ability to keep track of all the moving parts within the supply chain is a huge advantage. Big data improves visibility to each step of the supply chain process. Furthermore, it gives businesses a 360-degree view of where all of their assets are at any certain time. Big data improves supply chain reaction time by 41 percent, according to Accenture. When there is a product issue, the mix of big data and ERP systems can help ensure to handle it quickly.

Sales Forecasting

When combined with ERP systems, big data can help businesses predict demand for specific items. Individuals have the ability to track and trap customer trend patterns in real-time. They then can immediately apply that focused data to create further direct sales offers. For instance, a retailer could use big data to analyze how the release of a new iPhone model affects the sales of headphones and computer peripherals.

Posted on  by Elizabeth Quirk in Best Practices

Click here for further information about big data in Epicor ERP – ERP solution for manufacturers or contact us for direct consultation. 

Thank you!

Epicor reports robust growth at 2019 LBM User Conference

At the LBM Insights 2019 User Conference at the Gaylord Opryland in Nashville from November 4-8, Epicor reported a tremendous growth. The event kicked off with Lisa Pope, EVP sales Americas. Pope discussed company news and changes over the past year.

She included the fact that there are 25% more LBM dealers on the BisTrack platform than one year ago, with 10% new locations and 13% new users. Also, with more than 800 industry pros in attendance, this is the biggest LBM user conference in Epicor’s 40-year history.

Furthermore, she discussed the acquisition of Majure Data. She also emphasized it was not to add customers but to provide improved service to existing customers.

epicor reports growth 2019

Jason Parchomchuk, BisTrack product manager (left) and Kevin Hodge, senior LBM product director shared features that have been added recently, as well as some to watch for.

Resiliency was the theme of her opening remarks. The increasing frequency of weather-related disasters—especially hurricanes, tornadoes, and wildfires—have cost billions of dollars in government disaster aid.

Pope carried the theme into resilient organizations and resilient systems. They segued into the elements of Epicor’s BisTrack and LumberTrack software. Their design is to help companies position themselves for growth as well as withstand the disasters that affect so many companies.

Pope recognized two winning companies of Epicor LBM Customer Excellence Awards: E.C. Barton for Technology Innovation, and Northwest Hardwoods for Business Transformation. In addition to the recognition, the two companies received $2,000 to donate to local charities of their choice.

Kevin Hodge, senior director, products and Jason Parchomchuk, manager of project management revealed new features in BisTrack. Many of them were the result of user feedback. The two biggest announcements at the event itself were Epicor Warehouse Management (formerly Majure Data) and the Epicor Payment Gateway

Source: Rick Schumacher

epicor free tech consultation

Epicor to offer free tech consultations at AAPEX

Epicor’s technology experts are now scheduling appointments with parts suppliers, wholesalers, and service providers at the 2019 Automotive Aftermarket Products Expo (AAPEX) in Las Vegas this fall.

The global provider of industry-specific enterprise software says, the free consultations are designed to help warehouses, stores, and shops that want to accelerate growth in 2020.

Those who qualify will automatically be entered into daily drawings for a variety of prizes, including Fitbit Charge 3 and Fitbit Alta HR fitness watches.

AAPEX 2019 will take place Nov. 5-7, 2019, at the Sands Expo Convention Center, Las Vegas.

“Virtually any aftermarket business from the U.S, Canada or Mexico can find solutions in our AAPEX booth that can help them accelerate sales growth, reduce costs, increase margins and strengthen customer engagement and loyalty,” said Stephen Gannon, automotive business lead, Epicor. “Our technology consultations and hands-on demonstrations are designed to help users solve problems and unlock new opportunities for growth.”

Source: Auto Service world

erp software for finance management

Epicor 10 for finance management – most valuable features

Finance Management Module of Epicor 10 has a number of valuable features, some of which we will discover in this post.

erp software for finance management

Epicor 10 for finance management

Source: Clear Business Outcome.

For more information on Epicor ERP 10, feel free to contact us here.

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

Rebates

The optional Rebates of Financial Management Module of Epicor ERP provides you with a way to enter, update, and review any rebate program that your company runs with your customers. The module lets you accumulate rebates and pay a designated sold to customer, bill to customer, or another designated customer. These amounts are based on part and product group sales during a specified date range. Use this module to define the active rebate programs for your company. You can then generate the relevant transactions. Lastly, this functionality lets you pay the correct amounts to your customers through either an invoice check or a credit memo.

Use this program to generate all the relevant transactions that occur within a defined date range.

This Actions Menu command is found both in AR Invoice Entry and AP Invoice Entry. Use this command to turn the mentioned transactions into AP invoices or credit memos.

This program lets you enter rebate information for a single customer or a group of customers. You define the product groups or specific parts that will be included during the related offer as well as the respective breaks that the customer or customer group will receive.

This program lets you review all relevant transactions.

There are two tracker programs, Rebate Contract Tracker and Contract Status Tracker that you can use to follow the progress of the rebate programs.

rebates

Fixed Asset Management

fixed asset managementEffective asset management is a critical business requirement. Epicor ERP‘s Fixed Assets helps you record, track, and depreciate your fixed assets for optimal utilization.

 

Classify your assets for reporting and analysis into an unlimited number of asset classes and groups. These defaults streamline initial setup and executing mass changes to multiple assets.

Manage asset depreciation with multiple depreciation methods. Recalculate and project depreciation. Maintain accurate tracking and depreciation of company assets.

Control under- and over-charges by choosing how additions or changes to an asset’s depreciation charge are treated—even when the change occurs partway through a fiscal year.

Decide how to charge the opening book value of an asset when it is less than the annual depreciation charge. Charge it on a periodic basis until the book value equals zero, or spread the reduced annual charge across all periods in your fiscal year.

Keep your general ledger in sync with asset management through the comprehensive array of asset management accounts, including:

  • Asset provision account
  • Depreciation charge account
  • Addition control account
  • Disposal control account
  • Disposal provision account
  • Disposal profit/loss account

Quickly answer detailed questions regarding the location, source, and maintenance of your assets.

  • Location: Identify the location of your assets.
  • History: Document asset source, original purchase order and invoice number, manufacturer, manufacturing job number, and serial and/or model number.
  • Insurance: Capture and reference insurance information including insurer, asset policy number, monthly premium information, and renewal date.
  • Lease: If the asset is leased, document lease information like monthly lease cost, mileage, and lease end date.