Tag - epicor erp

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

top rated ERP 2019

Epicor among Top Rated ERP Solutions for 2019

On March 6th 2019, TrustRadius released the top rated Enterprise Resource Planning (ERP) software solutions for 2019 based on evaluations of 23,900 TrustRadius users in the past quarter. Proudly, Epicor ERP was ranked the 5th position among multiple other software.

Users’ reviews so far have showed Epicor ERP is an ideal solution for the manufacturing industry. This software provides solutions in accounting, inventory control, CRM, project management, HCM, business intelligence, supply chain and production management, risk management, and asset management. Its aims are to help enterprises increase profitability, enhance productivity, and manage growth.

72% TrustRadius reviewers using Epicor ERP work for mid-sized companies. They value “Epicor’s immediate access to source data, low-maintenance cloud hosting option, and responsive customer support team.”

 

top rated ERP 2019

Epicor ERP, a great choice for manufacturing companies.

[Our company] uses Epicor ERP across all departments here at Baxter. We are able to do Sales, manage our inventory, purchasing, manufacturing, and handle all functions of accounting using Epicor. We made the decision to go with Epicor in 2008, and went live on January 1, 2010. We have upgraded the software a few times and love the improvements that Epicor continues to make with the software.

 

Jack PennypackerNetwork Administrator III - Baxter Manufacturing

Epicor Cheerleader.

Currently use Epicor ERP in all of our manufacturing, customer service, finance and engineering departments, some sales also included. Our next phase is to merge Epicor with Salesforce to have it be more seamless.

Verified UserC-Level Executive in Finance and Accounting - Maritime Company

Top rated ERP 2019 – Information for future users

Analysis shows what TrustRadius visitors care the most are product reviews and comparisons. Particularly, 56% read end-users’ feedback while 38% compared between at least two solutions. Such information then helps next buyers make better informed decision when purchasing a product.

Criteria to be top rated ERP software

Here are criteria to become top rated ERP software 2019: Firstly, the products must appear in the top level of their category TrustMap by February 13th, 2019. Then they must receive at least 10 reviews published within the past year with a satisfaction score of at least 7.5/10. Furthermore, they must share at least 1.5% of the traffic in the category.

TrustRadius verifies every reviewer and vets every review before publication. Then the platform marks the products on the TrustMap based on end-user data. Furthermore, the decisive elements are scores of users’ likelihood to recommend and buyer research patterns.

highlights of Epicor 10.2.400

Major features in Epicor 10.2.400

As Epicor Insights 2019 announces release 10.2.400, the version is now available in your Epicweb for download, and here are the major features:

  1. Automated Order Entry (DocStar)
  2. Connected Factory
  3. Lite MES (Kinetic)
  4. Scheduling Boards 2.0
  5. Mobile Time & Expense Mobile App
  6. Project WBS Phases Revenue Recognition
  7. OData 4.x REST v2

Automated Order Entry

epicor 10.2.400

Automated Order Entry (DocStar) enables you to create a sales order from an attachment in emails or a scanned image in Epicor. For instance, DocStar can scan a screen capture in Excel, PDF, .tif, Word Document, or other image files that contain a purchase order and then extract the relevant data. Then the data goes through a validation workflow. When it passes the requirements, Epicor will automatically create a sales order.

For further information on Sales Management, please click here

Connected Enterprise

features of epicor 10.2.400

new in epicor 10.2.400

Connected Enterprise is an Industrial Internet of Things (IIoT) platform for Epicor. With this feature, you can better view and track your different sites and machinery. Furthermore, it supports the Microsoft Azure IoT Hub platform.

For further information on IIoT, please click here

The list it monitors includes assets, equipment, inventory locations, as well as intelligent products.

new in Epicor 10.2.400

features of Epicor 10.2.400

updates of Epicor 10.2.400

One of the updates of Epicor 10.2.400 is the use of the Microsoft IoT hub. This hub collects data from sensors for its reporting and analytics. The MES shop floor home page then shows aggregated data and allows users to examine the performance of their equipment. Epicor users now can create rules to customize the display and set up alerts to inform them promptly the equipment status.

 

 

 

 

 

 

 

release of Epicor 10.2.400

You will need to install AzureRM and IoT Cloud Rule Processor PowerShell modules to process IoT rules in the cloud.

Lite MES – Kinetic

Kinetic Design system welcomed the world last year. Several updates in Epicor 10.2.400 based on this module includes, a new mobile, and time application. Particularly, Epicor has updated its mobile screens, e.g. Sales Order Entry and MES. The current design enables better and more popular use of Epicor on mobiles and tablets.

new in Epicor 10.2.400

features of Epicor 10.2.400

highlights of Epicor 10.2.400

updates of Epicor 10.2.400

Keep following us for further information on other functionalities of Epicor 10.2.400 in the coming week.

Source of opinions and photos on Highlights of Epicor 10.2.400: EpicHelp user hasokeric

Insights 2019 with Starbucks Coffee CEO & Founder

Epicor Insights 2019 provided us with fruitful training sessions and especially an interesting talk with Starbucks Coffee Founder Howard Schultz. Also in this conference, it is announced that E10.2.400 will have REST API version 2.0. Data V Tech team is very excited to share further information on the updated Epicor ERP when being back to Vietnam.

Insights 2019 training session 2
Training session
Insights 2019 Starbucks Coffee founder Howard Schultz
Starbucks Coffee Founder Howard Schultz – Insights 2019 guest
Insights 2019 training session 1

We worked hard and still felt fresh thanks to Epicor’s excellent organization. Apart from training sessions, we did have great time in Epicor Concert, to relax and to network. We just wish that everyone could have joined us!

This is the beginning of the concert before we threw ourselves into the crowd and music.

Epicor Implementation

EPICOR IMPLEMENTATION

Epicor 10.2 is a modern and new breed of enterprise business applications built not just with scalability, accessibility and flexibility in mind, but with an eye to the sophisticated functional needs of forward thinking businesses that expects to continuously improve, perform and grow. Now a days companies are finding ways to be the leading in developing products and improve technology in trend to minimize the harmful effect to the natural environment. In this regard, leaders must are all committed to provide its customers with excellent product quality and services at competitive pricing.

With thousands of successful ERP implementations worldwide, Epicor Consulting delivers among the most cost effective and efficient techniques to plan, design, validate and deploy your Epicor solution. Staffed with properly trained consultants and equipped with world-class implementation tools, DATA V TECH’S consulting team follows Epicor’s proven Signature Methodology designed specifically around Epicor software and our customers.

The Epicor Signature Methodology is broken into five stages: Prepare, Plan, Design, Validate, and Deploy. Each stage includes a series of segments that are filled with a set of inputs, tools, techniques, and deliverables all building upon one another to move to the next stage. The methodology also includes built-in sign-off processes to better ensure each party is satisfied throughout the project before moving to the next group of milestones. The end result is an on- time, on-budget implementation of your Epicor solution tailored to bring your business to the next level.

 

epicorsignature

Epicor Integration

Do you need assistance with software integration?

Are you entering same data to various systems?

Our highly experience team of developers can help automate data flows from one system to another.

Tell us your integration requirements and we’ll have a few solutions for you!

Epicor Upgrades

CONSIDERING UPGRADE ?

Over the years, our consultants have guided many clients from chaotic and inefficiency outdated ERP system — or no system at all — to an integrated and powerful business system, supporting the execution of the company’s strategies and monitoring and reporting of results thereof. We will share, for your benefit, our hard-earned experience and knowledge on industry best-practices, and work with you to map out a journey to bring your company’s unique way of doing business to the next level.

upgradeThe challenges that you currently face may best be described by one or two of the following statements:
• The current system has outlived its purpose and is no longer able to handle the current mode and scale of business.
• Working with many unconnected Excel and Access data stores, email chains, triple data entry and involving lots of paperwork.
• Having to work and manage multiple integrated unique systems.
• Currently working on older versions of Epicor or other outdated ERP systems.

Whatever your current challenges might be, implementing Epicor 10 will go a long way to relief and effectively address them.

At Data V Tech, our lead consultants have worked with many clients in these situations before and have successfully helped our clients to build their desired ERP system they deserve.

upgrade-stages

Contact us when you’re ready to start, or simply have a few questions or points to clarify. We would be happy to help.

Epicor ERP Service

Epicor Cloud

epicorlogoepicor cloud

You are moving your ERP to the cloud. At this point, it’s no longer an if question—it’s just a matter of when.

This statement shouldn’t startle you. The reality is that most enterprise applications are well on their way to being cloud based. We’ve seen it with simple workloads such as HR and payroll, travel and expense management, and in the last decade we’ve seen the cloud as the new normal for customer relationship management (CRM) deployments.

This track record of success for cloud-based enterprise applications has brought us to the cross- over point in deployment mix. The cloud has rapidly established itself as the preferred and default deployment environment for companies of all sizes. Today, clients (and ERP vendors) presume that their next enterprise resource planning system (ERP) deployment is more likely to be cloud based than legacy (i.e., on-premises.)

Clients who have already made the leap to the cloud (with their ERP or another enterprise workload), already know the answers to the “why cloud?” question are overwhelmingly compelling and undeniable. But for others who haven’t yet benefited from the cloud, questions remain—along with some occasional reluctance to embrace this change. After all, they ask, if the legacy model of ERP deployment (where end customers buy the software and the hardware upfront, then pay services staff to integrate it all, then pay even more to maintain and upgrade it) was good enough for the last three decades, what’s changed in the last 10 years?

It is important to understand that this conversation is not just about technology, nor is it just about economics (though the technical and economic cases are both compelling.) Upgrading to the cloud means retiring your old approach to business management applications and no longer having to procure, install, maintain, and manage IT systems. And perhaps most compelling is the opportunity to redefine your business processes to leverage the cloud.

It’s not just us. Nucleus Research found in a 2015 survey of more than 100 companies that “customers were able to achieve substantial benefits, including reduced IT costs, increased employee productivity, and better inventory management” with a cloud-based ERP deployment. Cloud deployment has become the new norm.

“[…]Being locked into a specific deployment and usage format can severely limit the ability to manage the business, and therefore the firm’s competitive abilities.”

Saugatuck Technology

“Organizations with SaaS ERP spent exactly 100%  of their ERP implementation budget on implementation, compared to organizations with on-premise ERP that went 12% over budget.”

SaaS and Cloud ERP Observations: Is Cloud ERP Right for You? Aberdeen Group December 2012
Saugatuck Technology

Epicor recognizes that your ERP system doesn’t exist as an island, and we provide clients the technologies they need to integrate with their other enterprise systems, including Epicor Service Connect, web services interfaces, large volume data management tools, and real- time application program interfaces (APIs).

About Epicor

Epicor Software Corporation drives business growth. We provide flexible, industry-specific software that is designed around the needs of our manufacturing, distribution, retail, and service industry customers. More than 40 years of experience with our customers’ unique business processes and operational requirements is built into every solution—in the cloud, hosted, or on premises. With a deep understanding of your industry, Epicor solutions spur growth while managing complexity. The result is powerful solutions that free your resources so you can grow your business. For more information, connect with Epicor or visit www.epicor.com.