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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

data v tech new domain

Data V Tech New Domain

Data V Tech Solutions, Epicor ERP partner in Vietnam, is in a transition to change our domain from https://datavtech.com.au to https://www.datavtech.com recently. You may see non-secure web page appears when entering https://datavtech.com.au. If you further proceed to the page, you will be redirected to our new domain. We apologize for any inconvenience caused.

We expect to complete this transition within May 2019.

In the meantime, we are excited to announce that Data V Tech will be attending Epicor Insights 2019 conference. We will be sharing news and information in our next blog post. Stay tuned!!!

Company

WhoWe Are

Proud to be Epicor’s partner in Vietnam, Data V Tech Solutions is the leading ERP consulting firm. With a team of experienced IT consultants, we are dedicated to apply enterprise resource planning (ERP) innovations to companies of all industries.

The lead consultants at Data V Tech have helped many mid-sized businesses to solve strategic issues and critical business problems. We deliver solutions through Epicor Business Process Management (BPM), Custom Software Development, Software Integrations and etc.

WhatWe Do

Our servicesinclude implementation, upgradesand integration. Wherever you are, Epicor supports multi-languages, and we have people who are fluent in Vietnamese and English to help you along the process. We have people with expertise who will help you. Whether your business operates in  Manufacturing, Distribution, Services, or Retail industry. We, as EpicorAuthorized Partner and leading ERP consulting firm, strive to assist your businesses to maximise your competitive advantage. You will always be at the top of the game through innovative enterprise resource planning (ERP) solutions.

WhatOur Target Market

We serve businesses that operate across Asia Pacific, such as Vietnam, Malaysia, China, Australia, New Zealand, etc. Data V Tech have Epicor Certified consultants available in Vietnam and Australia to conduct the implementation. If you would like to roll out Epicor ERP in any site in these two locations, please do not hesitate to contact us.

Công ty Cung cấp Giải pháp Hàng đầu cho Doanh nghiệp Việt Nam

Công ty Giải pháp Data V Tech tự hào là một trong các công ty hàng đầu triển khai phần mềm ERP tại Việt Nam (Vietnam Epicor Partner), với văn phòng tại Úc và Việt Nam. Để biết thêm thông tin về Epicor cũng như các phần mềm kế toán, phần mềm quản lý… bằng tiếng Việt, bạn có thể truy cập kênh youtube của chúng tôi. https://youtu.be/RJo2rR-n9Vk Hoặc liên hệtrực tiếp Data V Tech. Chúng tôi luôn chào đón bạn!

Data V Tech Implementation

Vietnamese authorized partner of Epicor

The New Way to
  • Success. Advance. Progress.

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About us

Who We Are

Proud to be Epicor’s partner in Vietnam, Data V Tech Solutions is the leading ERP consulting company. With a team of experienced IT consultants, we are dedicated to apply enterprise resource planning (ERP) innovations to companies of all industries.

The lead consultants at Data V Tech have helped many mid-sized businesses to solve strategic issues and critical business problems. We deliver solutions through Epicor Business Process Management (BPM), Custom Software Development, Software Integrations and etc.

What We Do

Our services include implementation, upgrades and integration. Wherever you are, Epicor supports multi-languages, and we have people who are fluent in Vietnamese and English to help you along the process.

We have people with expertise who will help you. Whether your business operates in  Manufacturing, Distribution, Services, or Retail industry.

We, as Epicor Authorized Partner and leading ERP consulting firm, strive to assist your businesses to maximise your competitive advantage. You will always be at the top of the game through innovative enterprise resource planning (ERP) solutions.

What Our Target Market

We serve businesses that operate across Asia Pacific, such as Vietnam, Malaysia, China, Australia, New Zealand, etc.

Data V Tech have Epicor Certified consultants available in Vietnam and Australia to conduct the implementation. If you would like to roll out Epicor ERP in any site in these two locations, please do not hesitate to contact us.

Công ty Cung cấp Giải pháp Hàng đầu cho Doanh nghiệp Việt Nam

Công ty Giải pháp Data V Tech tự hào là một trong các công ty hàng đầu triển khai phần mềm ERP tại Việt Nam (Vietnam Epicor Partner), với văn phòng tại Úc và Việt Nam.

Để biết thêm thông tin về Epicor cũng như các phần mềm kế toán, phần mềm quản lý… bằng tiếng Việt, bạn có thể truy cập kênh youtube của chúng tôi.

Hoặc liên hệ trực tiếp Data V Tech. Chúng tôi luôn chào đón bạn!

Data V Tech Implementation

The New Way to
  • Success.
  • Advance.
  • Progress.

Data V Tech's Logos

Vietnamese authorized partner of Epicor

data v tech