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History of ERP

The Ultimate History of ERP: Its Rise to a Powerful Solution

With the rapid expansion of technology making communication easier than ever, new and exciting business opportunities have begun to make their way onto the scene.

The ability for information, capital, and even human talent to be transported around the globe at rates that would’ve been unimaginable mere decades ago created an environment ripe for creative ideas to flourish.

However, the huge demands of such far-flung aspirations require a similar set of intricate systems to support and coordinate this mobility.

As one of the primary organizing principles of our current social world, large enterprise corporations have increasingly become reliant on ERP — Enterprise Resource Planning — systems to ensure the accuracy of the complex undertakings of these entities. Delving into the roots of these systems can tell us much about their current iterations as well as the initiatives they’re intended to support.

ERP systems are expansive pieces of software with a wide variety of functions and applications available to their users. As ERP solutions are ultimately intended to help coordinate large-scale business processes, their history is generally reflective of this; they started as a way to expand the coordination of different manufacturing undertakings under one enterprise and later evolved to include more back-end professionals as well.

ERP systems—like most widely used software solutions—were first innovated in order to solve a fundamental problem of human enterprise. In this case, ensuring the validity of information across rapidly-growing businesses that would have been previously unimaginable. As the shape and structure of business have changed over the past few decades, so too has the software intended to support it evolved.

In many ways, the history of ERP systems is closely tied to the stunning development of computer hardware that characterized much of the tech space in the latter half of the 20th century. Each decade has seemingly brought its own new permutation of ERP software alongside the latest developments.

The increasing accessibility of powerful computers has also shaped the history of this software; turning it from a luxury few could afford to a necessity for enterprise manufacturers that has forged a not-insignificant presence amongst mid-market organizations.

ERP systems date back to the 1960s; however, they’ve only become understood in their current form in the past few decades. They’ve undergone several iterations since their invention. The term ‘ERP’ wasn’t coined until 1990 and has had several variations on that classification in the intervening years.

The precursor: inventory control systems

Before the lifecycle of this particular software solution began, most product-based organizations used their own centralized computing systems that automated inventory. These ‘IC systems’ emerged in the 1960s and were usually developed internally and rarely went beyond tracking the presence or lack of final products against monthly or quarterly production quotas.

Such packages might seem simplistic by today’s standards—they lacked many of the functions of their contemporary counterparts—however, they represent the first step in using computational machines to gather and utilize data in product-based manufacturing with the explicit goal of optimizing production and distribution in a systematic way.

MRP software

Materials Requirements Planning—MRP—software emerged from a collaboration between IBM and a manufacturer of tractors and construction machinery: J.I Case. The ability to calculate the specifics of business has been a core requirement of businesses around the world over since the days of mercantilism, and modern incarnations of this were no exception.

By applying computational machines to the day-to-day operations of their business, the manufacturers at J.I. Case found they were able to meet and even surpass the markets increasing needs to achieve a greater level of coordination between manufacturing products, procuring raw materials, and the delivery of goods to and from their factories. The software achieved this by automating the scheduling of operations and procurement.

In its earliest incarnation, this software was only really used by a select few manufacturing companies. These types of businesses were fertile ground for a system like early MRP software to develop due to the unique requirements of procuring raw materials, producing goods, and moving these products to the final sellers.

The limits of computational technology were also keenly felt by many organizations in the 1970s; the hardware needed to run a complex program like MRP software could often require entire rooms in order to access the same processing power we can access in our smartphones today.

Only a select few enterprise-level organizations had the capital readily available to feed such insatiable mechanical beasts.


The 1980s saw several advances in technology, including the invention of the CD and the launch of Nintendo’s Game Boy. For production software, it saw the development of Manufacturing Resource Planning (MRP II) systems.

This iteration of pre-ERP software had an emphasis on the optimization of manufacturing processes through the integration of raw material requirements and production schedules. These systems included the functionality of old MRP systems but began to integrate overarching coordination between the different departments responsible for the creation of the organization’s end product.


It wasn’t until the 1990s that we first saw proper ERP software entering the arena. This saw the full integration of the entire business across one single database in order to create agile adaptations to the demands of the market for the schedules of MRP and MRP II systems.

ERP systems are defined by how they build a database that acts as the single “source of truth” for production-based businesses. The advancement this software shows over MRP systems is in the integration of seemingly disparate departments, such as marketing, finance, and HR into one digital ecosystem.


Following the release and subsequent widespread adoption of ERP systems saw many of the software’s respective vendors developing even more functions beyond the core front-to-back integration.

These add-ons or “apps” created the idea of extended ERPs which could tackle a wide variety of different business issues such as incorporating consumer interactions into the core dataset customer relationship management through integration with customer relationship management (CRM) systems.

At this point, it might seem like ERP systems had simply grown to be far bigger than was reasonable. However, the truth is that each subsequent add-on to the base software, in fact, served to increase the predictive power of the program. The more sources of data an ERP system has at its disposal—through external programs such as CRM—the better users are able to react to changes in demand or new trends in their industry.

This is what characterized ERP II: an integration with other efficient business software solutions that allows the otherwise slow and ponderous machinery of large businesses to instead strike like lightning when an otherwise unattainable opportunity presents itself.

ERP and the cloud

This most recent iteration of ERP software has seen many organizations adopting ERP as an application or series of applications that are delivered remotely over the internet in the software as a service (SaaS) model.

This cutting edge method of ERP deployment is possible due to the staggering advances made on the internet where entire software packages can be delivered and operated remotely without the need for the end-user to invest in the hardware or infrastructure necessary to run massive systems like ERP on-site.

This has vastly lowered the barrier to entry for many businesses and has been increasingly responsible for the proliferation of ERP software amongst mid-market organizations.

This history of ERP was not only influenced by the surrounding technological trends. The companies that developed these software solutions also played a large role in adding their own personal and historical elements to the development of ERP systems.

While the rise of the SaaS model has opened the market to dozens of new ERP vendors, the four oldest listed here have by far wielded the most influence on the trajectory of this burgeoning industry.


Started by a team of former IBM engineers in Germany, Systems, Applications and Products in Data Processing (SAP for short) was founded in 1972 to provide business software for enterprise-level manufacturers. They released their first ERP system, R/2, in 1992. However, it wasn’t until the release of the next iteration of this software, R/3, that they exploded in their overall market share and quickly rose to prominence as one of the top vendors in the industry, with over 17,000 customers by 1999.

JD Edwards & Co

JD Edwards was founded in 1977 in Denver, Colorado, as a supplier for software for the IBM System i; an early mini-computer used by many businesses before the turn of the century. They launched their ERP system, OneWorld, as a flexible alternative to larger products with a reach into many mid-market organizations. It was acquired by Oracle in 2003 for $1.8 billion.

The BAAN Company

A Netherlandish company founded in 1978, BAAN entered the ERP market with the belief that the internet is the “ultimate enabler”, and it’s easy to see that philosophy in the approach to their particular software solution. They are known for their unparalleled cross-functionality amongst a variety of different business aspects and have access to a special tool, Orgware, that helps with implementation costs and has led it to become a leader in the defense and aerospace industries.


The current industry leader, Oracle is a titan in the ERP space, and for good reason. It’s the second-largest software company in the world after Microsoft and has been in the ERP space since 1987. Their ERP system, Oracle Applications, has one of the most extensive stables of applications and their database management software has served as the basis for other ERP systems, making them both a partner and competitor to these companies.

With all the new developments happening every year in the tech space, it can be hard to sift through the noise and tell what will stick to a particular industry. For ERP, it seems that the integration of machine learning and artificial intelligence could lead to promising new avenues for users of the software.

These intelligent ERP systems (iERP) can theoretically make use of advanced data analytics in order to lend incredible predictive power to large business operations at a global scare.

The spread of IoT devices has also had an impact on recent ERP businesses. By connecting production and distribution devices directly to the central database provided by ERP systems, iERP could achieve unparalleled integration and agility by automatically sending commands to warehousing, procurement, and manufacturing units based on the data received from other integrated software such as CRM.

Hogwarts, a history

ERP can seem so complex as to be practically magical. The past can tell us much about the present and future of a particular industry. ERP software developed from the need to coordinate, predict, and react to ever-changing market trends and forces, and this history has a strong hand in determining the next evolution of these dynamic and expansive systems.

Ensuring data integrity is imperative for any enterprise business. Ensure you have the highest quality data available when you implement a new ERP system

Source: Piper Thomson

Data V Tech has implemented Epicor ERP software for many businesses in various industries. If you are looking for an appropriate solution, please feel free to contact us!

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

best manufacturing erp software

ERP purchasing: 5 things to consider

Here are five things to consider before going on an Enterprise Resource Planning (ERP) purchasing journey.

The world’s most popular ERP providers now have variations of their products built specifically for different industries and business models. Each one with hosts of add-on modules, “configurable” to a degree can create a bespoke solution meeting your specific business needs. It is recommended that you request a demo in order to check if it really fits.

It is no secret that software costs money and can be expensive. Accepting this is typically a prerequisite to embarking on an EPR purchasing journey. That is a significant commitment required to procure and implement an ERP solution.

The business can decide to embark on the pursuit entirely on its own. Otherwise, it can choose to consult with experts to guide them through the process, the time, resources. In the latter case, monetary costs can escalate quickly. In either regard though, you get out of it what you put in. Implementing the best ERP for your business and learning how to take full advantage of its capabilities can completely transform your enterprise. More importantly, that can lead to tremendous growth in your business. This up-front cost must be weighed against the substantial time and resource savings the solution will unlock in efficiency gains.

An ERP solution can be a significant investment. Thus, it is important to consider the fact that what your business looks like today might not be what it does tomorrow. The natural path of any successful business is growing. With growth comes expanding business needs, often with an increased degree of complexity.

It’s important to seek out and design an ERP tool that can grow and expand with you while offering a platform to drive innovation. This can be as simple as the ability to add additional users or lines of business. However, it can also be as complex as the ability to handle international operations across multiple business entities using local languages. To get the most out of a new ERP tool, decision-makers should keep in mind the overall trajectory of their business and their vision.

This foresight will help a new ERP become an enabler, integral to the business achieving its ultimate mission and vision.

Transitioning to a new ERP is a tremendous opportunity for a business. It opens up the possibility to transform and modernize the way it operates. For example, you can rethink how to work more efficiently today in the digital world. Keeping that in mind, though, the transition can be detrimental to a business if it attempts to completely erase its previous life. Thus, it is vital to consider the end-user when making the decision to move to a new ERP tool and its implementation.

Technology is all well and good. However, if business owners and employees cannot actually do their job, an ERP transition can cause immense turmoil. More seriously, it has the potential to be the beginning of the end. By considering the needs of the end-user “internal customer” rather than only seeking out the dream-like functionality, you can be sure to select the best course of action for the entire enterprise. At the same time, you can make the transition as seamless as possible.

Keep in mind what a new ERP tool means in its most fundamental sense for your business. Furthermore, change inevitably equals uncertainty. In large part, it is easy for a business owner or executive to make a business case for transitioning to a new ERP. Intentions mean nothing if stakeholders do not buy-in to the project, buy-in to the change, and buy-in works its way from the top down. Without it, a new ERP will never achieve its full potential and can possibly fail entirely.

Before embarking on an ERP purchasing journey, consider what it means for the people that will be most affected. Then, make an effort from the very beginning to get everyone on board. Finally, you get to work together toward the ultimate goal of improving your bottom line. Buy-in equals user adoption which equals more certainty towards achieving a return on investment.

Source: Thomas Burns

Contact us for direct consultation and a demo of your interested solution.

Project Coordinator

Data V Tech is the hub of talented and motivated IT engineers. Check this opportunity to start your career with us!


  • University Degree or higher (favourable in Economics, Business Administration, Accounting, Auditing, Finance).
  • Good command of English (IELTS or TOEFL or TOEIC is an advantage).
  • Experience in project management (favourable but no must).
  • Good communication skills.
  • Well-organized and deadline oriented.
  • Independent worker and a supportive team player.

Your benefits

  • Project management training on Epicor ERP.
  • Opportunity to get certified for Epicor Project Management Signature Methodology.
  • Competitive salary.
  • Open English-speaking work environment.
  • Opportunity to work with multiple projects in multiple industries.
  • Opportunity to get promoted to Project Manager roles.
  • Additional medical health insurance after 6 months of joining.
  • Wellfare benefits in accordance with the labour regulations.

erp consulting jobs


  • Headquarter: 4A/167 Nguyen Van Thuong Street, Ward 25, Binh Thanh District, Ho Chi Minh City.
  • Frequent field trips to other provinces, such as Binh Duong or Dong Nai (organized by Data V Tech).

Your tasks

  • Be the “organizational spirit” of our software team
  • Develop individual project plans reflecting the respective characteristics of each endeavor while considering the available workforce and overall milestones
  • Work with the team members to define scope and tasks to break down the overall deliverables in digestible units
  • Introduce/refine project management methods that support a modern, agile and inspiring way of work
  • Coordinate timelines while keeping an eye on potential risks and bringing the right people together to find solutions
  • Initiate regular team meetings and work routines to keep all active projects running smoothly; guide team meetings, mediate decisions and document progress
  • Take care of release-related processes and make sure that gates can be passed
  • Work with remote / external teams and other third parties to coordinate and align software activities in an optimal way
  • Regularly report the overall program status, risks and change control
  • Manage team dynamics and support a positive team spirit
  • Contribute to each team member being able to maximize their individual impact; that group decisions are fostered, and an open-minded and productive environment is established
artificial intelligence and erp

Artificial Intelligence Transforms ERP

Like many other areas of technology, artificial intelligence and machine learning are on the verge of transforming ERP business management systems. 

Yours will see some of these innovations when existing software platforms are upgraded and others rolled out in new products.

Almost every new piece of software on the market by the end of 2020 will leverage AI technology in one way or another, according to an analysis by Gartner. And by the end of 2021, 80% of all emerging technology will use machine learning as part of its functionality.

It’s obvious, then, that the next generation of centralized ERP (enterprise resource planning) systems that manage a company’s business functions from sales to human resources will benefit from these breakthroughs

The Rise of Chatbots

Top 10 Chatbot Development Companies You Can Hire - IQVIS Inc.

One of the areas that have seen the most progress in CRM customer management systems, where chatbots, which simulate conversations with humans, handle many customer queries and radically reduce waiting times for live personnel.

Chatbots are becoming ubiquitous in customer service scenarios, and the data they generate is forming the basis for new improvements.

Beyond the front end of your business, AI can also achieve considerable efficiencies within your overall ERP setup. Using the data available to your company from existing customer interactions, it can provide new opportunities for sales and marketing teams.

Artificial intelligence also makes inventory management more efficient. Some of the tasks supported by ERP function in the nexus between cash reserves and stock, and between overproduction and underproduction. The addition of AI, however, can deliver even more efficiencies, including an additional platform for analysis incorporating complex trends that can, in turn, provide your management with new capabilities in forecasting.

All this can – and should – be integrated into your ERP platform.

Fewer Storage Headaches

With more efficient inventory management, fewer issues will arise around storage capacity or compensating for unanticipated shortfalls.

Another area where AI is already making an impact in the ERP universe is its significant contribution to reducing costly manual errors. ERP has already seen higher levels of automation evolving into development over the last five years or so, but AI breakthroughs offer the potential for even further levels of automation.

Are we yet in a position for AI to manage much of your production processes without the need for human intervention? I have to answer…not yet.

But in some industries, such as auto manufacturing, increasing levels of automation have meant that artificial intelligence could have a quicker impact on ERP platforms than on others.

Key takeaways

3 Key Takeaways from Social Media Marketing World
  • Artificial intelligence is poised to become a ubiquitous component in the next generation of technology applications. This includes ERP platforms.
  •  AI will be introduced in your ERP system gradually, partly by updates and partly by new product launches.
  • AI will bring significant benefits to ERP platforms, drawing strategic insights from operational and customer data and making production processes far more efficient. It will also help reduce manual errors.
  • The technology also will bring more integration benefits, linking data from the customer relations segment of your business with the product and delivery side.
Author: Cormac Bracken
data analytics

IT Trends and ERP

Enterprise Resource Planning (ERP) in particular has a lot to gain from adopting an open approach to new innovations. Here are the five technology trends that have shaped the development of ERP:

1.The Internet of things

The Internet of Things (IoT) is a concept that provides objects, such as cars and electrical appliances, with the capacity to transfer data over a network without requiring human interaction.

What is the Internet of Things (IoT)? | IT PRO

Thus, the integration of IoTs into ERP can help businesses grow to a new level. For example, you can then easily access information such as location, usage, and performance. As a result, ERP allows organizations to identify issues, i.e., locate unused assets and detect maintenance needs.

2.Wearable technology Best Wearable Tech from CES 2019 | Tech.co

While much of the attention generated by wearables has focused on consumer propositions like fitness trackers, there are also a host of applications in the workplace. Augmented Reality enabled glasses like Google Glass will enable hands-free operations which can be of great benefit for many blue-collar workers.

Smartwatches are more easily accessible and are less prone to ‘accidents’ such as misplacement. Thus, they represent an advance in comparison to PDAs and smartphones. Devices that monitor external factors like UV exposure or heat can help improve the management of employee health.

3.Big data analytics

Organizations have become more dependent on IT. Therefore, they have accumulated a wealth of data that has been traditionally underutilized. As the IoT connects tools and employees to the internet, this data generation will grow exponentially.

How Big Data Analytics Solving Product Promotion Issues

By employing analytical tools, organizations can begin to use this data to make accurate predictions that form the basis of a more intelligent approach to business strategy.

4.The age of context

With businesses increasingly operating in a multichannel world, understanding the context is crucial to your performance. ERP software developers are working hard to find the best ways to show you:

  • the situation you’re in,
  • what information you would like to see, and
  • how you would like to see it.

PCs and mobile apps will increasingly integrate context-aware functionality to anticipate user needs and improve the efficiency of day to day tasks.

For example, a field service engineer will automatically receive all the asset data, job instructions, and customer relationship history as soon as they arrive at the repair site.

5.Opening business to innovation Creating a Culture of Innovation in Business

Over the next few years, technology like wearables, the IoT and big data analytics stand to reinvent business processes across many different industry sectors. Organizations need to keep an eye on technological advances, even those that may seem to be irrelevant.

  Source: Industry Week

ERP developers

Data V Tech is the hub of talented and motivated software, especially ERP, developers. Check this opportunity to start your ERP development career with us!


  • Background/experience in programming C# and SQL.
  • Understanding of NET Crystal Report and Web Services is an advantage.
  • Confidence in SQL database on MS SQL Server
  • Good communication in English (listening/reading/speaking/ writing). IELTS or TOEFL or TOEIC is an advantage.
  • Can-do attitude.

Soft skills

  • Ability to research and grasp new technologies.
  • Stress management and deadline-oriented characteristic
  • Independence and team player attitude
  • Strong communication skills (both written and oral)


  • Headquarter: 4A/167 Nguyen Van Thuong Street, Ward 25, Binh Thanh District, Ho Chi Minh City.
  • Factories in other Vietnamese cities, such as Hanoi or Dong Nai.

erp software developers

Your future job location offers you

  • Opportunities to learn and experience with the top ERP software in the world.
  • Chances to learn various business and operations to design, consult, and build system processes for businesses around the world.
  • Networks with Customers/Partners around the world, and especially in Asia -Pacific.
  • Supports to study and take Consultant certification exams for software deployment (Tool Consultant). This certificate has a global value.
  • Learning-on-project experience with Manufacturing/ Distribution/ Financial knowledge along the way.
  • Possible salary increase with regard to knowledge level (certification), promotion (Team Leader) and bonus by projects.
  • Further training on E-commerce software, Mobile Application, and IoT network development.
  • Travel opportunities to implement projects around the world. Is your passport ready?
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


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.