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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

tips to choose the right erp solution

How to choose the right ERP solution

on

Here are some tips for leaders and CEOs to choose the best vendor with the best ERP solution for their companies. These tips are based on customers’ feedback and recommendations, namely those on TrustRadius and FeaturedCustomers. The order is tentative. Thus, each company can have their own schedule based on the information available to them.

1. Discuss among leaders

It is crucial that leaders and investors have information about the process to choose the best ERP option and vendor. That means, every step should be as transparent as possible.

how to choose erp solution

2. Assess the needs

You might want to do a SWOT* analysis of business and operations before doing anythings else. Particularly, it is necessary to detect the need to innovate the company’s operations.

It can be the company’s weaknesses or challenges, possibly due to some disruptors or competitors’ sudden growth. It can also be the opportunity to scale production or improve performance due to new technologies or policies in your sector.

tips choose right ERP

3. Determine own tips to choose the right ERP solution and vendor

The clearer criteria you have, the faster you can choose the appropriate ERP solution as well as the best vendor. Furthermore, the solution requirements can also serve as the benchmark for the latter. They can be features either in general or specifically for a department, budget, platform, schedule, and any concerns that your team might think of.

best erp solution

4. Seek consultations

It is optimal to search for the vendors in your country in order to save travel costs as well as misunderstanding during implementation. However, if you are a transnational company, it would be better to choose the best in your region. That means to widen the geographical scope of your search.

Do not hesitate to contact vendors by leaving your email address or phone number. The best ones usually contact you as soon as possible to learn more about your needs. In addition, they are proactive to arrange phone calls, in-person or Skype meetings, or online demos.

The first impression might also be one of the tips for the best ERP solution and vendor.

right erp software

5. Shortlist the best ERP vendors

The information and consultation services you have received or experienced are the very first clues to narrow down your list of vendors and ERP solutions to follow up.

best erp vendor

6. Prepare questions

It is better to collect questions from all departments where your company wants to make a change. Besides, it is also recommendable to involve all representatives in the meetings. That would save time to make the final decision.

right erp vendor

7. Check vendor references and/or make decisions

You might require the vendors to give you some references. However, if the vendors cannot give you any offline references, do not doubt their reliability immediately. Maybe you can ask ‘Why would your competitors give you some tips to scale their business?’ before judging.

Once you have made decision, work closely with your ERP vendor to implement the solution. You can then start mapping your critical milestones and recording your course to success.

right erp solution

* SWOT refers to strengths, weaknesses, opportunities, threats.

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

Warehouse and Independent Distributor & Jobbers Solution

Epicor® plays a vital role in helping wholesale auto parts distributors and jobbers establish and maintain a competitive advantage through increased operational efficiency and a broad range of innovative, valuable customer service capabilities.

Wholesale Auto Parts Distributors Benefits

Epicor helps aftermarket businesses to:

  • Quickly identify the right part and even the right brand
  • Handle more customer orders, faster
  • Increase parts sales and margins
  • Drive revenue from slow-moving or obsolete stock
  • Make better inventory decisions

New Technology for New Challenges

Epicor-powered warehouse and independent distributors and jobbers can benefit from an integrated POS, smart buying practices and seamless inventory management that help increase sales, margins and customer loyalty.

Epicor solutions available for warehouse and independent distributors and jobbers include:

  • Comprehensive warehouse, business management and retail systems
  • Electronic auto replacement parts catalog and related data information
  • Parts replacement rate analysis to determine local demand
  • Connectivity solutions for online parts lookup and ordering from the service dealer up to the warehouse
  • “Bolt-on” tools for dispatch, delivery, and online customer service solutions

 

Accountancy Services Software Epicor

Financial Services System

Financial Software Functionalities

  • Connect with your customers.
  • Account for and streamline your financial operations.
  • Manage front, middle and back office data Integration.
  • Budget, procure and manage your costs efficiency.
  • Analyze and gain insight into your performance.

These processes represent a closed loop solution that ensures maximum efficiency and a connected enterprise. Epicor understands this and our ability to automate and optimize them for midsized to large financial institutions is what has made us a market-leading provider of business performance solutions for the financial services industry.

Financial Services Solutions

Industry consolidation, increasing regulation, determined competition, and sophisticated customers raise both challenges and opportunities for your financial institution. A focus on cost reduction, sales efficiency, product and service differentiation, and customer advocacy can lead to an increased wallet share, but only if supported by flexible and adaptable business software.

Through our award winning and agile business applications, Epicor for Financial Services is the only solution to offer enterprise functionality at a midmarket total cost of ownership (TCO) —combining a rich user experience with absolute flexibility and intense performance.

Accountancy Services Software

Audit and Accountancy Services Software

ERP Accounting Services Software

Audit and accountancy firms are feeling the strain of managing time and resources and are looking to innovative ERP accounting services software that will assist in applying resources, streamlining processes, and increasing over-all efficiency.

Epicor® for Service Enterprises provides your platform for success by delivering a comprehensive closed-loop practice management solution supporting the five key service-centric processes behind all audit and accountancy firms: managing business development, resourcing jobs effectively, managing engagement delivery, streamlining financial operations and regulatory compliance and analyzing business performance.

Accounting ERP

  • Support practice development through contact and knowledge management capabilities
  • Manage new opportunities and on-going client engagements with account management facilities that provide a single view of the client relationship
  • Manage client correspondence and engagement documentation through extensive links with Microsoft SharePoint® products and technologies
  • “Quick Engagements” simplify engagement creation using default and template settings
  • Accurate time management through the control of available engagement codes and control of unassigned entry
  • Maximize resource performance and utilization through increased visibility into current and future staffing needs
  • Effective management of WIP and draft billing processes with drill to detail and invoice consolidation facilities
  • Increased business agility though comprehensive business process management and workflow orchestration

Audit Business Process Management Solutions

With Epicor for Service Enterprises, you can anticipate improvements in efficiency, engagement control, utilization, client satisfaction and overall visibility resulting in more effective practice management.

Whether your firm is a mid-sized partnership, or Limited Liability Partnership, Epicor for Service Enterprises can provide the tools to help you manage rapid growth, become more efficient and realize your business vision.

 

Credit Unions

Credit Union Software

ERP for Credit Unions

With competition coming from every corner, credit unions must use technology to their advantage. In order to remain competitive in an increasingly fractured market, credit union CFOs need an accurate, flexible system that provides information in real time and lets them focus on the four key areas of accounting, purchasing, budgeting, and reporting. Our ERP credit union software does just that.

Credit Union Software Solutions to Meet Your Business Goals

  • Increased visibility and information accuracy through daily automated and audited close of business transfer from member system to finance.
  • Improved cash position through a reduction of manual, duplicate or erroneous payables transactions.
  • Reduction of administrative burden linked to improved efficiency and lower costs with financial systems that enable operations without the need to increase headcount.
  • Improved planning with integrated and flexible reporting, budgeting and forecasting solutions.
  • Increased business predictability from trusted and transparent management reporting and analysis.
  • Improved member experience and satisfaction through tight integration of people, processes and applications.

With award-winning integrated applications, and a large and growing community of credit unions, Epicor for Financial Services is a powerful credit union software solution that provides the flexibility and visibility you need to grow your company profitably by optimizing your most important resources.

Business Automation

Business Automation Software

Banking ERP

  • Increased visibility and information accuracy through seamless integration of front office, back office and finance systems.
  • Improved cash position through a reduction of manual, duplicate or erroneous payables transactions.
  • Reduction of administrative burden linked to improved efficiency and lower costs with financial systems that enable operations without the need to increase headcount.
  • Improved planning with integrated and flexible reporting, budgeting and forecasting solutions.
  • Increased business predictability from trusted and transparent management reporting and analysis.
  • Improved customer experience and satisfaction.

Regional Banking Software

With award-winning integrated applications, Epicor for Financial Services is a powerful business automation software solution that provides the flexibility and visibility you need to grow your company profitably by optimizing your most important resources. ERP for financial services is within your reach.

IT Management

Epicor ITSM

epicor-erp-v10-diagram-web

Epicor ITSM Incident Management

When an incident occurs, the goal of the service desk is to restore normal operation as quickly as possible. At the service desk, all incoming incidents are registered in Epicor TSM and prioritized and incidents that require a specialist can be immediately escalated to the correct people. Incidents received by e-mail or the Web are registered automatically. Service desk customers can monitor their incident progress via e-mail or online. A knowledge base system allows service desks to build up a searchable set of knowledge and re-use that knowledge—allowing less experienced technicians to answer difficult questions that have been answered before.

Epicor ITSM Change Management

Epicor ITSM helps organizations make changes to the IT infrastructure in a controlled way. Whether the change is required to solve a problem or it is the integration of a new system into your existing IT infrastructure, Epicor ITSM provides a method for requesting the appropriate change, ensuring it receives appropriate approvals and also tracks how long it takes to implement the change. ITSM provides your employees (including Change Approval Board members) with goal-oriented options for implementing a change in a controlled fashion.

Epicor ITSM Configuration Management

With Epicor ITSM you can get detailed insight into your IT infrastructure assets. You can easily track your hardware, software and other IT infrastructure components within ITSM. Thanks to the total overview of information, your service desk can operate effectively and efficiently, saving time for the service desk and money for the organization.

Epicor ITSM also offers you the opportunity to record financial data associated with configurations and products. Purchase value, depreciation term, value after depreciation, warranty date and installation date are captured and tracked. In addition, it’s possible to allocate costs to budget holders, departments, sister companies etc. In short, ITSM makes IT costs transparent.

Epicor ITSM Problem Management

A structural problem leads to incidents and therefore to new or repeating calls. Epicor ITSM will not allow incidents to be solved without their underlying cause being eliminated. ITSM allows you to link several incidents to a problem, and once the problem has been solved and closed; all related incidents can be automatically closed.

Epicor ITSM Service Level Management

The level of service provision can be measured by recording service agreements and costs in ITSM. This allows you to offer precisely the correct level of service. It’s possible to record Service Level Agreements (SLA) per configuration or per contact (end user or department). When an incident or problem is accepted, the applicable SLA can be consulted. The response times included in the SLA are used to monitor the queuing and lead times for you.

Comprehensive IT Service Management Solution

Aside from providing suites for those five services area, Epicor ITSM provides a self-service portal using Microsoft SharePoint technologies, business intelligence using Microsoft SQL Server Analysis Services technology and IT Operations Management (ITOM) with integration to Hitachi IT Operations Analyzer. The entire solution is built using Microsoft Visual Studio and Microsoft .NET Framework.