Tag - erp solutions

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.

erp solution for SMBs

What SMBs Should Consider When Choosing an ERP Solution

Let’s check out Arun Upadhyay’s advice for small- to medium-sized businesses (SMBs) on what to consider when choosing an enterprise resource planning (ERP) software solution apart from a customer relationship management (CRM) software. 

“ERPs are designed to connect all the different areas and processes of a company that are needed to run the business, including inventory and order management, accounting or even HR applications. In its simplest form, an ERP aggregates these areas into one system to streamline processes and data across an organization. This means that employees in different departments and locations can rely on a single view of information for their specific needs.

While ERPs and CRMs have similar functions, the latter is oriented more toward the management of customers and increasing sales; ERPs are generally concerned with internals systems and processes for reducing costs.

Just as a CRM can help SMBs better understand their customers, an ERP system can help SMBs get their arms around operations. ERPs, like CRMs, should be viewed as tools in the technology toolbox and not as a magic bullet for solving systemic issues within your company. When you properly implement and utilize them, ERPs can help your business perform like a well-oiled engine.

For nearly two decades, I have worked with software solutions, including ERP systems, and have extensive experience implementing them. Here are several things to consider when you’re seeking an ERP solution.”

When you’re ready for an ERP, begin by figuring out what your requirements are. Start by identifying shortfalls, challenges, inconsistencies, processes or systems that are inefficient, waste money or slow productivity. Seek input from senior management, IT teams, end-users and others who are engaged in specific areas of your business.

A common mistake I see at the early stage of ERP shopping is that people are often focused on pricing, bells and whistles, and even the reputation of the solution. These things are important, but you should generally consider them further down the line.

After you’ve sorted out your requirements, look to see what features, functionalities and technologies different ERPs offer. Most have a dizzying array of options. To avoid being overwhelmed, take a big-picture approach.

For example, are the technologies turnkey, or will you need to customize them for your enterprise and processes – or do you need both options? Is the ERP compatible with your existing technologies across the organization? Will it work with accounting as well as HR functions if necessary? Is it current with and looking ahead toward technology trends? You may not need your ERP to have artificial intelligence capabilities now, but will you downstream? Perhaps most importantly, is the ERP agile and able to adjust to the changing complexities of your organization?

Chances are, the requirements you’ve identified previously won’t stay the same in the future, especially if scaling is one of your business goals. You may need software that is customizable and can integrate with future systems. Along these lines, it’s critical to understand the difference between customization and configuration. Customization involves changing software code in order to meet your requirements. The configuration is the arrangement of options within the software. Not surprisingly, customization is typically pricier, so be sure to raise that question when you’re engaging with an ERP vendor.

Now that you know your requirements and understand ERP technologies, it’s important to designate the right person to make sure you integrate the solution with minimal interruption to your business. Many vendors will assign you a project manager. However, you should appoint an internal person or team that understands the ERP you’ve selected as well as your company’s systems.

Ideally, this person will be involved in the ERP onboarding process from day one: They will help gather requirements and will become fully acclimated to the new ERP. They will work alongside the vendor on any data conversions, coding customization, and application migration. They will coordinate all necessary training and will liaise between the vendor and internal staff.

Failing to properly manage your ERP onboarding can result in significant issues, not the least of which is halting operations. Be sure that the designated manager understands both the technical side of the deployment and how the ERP will be used strategically for the business.

As with most technologies, it’s important to think long-term when you’re selecting ERP software and a vendor. By doing so, you’ll better position your company and the vendor as partners for mutual success. There are hundreds of ERPs on the market in three different tiers:

Tier One: These ERPs are massive, powerful and expensive and are designed to service the needs of Fortune 100–1,000 companies, which may have tens of thousands of employees.

Tier Two: These systems are generally applied to organizations with annual revenues of $30 million to $500 million. Tier two ERPs typically offer tons of features and functionalities designed to scale quickly with fast-growing enterprises, interact with additional software applications and provide IoT capability.

Tier Three: Enterprises that fall into an annual gross revenue range of $0–$20 million would most likely look here, as would companies with one location or that are operating in one country with fewer systems and demands and have under 30 end users.

Depending on how you define SMBs, tier two and tier three would typically be their best choices.

Regardless of the ERP, you’re evaluating, make sure to review the vendor’s most recent products and updates, whether it will work within your existing systems and whether it has specialized experience in your industry. Check out its customers. Read online reviews, and ask similar companies or peers what ERPs they use. This will help ensure that your ERP and vendor of choice will become a trusted partner — and that you will get the greatest return on your investment.

Source: Arun Upadhyay


For further information on CRM or ERP, please feel free to contact us

big data in erp

Big Data in ERP: Leveraging for support

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

Scheduling

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

Quality Assurance

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

Supply Chain

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

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

Sales Forecasting

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

Posted on  by Elizabeth Quirk in Best Practices

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

Thank you!

data activities for erp

Data Activities for ERP Solution Implementation

Why Your Data Activities Need to Start Long Before You Bring on an ERP Solution Provider?

Whether you are migrating to an ERP system for the first time, or the nth time, you need to do certain data activities. Here are 5 reasons why you should put significant pre-project effort into streamlining your material and material-plant combinations.

Data quality will improve

When an organization puts a given amount of effort into their data preparation with a focus on a smaller data footprint, the relative effort per material-plant combination will increase. Thus, the overall data quality will improve.

Ongoing data maintenance will decrease

If you have a smaller data footprint, the ongoing data maintenance will continue to be smaller going forward.  Consider, for example, how every manufactured material requires a BOM for every plant.  Of course, if multiple plants routinely manufacture a material, then you should set up and maintain the material-plant combinations. All require BOMs.  If, however, you are contemplating setting up a material-plant combination because “one day we just might want to manufacture this part at another plant”, I caution against that.

I have seen far too many “maybe” scenarios never happen. The data maintenance team is saddled with the creation and ongoing maintenance of never-used data elements for the life of the ERP system.  This is a tremendous waste of valuable data maintenance resources.  They should be laser-focused on the critically important data rather than diluting their efforts with the “might never happen” scenarios.

Then you will see the “skeletons in the closet”

To properly streamline materials and material-plant combinations it is necessary to thoroughly investigate and characterize where and how you use materials.  The fact that a given material has inventory means something must be done with it either before or during migration.  If the inventory is healthy and active, then setting up the materials and migrating the inventory to the new system makes sense.  If the inventory is inactive and/or obsolete, however, then the organization must decide what to do with it.

Can the product be reworked and sold, or must it be disposed of?  Equally important is understanding how it came to be.  Was this the result of an over-make by Manufacturing? A poor forecast by Sales?  A canceled sales order?  A quality issue?  Have we found the solution to the underlying cause, or is it continuing?  Is this symptomatic of a larger underlying issue?  Understanding and addressing these sorts of questions will provide great insights into both the organization’s capabilities and mindsets.  This is often a rich source of improvement opportunities and organizations are wise to address these deficiencies early and often.

Product portfolio improvements naturally follow

In characterizing materials, it is helpful to define the specific attributes used to identify individual products.  In doing so, it is common to find that two or more materials have (mostly) the same attributes.  This implies that there are either redundant materials or that some important and distinguishing attributes are missing.  Regardless of which situation it is, just the mere process of chasing down that answer often brings about an enlightened understanding of the product portfolio and leads to questions such as “why do we have so many materials that appear to be so close in fit, form, and function?”  Addressing that question satisfactorily can take months. Thus, you should finish it before the formal ERP project kicks off.

It will reduce operational mistakes

Most ERP systems have advanced search functionality that enables users to rapidly find materials, plants, storage locations, and the like.  Unfortunately, most ERP systems don’t have a foolproof mechanism to help users discern between material-plant combinations genuinely intended for use and those set up “just in case someday we might want to use it”.  Therefore, having both flavors of choices available to users will possibly result in mistakes.  The best way to avoid these types of mistakes is simply to not even set up non-intended options in the first place.

Contact us here for the best ERP consultancy

Source: ERP news

erp financial management software

More Financial Features of Epicor ERP

To see the first part of unpopular features of Epicor ERP Financial Management solution, please click here.

Here are more financial features of Epicor ERP

Get Shipment function in Invoice Entry and Generate Shipment Invoices enable you to do the same task with some differences. Particularly, you can use the latter process to generate shipment invoices for products or services. It allows you to create invoices directly from packing slips. Furthermore, you can set it up to run at regular intervals.

Path to this feature from the main menu:

  • Go to Financial Management > Accounts Receivable > General Operations.
    Open Generate Shipment Invoices.

Use the Locate Invoice Group option to quickly find a group that
includes a specific invoice. This option locates the group number; you
can then enter this group number on the Group sheet to display all invoices within the entry group.

Path to the Locate Invoice Group:

  • Go to Financial Management > Accounts Payable >
    General Operations > Invoice Entry.
  • Select Locate Invoice Group from the Actions menu.

Advanced Allocations enhance and simplify the process of creating, calculating, and processing allocations and accruals. This functionality distributes specific amounts posted to the general ledger across various receiving, or target accounts. You can set up as simple or as complex an allocation structure as you need. By specifically defining the calculating and processing of allocations, you save time and ensure allocations are consistently dispersed across your selected target accounts.

What else can you do with this ERP financial management solution?

To begin with, you can use the Allocation Code Maintenance to create allocation codes and specify settings for each of them. For the creation of each code, you also need to stipulate the source.

Here are the available sources:

  • Categories
  • Journal Codes
  • GL Account Masks, and
  • Account Segment Ranges.

 

Then each account (or the GL transaction affecting each account) will be allocated based on your selection criteria.

It is necessary to set down a list of target accounts and their ratios defining the proportion to divide for each allocation code. Furthermore, you can create a fixed value or a formula containing the arithmetic operators and operands necessary for completion of the expression. Such a formula then can help determine if each allocation code disperses amounts.

The available operands are fixed values, balances of specific GL accounts, non- financial data, and summary balances generated across several GL accounts.

You can define the groups, or batches, of allocations that need to run simultaneously or sequentially by using Allocation Batch Entry. After creating the batches, you set up a schedule to define the fiscal year for these allocations.

In addition, you can configure the allocation process which allows automatic regeneration of a batch. Particularly, after creating a batch and assigning allocation codes to it, select Generate Schedule from the Actions menu to specify its fiscal periods.

You can organize the allocation codes within each batch into different levels or tiers. Particularly, the preceding tier(s) generate journal details for their successor(s).  Each tier processes one level of allocations. Furthermore, apart from the first tier, they follow the allocations of their predecessor(s). The process continues until all tiers have generated allocation amounts to the journals set up for each tier level.

After you group allocation codes into batches, use the Generate Allocations program to process the allocation amounts and post them to the general ledger.

However, you can first use the program in a simulation mode. In this mode, you calculate and save allocation transactions without affecting the general ledger. To do this, you must select the Simulation check box when running the Generate Allocations program.

Simulated results are saved separately from the general ledger. You can then verify the allocations in the Allocations History Tracker and make adjustments before you process the results against your actual data.

The Allocation History Tracker stores all allocation transaction information and provides references to the source data. Particularly, you can view the information on allocations with dates and user IDs.

Source: Clients First

financial features of epicor erp

epicor erp financial features

Epicor ERP Financial Features

The Epicor ERP Financial Management consists of many financials features. In this issue, you can review those available but little popular in the Epicor 9.05 version.

epicor erp financial features

Epicor ERP Financial Management

Use Asset Mass Changes to issue mass changes to assets. Such changes include changing the depreciation parameters of an asset, asset group, or asset class. This update impacts only the values in the default register while leaving all other registers unaffected.

You can use filters to specify the target assets, asset group, or asset class. Furthermore, you can use replacements to select the target assets and, at the same time, assign values to those assets.

Path to this function from the main menu:

  • Go to Financial Management > Asset Management > Setup.
  • Then open Asset Mass Changes.

The Auto Retrieve Invoices in the AR/AP Invoice Entry programs helps you activate automatic retrieval of invoices for the current group. After the activation, recalculation takes place whenever a line is saved.

Path to this function:

  • Open Invoice Entry.
  • Select Auto Retrieve Invoices from the Actions menu.

You will see a check mark after enabling this feature.

The Balance Control feature in the General Ledger module enables you to use multiple balance control methods. Available methods consist of:

  1. Detail Balance – Maintains segment balances for use on reports and trackers.
  2. Summary Balance – Summarizes segment balances for use on reports and trackers.
  3. Opening Balance on P/L – Maintains year-end segment balances for expense and revenue accounts.

Additionally, you can configure specific accounts to maintain daily balances. Moreover, this feature displays balances through chart, summary, or detail views.

Balances are automatically reset at year-end. However, you can also share balances between periods on a Profit and Loss account. Last but not least, you can maintain a cumulative balance within this account.

Path to this feature from the main menu:

  • Go to Financial Management > General Ledger > Setup.
  • Open Chart of Accounts.

This Automatic Transaction Reversal helps you cancel a posted journal. Here are the typical situations when you need this feature:

When you preview a consolidation in an intermediate book, you may discover an error. Reverse the consolidation within the intermediate book before transferring the data to the target book. After you make the changes you need, run the Consolidate to Parent program to re-post.

If you have already consolidated to the target book, you can first reverse that consolidation. Next, do it again in the intermediate book (a user within the source company launches this reversal process). When the data is updated in the source company, it is again possible to rerun the consolidation.

In addition, you can reverse the most recently posted journals. After you make the necessary corrections, you can then re-post the journals. This prevents values from duplication within the posted results.

Available cancellation modes include:

Reverse Transaction – Posts debit amounts equal to credit amounts on the original journal and credit amounts equal to debit amounts on the original journal. In Russia, this mode is known as ordinary storno. For example, you estimate payroll as a $1000 credit to the payroll accrual. When reversed, a second entry is created as a $1000 debit to the same account.

Reverse as Red Storno – Posts transactions that contain reversing amounts. This type of journal contains a negative debit or credit line when the debit or credit line on the original journal increases the account balance. The journal contains a positive debit or credit line when the debit or credit line on the original entry decreases the account balance.

For example, a posted journal line debits an asset account. A red storno journal posts a negative debit line to the same account to cancel the increase from the original detail.

Path to this feature from the main menu:

  • Go to Financial Management > General Ledger > General Operations.
  • Open Automatic Transaction Reversal.

Batch Balances
You can use the GL Batch Balances Process to maintain the GL balance records in batch mode. This feature helps to improve performance in companies with a high volume of daily transactions and in companies which do not find it necessary to review GL transactions on a daily basis.

This process can run manually. Furthermore, you can also set the schedule to run it at various intervals. It is possible to indicate whether it should be a recurring process.

Path to Batch Balances from the main menu:

  • Go to Financial Management > General Ledger > General Operations.
  • Open GL Batch Balances.

You can use the Copy Invoice Lines option to adjust public error invoices. Particularly, you can add adjusting entries to a miscellaneous invoice, shipment invoice, or credit memo. To do this, select the lines, copy and paste them to the original invoice.

You can choose to create the adjusting line as a reversing entry. This can result in the creation of a zero- balance invoice. Adjustments only affect financial processes.
Adjustments have no effect on shipments or other processes connected with the original invoice.

Path to the Copy Invoice Lines:

  • Go to Financial Management > Accounts Receivable > General Operations > Invoice Entry
  • Select Copy Invoice Lines from the Actions menu.

The Currency Account option allows you to set up natural segments to hold balances in multiple currencies. If a company is generating currency transactions, they may need to manually add or adjust the GL in a non-book currency.

To do this, they need to set up the natural account as a currency account. After that, you can revalue the currency balances via the G/L Currency Revaluation process and use them in General Ledger reconciliation.

The Aging sheet available in the Customer Tracker program displays AR invoice aging information for a selected customer. It calculates the year to date totals on the current invoices that the customer has paid. Moreover, it lets you compare these amounts to last year’s totals.

Path to the Aging sheet:

  • Open the Customer Tracker.
  • Navigate to Financial > Invoices > Aging.

In addition, the Aging sheet is a very useful tool to view AR aging by customer in a dashboard view.

The Advanced Allocations distributes specific amounts available in the general ledger across various receiving, or target accounts. Through this feature set, you define a series of allocations, which first pull amounts from financial source data, and then spread these allocated amounts across multiple accounts.

Moreover, you can set up your allocation structure to be as simple or as complex as you need. The feature set includes creating allocation codes, generating allocations, and viewing the history.

You can use the General Ledger Import process to import data from other applications into Epicor. The file you import must be a comma delimited one (CSV) and follow the GL import file template.
After you submit the General Ledger Import process, the changes update the application. If you want to review imported data before it posts to the GL, do not select the Post check box. Then, the imported group is available to review and post within GL Journal Entry.

Path to this function from the main menu:

  • Go to Financial Management > General Ledger > General Operations.
  • Open General Ledger Import.

[to be continued]

Source: Clients First

Rebates

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

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

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

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

This program lets you review all relevant transactions.

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

rebates

Fixed Asset Management

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

 

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

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

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

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

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

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

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

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