Invoice amounts appear in receivables in one of two ways:
- As funds collected as a pre-payment or at the point of sale
- As a result of a sales order (in such case traditional receivable process are then applied to the outstanding balances
Invoices created withing the system are categorized as one of the following:
- An inventory purchase
- A miscellaneous purchase Journals may be memorized within the system and reused
- Each type of report allows comparisons to a previous period, previouse year (same period), year-to-date, and previous year (same year-to-date)
- Sales tax reports and inquiries may be generated on all taxable, non-taxable, exempt or trade-in items for all dates locations
- Payments that are made on open invoices are entered into the accounts receivable area of the tool
- Payment methods and check numbers are recorded, as well as the collected amount, discount amounts (if taken), and balance due
- The ability to sort line items by due dates and past due dates is also possible
Aging Inquiries and Reports
- The aging inquiry functionality of the tool enables users to calculate appropriate past due amounts from set invoices dates and due dates
- Aging amounts must fall into one of five user-defined and distinct aging periods
- Accounts receivable aging reports may also be generated by invoice date or due date to display, print or export this information
Trial Balance Inquiry
- A transaction inquiry may be generated to view trial balances on individual sales orders and invoices.
- This information may be viewed by location for all open sales orders or invoices, or for sales orders and invoices created within a specified period of time
- Closing check lists, bank deposits, daily sales journals, sales summaries, profit analysis reports and accounts receivable aging reports may be printed or exported to PDF or a word document.
- New Payments
- New invoices are easily created for both new and existing vendors
- Using sophisticated search algorithms, the tool populates new invoices with all existing vendor information.
- This information can be easily updated,and the changes are reflected through the rest of the system.
- Inventory purchases are reconciled with receivings and the expense distribution is created based on the general ledger account for inventory.
- Miscellaneous purchases are entered with the appropriate general ledger expense accounts to define the distribution for the invoice.
- If the vendor has a pre-defined general ledger account, then it becomes the default account for the invocie, reducing time manual data entry.
- Payment of invoices within the system may be broken into batches or check runs
- Invoices may be manually marked to create a batch, or automatically selected according to pre-defined criteria such as by discount or by due date
- Vendor credits may be manually applied on a case-by-case basis, or automatically applied to any outstanding invoice
- Entering Invoices
Bank Statement Reconciliation
- The bank reconciliation area of the tool automates the bank statement reconciliation process
- Deposits generated from the point of sale or the accounts receivable payment are separated into deposit groups such as cash and check, credit cards and finance transactions
Chart of Accounts
- The chart of accounts capabilities within the tool are broken into accounts and classes
- While accounts describe the transaction, class group the transaction based on the location or business entity, such as a store or warehouse location.
- Both accounts and classes support up to five levels of sub-structure
The following journals are automatically generated and posted by the tool:
- Cash Disbursement
- Bank Reconciliation.
Journals reflect discrepancies between the bank statement and the bank statement reconciliation, as well as any applicable bank fees
Manual Journals may be made to the general ledger at any time A journal may be defined such that it will be automatically reversed at the start of the next accounting period
General ledger reporting capabilities within the tool generate two primary types of reports:
Other options within both reports allow comparison of individual account values based on:
- Profit/Loss Statements
- Balance Sheets
- percent of row
- percent of column
- percent of income
- percent of expense
- dollars change
- percent of change
- percent of year-to-date where appropriate
- Chart of Accounts
Sales Tax Reporting
High-level and detailed information is displayed on each transaction