Finance Management / Financial Accounting Module of ERP

Introduction

This module of the software will take care of all accounts related entries and their impact on the whole system. How the finance comes and how it is been utilised. Total flow of money (Cash/Bank) and total expenditures will be reflected here. As an after effect of this, the management will be able to take their important financial decision, Budgeting etc. They can come to know about company’s financial position at any point of time. All sorts of important financial reports i.e. Trial Balance, Trading A/c, Profit & Loss A/c, Balance Sheet, Debtor’s Balance, Creditors Balance, Cash/Bank Fund position and many more are covered in this module.

The Accounting Module is completely Transaction based unlike journal based. This implies most of the accounting functions are handled through relevant transactions in other Modules there by saving lot of time. The Module contains complete functionality required for any Accounting Department right from vouchers to the Balance Sheet and Profit and Loss Account.

Budgeting and Variance Analysis between Budgeted and Actual figures helps in controlling the Enterprise Expenses and Income efficiently. The Module also includes Cost Centres, which is completely flexible in terms of defining Cost Centres and their components. Cost Allocations for General Overheads can also be done on a pre-defined basis and required outputs could be generated for analysis purposes. Outstanding of Payables and Receivables with Ageing Analysis of both debtors and creditors are some the features of this module. Overall the module takes care of complete functions of any Accounting department.

Overview

The function of this module starts with accounts creation. External departments like marketing or purchase will create some of those accounts. Apart from regular voucher entries this module will help the authority as well as other departments by providing financial figures. Final accounts will be generated from this module. Documents like Receivable and Payable statements are generated from this module. This module bridges between Sales & Procurement processes. All figures will be protected under password. Only authorised person will be eligible to access information from this module. 

Funds manipulations for a concern are important factor and some times it is treated as blood for an organisation. So in this regard, sources of funds and application of funds are to be taken care of, by defining Balance sheets, Schedules, General and Sub-Ledger, party and customer masters etc. Also the various input transaction such as Voucher Entry, Credit/Debit entry, Cash/Bank receipts, Cash/Bank Payment, Bank Reconciliation statements, Bill verification etc. Then finally different types of financial reports, which can be of various types according to specified company standard.