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ERP Finance Module – 7 types of reports and useful features

All kinds of organizations small scale, large scale benefit from the  implementation of ERP finance module.
The financial module is the core  of many ERP software systems.
It gathers financial data from various functional departments and generates valuable financial reports.
Reports such as general ledger, trial balance, balance sheet, and quarterly financial statements.

This module of the ERP software will take care of all accounts  related entries and their impact on the whole system. How finance comes  and how it is been utilized. The total flow of money (Cash/Bank) and  total expenditures will be reflected here.
As an aftereffect of  this, the management will be able to take their important financial  decision and Budgeting. They can come to know about the company’s  financial position at any moment.
All sorts of important financial reports like,
  • 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.

General Ledger (G/L)
The  General Ledger module is the foundation of your accounting system. It  meets the current and future financial management requirements of  organizations of all types and sizes. It provides a robust feature set  designed to handle your most demanding budgeting and processing needs.
General Ledger integrates with all modules and is the key to maximizing the efficiency and accuracy of your financial data.

G/L Security
 The G/L Security module enables access control. Organizations can  control which users can view or use certain general ledger accounts. The  above is based on segment validation in G/L Security settings.

G/L Consolidations
 G/L Consolidations lets you transfer and merge the General Ledger  account. It merges transaction information between separate companies  and branch office locations.
It is also designed to enable  subsidiaries and holding companies to run without being on the same  network or accounting database.
G/L Consolidations provides a  feature set that allows your company to define the level of detail to  join and provides a comprehensive audit trail.
Inter-company transactions using ERP finance module

The inter-company Transaction module lets you enter General Ledger  and Accounts Payable transactions that affect more than one company by  automatically distributing transactions across two or more companies.
In  addition, its built-in flexibility automatically generates intercompany  loan account entries according to user-defined relationship tables  called routes. Inter-company Transactions simplifies and significantly  reduces the amount of work required for intercompany accounting.
Major functionalities and uses
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, thereby saving a lot of time.
The  module contains complete functionality required for any accounting  department right from vouchers to the balance sheet and profit &  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 centers,  which is completely flexible in terms of defining cost centers 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  aging analysis of both debtors and creditors are some of the features of  this module.
Overall the module takes care of complete functions of any accounting department.
How does it work?
 The function of this module starts with account 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 the password. The only authorized person will be  eligible to access information from this module.

Fund manipulation control
 Funds manipulations concerns are an important factor and some times it  is treated as blood for an organization. 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.

Also the various input transaction such as,

  • Voucher Entry
  • Credit/Debit entry
  • Cash/Bank receipts
  • Cash/Bank Payment
  • Bank Reconciliation statements
  • Bill verification.

Then finally different types of financial reports, which can be of various types according to specified company standard.
ERP finance module provides businesses the control and accountability of their finances.

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