Financial Management
This Financial Management Module within the SimpleManufacturing™ ERP system is one of, if not the most critical because it allows businesses to understand their current financial state and future outlook.
SimpleManufacturing™ utilizes Accrual Basis accounting and General Accounting Accepted Principles (GAAP). It provides all the accounting and financial requirements required within an ERP system.
Key features include tracking accounts payable (AP) and accounts receivable (AR) and managing the general ledger. It also creates and stores crucial financial documents like profit and loss statements (Income), balance sheets, payment receipts, and tax statements.
Additionally, it automates tasks related to recurring billing and automated Billing, accounts payable (AP), Purchase Order Receipts, and automated Invoicing accounts receivable (AR) for shipments against Sales Orders.
Batch Payment processing of Bills and Receipts makes the AP and AR process fast and easy.
It also has many off-the-shelf reports that help employees prepare current financial state and run scenario plans, like cash-flow predictions.
The mission is to help the accounting department close the books promptly and comply with current revenue recognition standards.
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Summary of Features
Simple Accounting and Financial Management
Customer Management
Account Receivables
Multiple Methods for Receiving Payments
Supplier / Vendor Management
Account Payables
Various Methods for Making Payments
Check Register
Check Writing
User-Defined Chart of Accounts
General Ledger
Journal Entries
Fixed Asset Depreciation Management
Financial Statements
Income Statements – Period, Quarterly, Yearly, User-Defined Period Range
Balance Sheet – Period, Quarterly, Yearly, User-Defined Period Range
Payroll Processing
Federal, State, SSI, and FICA Withholding Rates
401K, Pension, Health Insurance Contribution Rates
Accounting Main Menu
All the areas are accessible from the Accounting Main Menu. Access to each section is controlled through the Employee setup area.
Customers
View Customers is used to search and find customers. The search feature provides searches for all fields within the customer record, including the Bill To, Ship To, Contacts, and Customer Part Number sections linked to Customers. Once the customer has been identified and single-click on the Customer, it opens the Customer Record.
Customer Detail
The Customer Detail manages all the Main Addresses, Accounting Terms, and Credit Limits, as well as all of the Bill To and Ship Addresses. In addition, all customer contacts, both active and inactive, as well as Customers’ Shipping Accounts, Customer Part Numbers, and the set Retail (Selling) price negotiated with the customer for each year. Several reports exist that are just one click to view. Those reports are the Customer Statement, Invoice History, Outstanding Receivables, and Payment History.
Account Receivables
The Account Receivable is a list of all transactions with the Account Receivable account either on the credit or debit side of the transaction. Numerous options for filtering the transactions are listed. In addition, several Account Receivable (AR) related reports are readily available. To view a specific transaction, double-click the transaction of interest.
Account Receivable – Invoice Details
Invoice Details contains the most typical fields such as Invoice No, Invoice Date, Customer, Invoice Due Date, and Invoice Amt. Additional fields such as Bill To, Ship To, Sales Order No, Purchase Order No, and Job (Work Order No) are also available and are used when Invoices are generated from Shipments. Invoice Transaction History shows Receipts and any Credits Applied to the Invoice. Any available credits the Customer may have are also identified. Standard features such as Edit and Delete functions are also available, and a Printable version of the invoice is available. Additionally, receipts can be recorded directly from the Invoice, Credits can be issued against the Invoice, and Available Credits can be applied to the Invoice.
A detailed view of the accounts and amounts credited and Owed by the invoice is also displayed.
Account Receivable – Payment Receipt Detail
Receipt Detail contains most of the typical fields such as the Payee (Customer), Payment Ref No, Check No, or other payment type like wire transfer, electronic fund transfer, credit card payment, payment amount, and payment date. The transaction detail linked to the Receipt is displayed, which, in most cases, displays the Invoice to which the Receipt was applied.
A detailed view of the accounts and amounts credited and Owed by the receipt is also displayed.
Account Receivable – Credit Detail
Credit Details contains the most typical fields such as the Customer, Invoice No, Credit Date, and Credit Amt. A detailed view of the accounts and amounts credited and Owed by the credit is also displayed.
Account Receivable – Reports
Many Account Receivable (AR) – related reports are available. Filters can be used to filter only the information desired. The list of reports is customizable. As new reports are created, they can be added to the list.
Suppliers
View Suppliers is used to search and find Suppliers / Vendors. The Search feature provided searches all fields within the Supplier record including the Pay To, Contacts, Approved Supplier Information, Credit Cards and Part Type sections linked to Supplier / Vendor. Once the Supplier / Vendor has been identified and single-click on the Supplier, it opens the Supplier / Vendor Record.
Supplier Detail
The Supplier Detail manages the Main Address, Accounting Terms, Credit Limits, and Pay-To Addresses. In addition, all Supplier contacts, active and inactive, and a Credit Card list and Part Type Entries are also managed with the Supplier Details. The Supplier Detail also is where the Approved Supplier Information is managed. The Supplier’s Approval Status, Tier Status, and Audit Information are critical to managing the Organization’s use of Authorized Suppliers for the Procurement of Goods. Several reports exist and are just one click to view. Standard reports such as Outstanding Purchase Orders, Purchase Order History, and Vendor Performance reports are available.
Accounts Payable
The Account Payable is a list of all transactions with the Account Payable account, either on the credit or debit side. Numerous options for filtering the transactions are listed. In addition, several Account Payable (AP) related reports are readily available. To view a specific transaction, double-click the transaction of interest.
Account Payable – Bill Detail
Bill Details contains the most typical fields, such as Supplier, Bill Date, Bill Due Date, and Bill Amt. Additional fields such as Purchase Order No are available and used when bills are generated through the Purchase Order Receipt process. Bill Transaction History shows Payments and any Credits Applied to the Bill. Any available credits from the Supplier are also identified. Standard features such as Edit and Delete functions and viewing a Printable version of the Bill are also available. Additionally, payments can be recorded directly from the Bill, Credits can be issued to the Bill, and Available Credits can be applied to the Bill.
A detailed view of the accounts and amounts credited and Owed by the bill is also displayed.
Account Payable – Credit Detail
Credit Details contains the most typical fields such as the Supplier, Invoice No, Credit Date, and Credit Amt. A detailed view of the accounts and amounts credited and Owed by the credit is also displayed.
Account Payable – Reports
Many Account Payable (AP) – related reports are available. Filters can be used to filter only the information desired. The list of reports is customizable. As new reports are created, they can be added to the list.
Account Receivable – Receipt From Invoice
From the Invoice, a Receipt can be entered, applied to, and linked to the Invoice. Receipt Type options include Company Check and e-Checke-check, which include Electronic File Transfers (EFT), Wire Transfers, Credit Cards, and Cash.
Account Receivable – Single Receipt Entry
This option records receipts throughout the day (record as they occur). Each Receipt can be applied to multiple Invoices.
Account Receivable – Batch Receipts
This option records receipts when the intent is to make a single bank deposit with a single deposit amount. Most Bank Statements will show a single deposit amount, which is also how it is recorded in the Check Register. However, this method provides details for every check included in the single deposit and the invoices and amounts applied to each invoice.
Account Payable – Pay From Bill
From the Bill, a Payment can be entered, applied to, and linked to the Bill. Payment Type options include Company Checks and e-checks, including Electronic File Transfers (EFT), Wire Transfers, Credit Cards, and Cash. The Payment Account is selected, and if a Payment Type of Check is selected, the Check is prepared and printed. Several Check Template options are available. A typical check template option is shown below.
Account Payable – Check Example
A standard check template for business purposes is the tri-fold type. Above is an example. The Check is inserted into the printer when the Payment is being recorded, and the check is completed. This output is customizable to fit exactly how the Checks are Pre-Printed by your Check Supplier.
Bank Reconciliation
Banking Reconciliation is a necessary process that must be completed in a timely fashion. When Bank Statements are released, most commonly at the end of each calendar month, the process of comparing what the bank recorded concerning deposits and payments cleared to those recorded in the SimpleManufacturing™ accounting module. Insufficient funds, insufficient fund fees, and bank services fees are all entries required to be recorded within SimpleManufacturing™ to maintain a matched balance between both parties. Reconciliation of all Bank Accounts is recommended.
Bank Reconciliation – Details
SimpleManufacturing™ Reconciliation details show all of the deposit transactions within SimpleManufacturing™ and all of the withdrawal transactions within SimpleManufacturing™ included in the Bank Statement.
Also displayed is the difference in the reconciliation. During the reconciliation process, the difference is updated. The ideal reconciliation is $0.00 –meaning the bank statement amounts match the transactions recorded within SimpleManufacturing™.
Account Register
Check Register details for all transactions for the Account No selected. This provides an up-to-the-date Account Balance.
A search all field allows users to search for any matching Party, Ref No, Date, or Amt. Additional filters will show all Deposits and Withdrawals that have not cleared yet (i.e., identified within a Bank Statement as being cleared)
Write Checks
This is a simple method of creating and printing a check. Account Number maintains check Numbers. Check Date, Party, and Check Amount are required fields. Memo field is also available.
Transfer Funds
This process records the transfer of funds between Bank Accounts.
Journal Entry
Journal Entries allow for the recording of transactions between Accounts.
General Ledger
All Accounting transactions can be viewed, reviewed, and audited within the General Ledger. All transactions can be found using the various filter options provided. Each transaction detail can be viewed by clicking on the transaction of interest.
Financial Statement – Income Statement
Income Statements are available by Period and Period Range, by Month, Quarter, Year, and Period Range.
Financial Statement – Balance Sheet
Balance Sheets are available by Period and Period Range by Month, Quarter, and Year.
Chart of Accounts
SimpleManufacturing™ includes a typical set of accounts for ERP software, but the chart of accounts is user-defined. A chart of Accounts can also be imported or manually entered.
Credit Card Management
Credit Card Distribution to Employees is managed within the Supplier module and links a credit card number (last four digits) to an Employee.
Credit Card purchases can be entered as an Account Payable liability. This process enables organizations to reconcile credit card statements against purchases and receipts before payment.
Credit Card Statement – Reconciliation
When Credit Card purchases are entered, the Credit Card reconciliation process is simple. Completing this reconciliation process creates the Bill and removes the Credit Card Liabilities.
Payroll
Easily record Payroll entries using the automated approach through the Electronic Time Clock module review and approval process or a manual entry process.
Capture Wage Expenses and Liabilities.
Single-click process to create employee payroll checks and complete automated transactions to debit payroll accrued liabilities and credit checking accounts.
Accounting Reports
Numerous Standard Accounting reports are available, from Accounts Receivables and Payables to Financial Statements. Many other types are specific, such as inventory, purchase orders, invoices, billing, receipts payments, checks, journal entries, and AR and AP aging reports.
Accounting Transaction Automation
A benefit of a fully integrated business system is that many accounting transactions are automatically created behind the scenes. All accounting transactions can be viewed, reviewed, and audited; the benefit is that they do not need to be manually added. Below are the behind-the-scenes transactions that are carried out within SimpleManufacturing™.
Invoicing – Each Shipment processed results in an Invoice transaction and a Cost-Of-Goods (COGS) transaction.
Billing – Each Purchase Order Receipt process results in a Bill transaction with either an expense or inventory account debited.
Inventory Transactions
Work Order Issue – Issue transaction moves dollars from Inventory to WIP
Work Order Labor – Labor transaction moves dollars into WIP
Work Order Completion – Completion transaction moves dollars from WIP to Inventory
Work Order Scrap – Scrap transaction moves dollars from WIP to Expense
Purchase Order Receipt for Inventory Goods – PO Receipt transaction into Inventory
Inventory Adjustments – Adjustment transaction moves dollars to Expenses or Inventory
Inventory Transfer – Transfer transaction moves dollars between Inventory Accounts
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