ERP Financial Module

Posted By : Rajat Kukrety | 27-Dec-2016

Opentaps Financial Module:-


In ERP(Enterprise Resource and Planning) Financial Module gathers financial data ,makes analysis reports for different departments, and generates reports accordingly. Apart from that, eresource ERP's financial accounting streamlines the decision making process by providing company-wide integration. Owing to financial accounting module in eresource ERP, it enables you to track financial accounting data within a single framework, that too in centralized manner. The data can be of multiple companies, multiple branches and chart of accounts.

The financial module comprises of features such as:-
1)Accounts receivable
2)Accounts payable
3)Ledger 
4)Report


Functioning of accounting features:-

1)Accounts Receivable:-

-Accounts receivable refers to that amount of money which a company must receive in return of the goods or services it had provided to the customers. 

-Account receivables are classified as current assets of one fiscal year.

-Ex - a manufacturer will have an account receivable when it delivers a truckload of goods to a customer and the customer is allowed to pay in 30 days. As long as the money isn't received by the company, it will retain the rights for an account receivable.

2)Accounts Payable:-

-When orders including receives goods or services are received by a company in advance, the invoice of the vendor will be recorded by the company as part of its liability account Accounts Payable or Trade Payables. Accounts Payable will normally have a credit balance.

-The accuracy and completeness of the financial statements issued by a company's are somehow dependent on the accounts payable process. A healthy accounts payable process must have:


    a) the timely processing of accurate and legitimate vendor invoices.


    b) accurate recording in the appropriate general ledger accounts.


    c) an account payable at one company is an account receivable for the vendor that issued the sales invoice. 

3)Ledger:-

- The ledger gives important information related to the historical transactional data and current balance in each account, throughout the accounting period. At the end of the period, ledgers become the authoritative source of data for making the financial accounting reports of a company including the balance sheet as well as the income statement.

- A general ledger is used by those organizations that are using double-entry method for book-keeping. This implies that each financial transaction affects at least two general ledger accounts and each entry has a debit and a credit transaction. 

4) Reports:-

-Reports in financial provides the full report as a file(pdf,xls or csv) which contains following:-
    a)Trail Balance (shows the debit and credit balances of each GL account).


    b)Income Statement (measures a company's financial performance over a specific accounting period).


    c)Comparative Income Statement. (allows you to compare income statements either for one period of time with another or compare actual                         income statements versus budgets and forecasts)


    d)Balance Sheet. (a financial statement which is a complete summary of the company's assets, liabilities and equities to the shareholders a specific point in time.


    e)Comparative Balance Sheet. (allows to compare income statements either for one period of time with another or compare actual income                             statements versus budgets and forecasts)


    f)Cash Flow Statement. 


    g)Comparative Cash flow statements.

 

THANKS

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Rajat Kukrety

Rajat is a bright Lead Java developer with sound knowledge in JAVA, Spring Other than programming his area of interest are listening music and reading novels.

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