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.

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

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.

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 – 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 – 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.

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.

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 – 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 – Single Receipt Entry

This option records receipts throughout the day (record as they occur). Each Receipt can be applied to multiple Invoices.

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.

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.

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)

Transfer Funds

This process records the transfer of funds between Bank 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 – Balance Sheet

Balance Sheets are available by Period and Period Range by Month, Quarter, and Year.

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.

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 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