FINANCIAL MODULE IMPLEMENTATION OVERVIEW
The financial module implementation requires three steps:
1) Master data definition
2) Recording the daily transactions
3) Running the Reports & Dashboards
MASTER DATA DEFINITION
1) Organization Structure
Define the organizational hierarchy by creating all the business units (Entities, Sectors, Departments,
Warehouses, Locators, Work Centers, etc...) in a tree model.
Define all the currencies used in your daily financial transactions, and select the system main currency.
3) Financial Periods
Define the financial years and months/quarters according to your organization\'s accounting system.
4) Chart of Accounts
Define the chart of accounts in a hierarchal (tree) model by creating all the main/grouping accounts
(Assets, Liabilities, Owners\' Equity, Revenue and Expenses), and drilling down till the leaf entries.
5) Cost Centers
Define the cost/profit centers in a hierarchal (tree) model by creating all the main/grouping entries and
drilling down till the actual cost centers (could be your projects, production lines, departments, or any
other entity you would like to allocate costs and profits to)
6) Accounts-Cost Centers Assignment
Assign a sub-set of your predefined cost centers to expenses/revenue accounts for automatic cost/profit
allocation in your financial transactions. (Ex. Automatically allocating rent expense on specific cost
7) Journal Types
Define the journal types you are going to use to group your journal entries (manual or posted from
other modules). These types are used for grouping, filtering and reporting purposes.
8) Payment Transaction Types
Define the different payment methods for both incoming and outgoing payments transactions.
Define all the Banks where your organization have open accounts or have transactions with.
10) Exchange Rates
Update the exchange rates of the predefined currencies
RECORDING THE DAILY TRANSACTIONS
1) Journal Entry
This is the main form used to record all the accounting transactions and review all automatically posted
journal entries from different modules. Using the double entry bookkeeping system, you can create any
accounting transaction between different accounts defined in the chart of accounts,
customers/suppliers and allocate any expense/revenue to the corresponding cost centers.
Using this form, you will be able to record all your incoming and outgoing payments transactions. These
transactions may use different payment means (Cash, Credit Card, Bank Transfer and Checks) or a
combination of them.
You can use this form to deposit cash or checks/notes into your bank account. In the case of cash
deposit, you increase your bank account balance and decrease your cash account balance. When you
deposit a check, you change the state of this check from notes receivable to checks under collection.
RUNNING THE REPORTS & DASHBOARDS
1) Account Statement
This report lists all the transactions performed on a specific account with all corresponding information.
2) Trial Balance
This report lists all the accounts with their opening and current balance. It gives you a summary with
your accounts accumulated balance.
3) Income Statement (Profit & Loss Statement)
The income statement lists all your expenses and revenues accounts and the difference between their
totals (Net Income Summary) for a specific financial period. The P&L statement is very important
because it show the profitability of your organization during a specific period of time.
4) Balance Sheet
The Balance Sheet shows you the financial position of your organization at a specified date (a snapshot).
It shows what your company owns and what it owes.