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Financial Management Systems a.
Accounts
Payable The
Accounts Payable system can operate on a stand-alone basis, or it
can be fully integrated with Materials Management, Fixed Assets, and
Payroll. Internal
controls are provided to ensure vendor price variances and
discounts/terms. Users
also can perform detailed inquiries, which will help the accounts
payable team effectively manage vendor inquiries, internal reports
and queries. The
online, real-time edit process eliminates the need for various
expectation registers. The
system supports accrual accounting and provides management reports
(such as cash planning, selective disbursements, check control, and
reconciliation). The
Accounts Payable system can be employed at a central level, or at
selected facilities. Additionally, users can create General Ledger
postings and choose to update them in either a detailed or a summary
format. Entries in the
Fixed Assets system are created from information in the Materials
Management system and updated from Accounts Payable at the time of
payment. b.
General
Ledger and Budgeting The
General Ledger is the core of the financial systems.
Supported by an audit trail, transactions from each subsystem
are transferred or closed into the general ledger and summarized to
produce custom financial reports and supporting detail.
Actual results are evaluated against forecast as provided in
the operating budget. The
Budgeting module uses historical data and projected changes to
forecast elements of the budget and generate budget comparison
reports. c.
Fixed Assets The
Fixed Assets system performs all of the functions necessary to
maintain physical and financial control over property, plant, and
equipment. Assets are identified at acquisition and tracked by
location and responsibility throughout their lives.
Functioning as the subsidiary ledger, the system calculates
depreciation using straight-line or accelerated methods and
generates the required entries to charge each cost center.
Control reports identify capital requirements for assets near
the end of their useful life and provide a basis for planning
replacement. Materials
Management
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