Managing Accounts Receivable and Accounts Payable With the AR Module
The AR Module handles customer invoices, transactions, and service charges. It also handles deposits and on account cash (cash in advance). The module interfaces with the General Ledger Module to post to GL journal entries. It also allows for bad check tracking and aging reports.
A module is a category if it has an action on a ring and a corresponding sheaf. Modules over commutative rings are often called vector spaces.
Accounts receivable are a key indicator of the health of your business. Companies need ar module to have meticulous rules for issuing credit, calculating discounts and fees and making sure payments arrive on time. Then, they need to have a process for matching payments to the correct customer and invoice. These processes are complex and often require a dedicated accounting staff. An accounts receivable clerk might be responsible for tracking pending payments, calling customers to speed up payments and maintaining accurate records.
The Accounts Receivable module is a comprehensive and flexible solution that allows for the creation of detailed reports and a highly customizable user interface. It can support multiple payment methods, reversals and credits, and has the ability to process different types of invoices. It also includes a feature that lets you calculate interest on overdue accounts and set up penalty assessment tables with multiple percentages or flat amounts.
In addition, the Accounts Receivable module supports foreign currency revaluation for outstanding customer invoices and a tax system based on geographic areas. It also allows you to define a general ledger interface for accounts receivable cash application defaults based on company sales and manufacturing locations, item price groups, non-stock items and miscellaneous codes and more. These settings are configured in program GLTM, General Ledger interface Maintenance.
Managing your company’s accounts payable and receivable is critical to the health of your business. Having an accurate picture of the amount you owe and what others owe to you can help you make better decisions about where to spend your money. A finance and accounting solution automates both invoice processing and payments to save time and improve control. It also reduces the risk of lost bills or fraudulent invoice payments.
The Accounts Payable module contains programs to handle setup, vouchers, invoices, check printing, and check maintenance. It also handles three-way matching with purchase receipts, and the ability to void and reverse transactions. It also supports a wide range of standard reports, including balance lists, journals, and balance audit trails. The module also includes a payment program, which can automatically carry out direct debiting and down payments. It can also support a variety of standard payment methods and country-specific processes.
A company’s accounts payable are amounts that are owed to the company by vendors for goods and services purchased on credit. Typically, the vendor must pay the invoice within the company’s payment terms. An accounts payable subledger records the balances of these invoices. In journal entry form, a payment of an invoice debits the accounts payable subledger and credits revenue. The total value of the accounts receivable is listed on the company’s balance sheet as current assets.
Inventory management is a critical function for any business that manufactures, warehouses or distributes products. It manages raw materials, work in progress and finished goods with multiple locations and tracking at the lot, sub-lot or serial number level. The module also supports inventory replenishment through a standard purchase order and tracking through multiple methods of fulfillment (FIFO, LIFO, FEFO).
Advanced tools such as dimensional inventory and cross referencing allow you to track your items with more accuracy. You can define and assign up to two specification types to each inventory item. This allows you to categorize each inventory item by attributes such as size and color and track quantities, costs and prices at the specification level.
The inventory system is fully integrated with the Accounts Receivable, Sales Order and Purchase Order modules. In addition, the inventory management software includes features such as a comprehensive set of reporting capabilities. These include standard and customized reports on inventory levels, on-order quantities, and booked quantities. The inventory system also allows you to generate and print a variety of shipping documents, including labels.
The inventory management system also allows you to create and manage engineering change requests. You can also create and update the standard cost for parts in the part master file. In addition, you can transfer inventory between two locations within a tracked sub-inventory or between an asset and expense sub-inventory. The transfer process is concluded by the creation of a receipt for the material.
The DS90 iSeries Order Management module automates the entire process from capturing sales forecast and analysis to dispatching and processing orders. It also provides full ar module integration with inventory management, accounting and customer portal. It also offers features such as wholesale applications, credit management and disputes & deductions.
The system enables nimble, project-driven organizations to deliver consistent and accurate service while providing the flexibility to accommodate any business scenario. Whether it’s a standard order, a return or an invoice with multiple payment terms, the system supports any customer requirement – even consignment. In addition, it offers instant on-line invoice viewing and inquiring, printing and emailing.
A comprehensive order notes field is available to display all sales order information. It also allows for the delay of purchasing order generation for special non-stock or drop ship items, backorders and “make to order” production. It also provides the ability to allocate tax based on shipment, shipping or bill to address different customer requirements.
The system is designed to handle complex multi-company transactions, including sales to foreign entities. It can handle a variety of payment types including cash, check, wire or ACH. It also handles a variety of deposit accounts, ledger aging and credit management.