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Financials

At the heart of any ERP system are the Financial Ledgers, Epicor iScala is no exception and provides a fully integrated set of ledgers comprising;

• General Ledger
• Sales Ledger
• Purchase Ledger

These ledgers are the key components in building a real time enterprise providing an integrated transaction management system that systematically ensures the integrity of all data flowing into the prime accounting ledgers. However, when it comes to your central accounting functions it is not only the system integrity that is important. It is also vital to ensure that the system supports the monitoring processes around that data flow, as it is these processes that will ultimately provide you with assurance of the timeliness and accuracy of the data within the system, and therefore directly influence the accuracy and credibility of the information you extract.

At the core of Epicor iScala is the integrated ledger infrastructure to capture the detailed multidimensional financial transactions created “behind the scenes” by one of the many collaborative Epicor iScala processes. The transaction could be the result of Epicor iScala collaborating with people in your organization, machinery on your production line or other applications handing over processes for Epicor iScala to complete. For example, a maintenance engineer entering information on a PDA about how he serviced a machine, or the machine itself triggering an instruction to your service center to send that engineer. Processes from 3rd party systems with which Epicor iScala is collaborating may be as simple as a Bar Code reader triggering a stock withdrawal, or as sophisticated as a complete supply chain integration (For a more detailed overview of specific Epicor iScala and the Scala Connectivity Solutions please see the relevant factsheet.)

Regardless of how the transaction was triggered, you can be sure that Epicor iScala understood the business event and translated it into the accounting terminology you need, removing the burden on your staff to laboriously key in that data. Epicor iScala provides you with the processes to monitor, control and reconcile transactions without sacrificing the speed at which information flows into your General Ledger, supporting your real-time enterprise.

GENERAL LEDGER
The general ledger is the primary ledger in any organization. It may be a simple chart of accounts or a sophisticated multi-dimensional structure supporting advanced query tools. Actual, budget and simulated information can be maintained in any currency and reported across accounting periods and financial years. The general ledger includes support for currency triangulation (and so is ready for any future waves of Euro participation), currency revaluations (with realized and unrealized gains and losses), reporting, bank reconciliation, compound and automatic allocation of transactions over multiple accounts, dimensions and periods. It can also support the automated elimination of intercompany transactions. Some features within Epicor iScala Financials are:

• General Ledger Consolidation (periodic and continuous)
  This feature enables users to automatically maintain multiple versions of financial records, perhaps in different currencies, accounted for with different accounting rules (GAAP), allocated to different accounting periods or years, or perhaps with all of these adjustments. During the consolidation process, which can run continuously in the background or run at the end of accounting periods, transactions can be allocated to different accounts or dimensions as required
• Cash Flow Forecasting
  This feature enables treasurers to predict liquidity needs based on open sales, purchase invoices, project and service contracts and known future payments such as taxes and promissory notes. Cash flows can be weighted to reflect the payment trends of your customers and also your own preferences in paying your suppliers.
• Petty Cash
  This feature adds the ability to manage petty cash desks, which can be run individually or as a pool for imprest accounting purposes.
• Report Generator
  This provides a flexible query tool supported by predefined links to accounting information that can be presented using flexible layouts and aggregation functions.

SALES LEDGER (ACCOUNTS RECEIVABLE)

The sales ledger is used to record information about the invoices issued to customers and other customer financial activity. This includes support for customer master files in each Epicor iScala company or a single common customer master file, VAT records, balance reports to track debtor days etc., and sales statistics including ABC analysis and Intrastat for European users. The system supports settlement of open invoices through direct payment, promissory notes or the raising of credit notes when goods are returned or a claim is made. Settlement can be recorded against open invoices or customer statements (periodic billing). Credit control procedures are also supported through credit limits, delivery blocks, reminder cycles and interest invoices.

PURCHASE LEDGER (ACCOUNTS PAYABLE)

The purchase ledger is used to record information about invoices received from suppliers and other supplier related financial activity. This includes support for supplier master files in each Epicor iScala company or a single common supplier master file, VAT records, payment forecasts, payment proposals, balance reports which can be re-valued if the invoices are in foreign currencies and sales statistics including ABC analysis and Intrastat for European users. The system supports settlement of open invoices through direct payment, promissory notes and the receipt of credit notes.

• Automatic Payment
  It is possible to electronically instruct a bank to make a payment to a supplier. The Epicor iScala automatic payment for purchases feature can be used to create bank files or to print checks in multiple formats. The timing of payments made to suppliers can be automatically adjusted according to the priority you attach to each supplier. Details of payments can be captured in a separate Payments Ledger to support reconciliation.

Promissory Notes
In many parts of the world invoices are settled through the bank using what are often called promissory notes or post dated checks. Depending on the country involved the promissory note may be guaranteed by a bank. Promissory notes may either be paid to the drawer’s bank or to the issuing bank, or sometimes a combination, and may be submitted individually or in portfolios. The Epicor iScala promissory notes feature provides the tools and reports to manage and control all aspects of working with promissory notes and is fully integrated to other financial processes.

Direct Invoicing
The Epicor iScala direct invoicing process is used to manage a sales invoicing process for businesses that do not need the more complex sales order fulfillment or logistic process, for example simple service providers. This fully integrated feature supports the direct entry and printing of non-stock invoices and provides support for a small stock pricing file handling up to 100 items.

For further information, please contact us at (852) 2581 9373 or email to salesenquiry@polyasia.com.

For the product details, please refer to the official web page of Scala Business Solutions at http://www.scala.net