Inter Entity Transactions

By: Orchid Business Systems  13-Jul-2011
Keywords: Accounting Software, Business Software, Erp

Inter-Entity Transactions facilitates doing business and transferring funds between entities within a Sage ERP Accpac Company and/or across Sage ERP Accpac Companies (databases) at the same time. Entities can include branches, divisions, departments, funds, projects, trusts or multiple companies held within one Sage Accpac database or across Sage ERP Accpac databases.

Inter Entity Transactions increases the accuracy of your financial data by reducing posting errors, streamlines business processes by automatically generating Due To and Due From entries while posting to the GL in the Source company database. Database Entity Mapping links a Source company to Target company databases. Complex routes can be followed when there are no direct inter-entity account relationships between the transacting entities.

This module is also available from Sage in Accpac Online.

  • -Works on all transactions from any Sage ERP Accpac subledgers and SDK based Third Party modules to ensure all entities stay in balance.
  • -Creates open GL Batch of balancing entries based on transaction date for multiple Sage ERP Accpac companies with different Month or Year End dates.
  • -Well suited to non-profit organizations with Fund Accounting requirements or multi-site businesses.
  • -A timesaver for any organization with intercompany loan accounts which should mirror each other.
  • -Detailed reports and processes ensure entities balance at all times, increasing the timeliness and accuracy of information whilst saving keystrokes!

BENEFITS

  • Accurate financial data
  • Streamlines business processes
  • Can follow complex routes
  • Auto Due to and From transactions
  • Keep each entity in Balance

 

CASH MANAGEMENT - included only in multi database version. NEW FEATURE

For organizations with multiple entities and bank accounts who need to transfer and allocate funds between them, Inter Entity Cash Management automates the process in Accpac. No need to duplicate transaction entries across companies.

All transactions are routed via predefined Intercompany loan accounts so they are kept in balance automatically.

AR Receipts across companies:
-
Allocate a receipt to a customer in one company and have the receipt go into the bank account in another company

  • -Bank a receipt into a bank account in one companyand allocate it against AR transactions which originated in other companies
  • -Allocate a miscellaneous receipt to GL accounts in one or more companies whilst receipting the funds into a bank account in another company
  • -Combined AR Trial Balance across multiple companies

 

AP Payments across companies

  • -Process a payment against a vendor in one company and have the payment come out of a bank account in another company
  • -Process an AP payment out of a bank account in one company and allocate it against AP transactions which originated in other companies
  • -Allocate a miscellaneous payment to GL accounts in one or more companies whilst drawing the funds from a bank account in another company
  • -Combined AR Trial balance across multiple companies

-Bank transfers between bank accounts across multiple companies.

 

Accpac Solution provider quote:

"They (prospective Accpac customer) are also looking at a competing product, but their add-on to do inter segment balancing is $4,500 plus two days training from the developer.

I was able to set up a compelling demo in a couple of hours using the Orchid add-on without any training from the developer ...go figure! I thought the documentation was very good with nice examples..."

Keywords: Accounting Software, Business Software, Erp, Financial Management Software, Financial Reporting

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