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Accounting Details

General Ledger, Multicurrency, Sales Tax, Accounts Receivable, Credit hold, Payments, Accounts Payable

    • General Ledger

      • Fully integrated General Ledger with multi-segment Chart of Accounts capability
      • Accepts any GL Account numbering scheme
      • User defined default GL Accounts for all postings but may be overridden by transaction
      • Ability to define default allocations between multiple GL Accounts that may be overridden by user
      • Immediate posting of accounting transactions to GL through Accounting Journals upon saving the transaction
      • GL Accounts mapped to Account Groups to Account Sub-Types to Account Types allows extremely flexible financial statement structure
      • Ability to generate financial statements by warehouse and department
      • Full drill-down capability for all financial statements to individual voucher or invoice levels
      • Detailed budgeting by General Ledger account, by department, and by warehouse
      • Support for multiple bank accounts
      • Running totals by bank account and reconciliation against bank statements
      • Extensive financial reports that can be run in detail or summary mode
      • All reports can be downloaded in a variety of formats (Excel, Word, PDF, HTML, etc.)

    • Multi-currency

      • Permits transactions in foreign currencies for purchases from foreign vendors or sales to foreign customers
      • Transactions with foreign counterparties denominated in specified foreign currency and converted back into US dollars as the system’s functional currency
      • Tracks foreign currency gains and losses
      • Tracks realized and unrealized foreign currency gains and losses
      • Exchange rates can be manually entered or automatically updated

    • Sales Tax Tracking & Reporting

      • Multiple available options for managing sales tax:
        • Maintain a sales tax table for each tax jurisdiction in Accolent ERP
        • Periodically import or lookup sales tax jurisdictions from a sales tax vendor (Zip2Tax)
        • Use Avalara for online sales tax calculation as orders are finalized
      • Accolent ERP allows for creation of a sales tax table by user-defined tax jurisdiction and allowing split tax jurisdictions and rates
      • Specify tax Specify nexus for all tax jurisdictions based on applicable regulations
      • Specify whether freight and labor are taxable in each state
      • Specify whether tax by origin or tax by destination based on ship-to
      • Allow for taxable or non-taxable customers and products
      • Manually override any default sales taxability line-by-line on an order to account for products for sale vs for internal consumption
      • Create multiple sales tax reports by tax jurisdiction or split tax jurisdiction

    • Accounts Receivable

      • Complete accounts receivable and payment detail functionality
      • Access to customers’ open and paid invoices with current 30/60/90/120 aging
      • Detailed aging report by terms
      • Ability to age Accounts Receivable as of a past date
      • Generate customer statements for one, all, or a group of customers and automatically deal with specified ship-to locations and bill-to locations
      • Ability to automatically send Customer Statements directly to default email addresses
      • Cashiering functions for over-the-counter sales
      • Flexible payment receipts capability to apply payment, accept and apply deposits and view customer ledger card
      • Report payments by payment type: Cash, Check, Credit Card type
      • Payment history by item if multiple payments are applied to an invoice
      • Payment listing with detail on how payments were allocated
      • Extensive sales and payment history summary screens
      • Ability to support complex payment date discount rules
      • Charge and book interest charges with flexibility as to how applied
      • Maintain customer collection comments
      • Write-off accounts receivable balances to multiple General Ledger accounts during payment receipt process

    • Credit Checking/Management

      • All orders or immediate invoices automatically call the credit checking and management functionality
      • Customer accounts are automatically placed on Credit Hold when assigned credit limit is exceeded or if invoices are open beyond a preselected number of days – which can be different from the invoice due date
      • Manually assign customers to Credit Status that prohibits orders under user-defined conditions
      • Process orders for customers on Credit Hold with authorization
      • See warning message at beginning and end of order entry for accounts on Credit Hold
      • Seasonally adjust credit limits for groups of customers
      • Single screen centralizes management of overdue accounts

    • Accepting Customer Payments

      • Accept payments by credit card, e-Check or ACH payments
      • Integrated with CardConnect®, a unit of Fiserve/FirstData one of the largest global payment processors
      • Ability to get best pricing by optimizing on interchange charges ensuring the lowest possible rates on every transaction
      • Accessible on any desktop, tablet or mobile device as well as virtual and plug and play retail terminals
      • Transactions secured using P2PE (point-to-point encryption) and tokenization, support EMV (Europay, MasterCard, Visa)
      • Provides maximum PCI compliance scope reduction and maximum data security to protect card data at rest and data in flight
      • Extensive reporting tools and e-Statements available

    • Accounts Payable

      • Vendor ledger card with full drill-down capabilities
      • Ability to set invoice payment priorities and check writing
      • Cash requirements report forecasts cash needed for cash discounts
      • Accounts payable aging:
        • by vendor payment priority
        • due date
        • by vendor
        • as of a past date
      • Validations enabling tie-out of vendor invoice to PO and PO Receipt totals
      • Ability to allocate a single voucher to one or multiple receiving transactions
      • Ability to process 1099 forms

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