Benefits of Cash Management with ERP

Here you can find which functions of ERP allows you to perform related to cash management: unlimited numbers of checking, savings, charge accounts, and integration between accounts payable and accounts receivable. The regulation of information is also important, and every employee will only see what they have permission to see. It is also useful to establish access permissions such as: display only, excluded, and add /change /delete or supervisory.

Furthermore, this option permits you to receive payments, make deposits, print checks, record manual performed checks, and record funds transfers and card charges. The option will also allow you to accumulate receipts into undeposited funds accounts for later deposit, or record the immediate deposits you make.

Some additional options allow you to record funds transfers from any cash account, print quick checks to vendors and record manually written checks, and you can also set up specific security groups, thus limiting access to a defined group of users.

You can manage credit card transactions easily by transaction or by statement and checks can also be voided. The transactions are reversible, and you can generate period end audit reports such as bank account activity, cash trend analysis and periodic cash flow projections.

Some features appreciated by the users are the ability to post on current and future periods, or reopen posts for a prior closed period. You ca pay off credit card charges via locally printed or online checks, cash or funds transfer and reconcile cash accounts easily.

Useful Applications:

• Generate reports including bank, check, deposits, card charge registers and cash balances.
• Easy access to the registers of vendors, customers and transactions.
• Reports are viewable online, or exportable to Excel files, text files or PDF files.
• Post cash management transactions in detail or summary to the general ledger
• Set historical data retention parameters.
• Allow the creation of private batches to limit access to a batch to a single user.
• Define your own tender types for cash, checks, credit cards, money orders, drafts or coupons.
• Define an unlimited number of user - defined transaction types with a default offset account for quick processing of Bank transactions.
• Set up Bank accounts and enter transactions in currencies other than your organization’s home currency.
• Create multicurrency deposits. Transfer cash from Bank accounts with different currencies.
• Create private batches to prevent unauthorized access.
• Place a batch on hold to prevent posting to the general ledger.
• Update daily balances for a bank account automatically when transactions are posted from accounts payable or accounts receivable.
• Transfer funds from bank accounts with the same or differing currencies.
• Automatically create deposits in cash management when posting cash receipts in accounts receivable.
• Manually post miscellaneous deposits such as credit card payments.
• Combine undeposited manual accounts receivable cash receipt batches into a single deposit to a specific bank account.
• Import electronic bank files of cleared transactions from your bank account for automatic reconciliation and mark them accordingly. Confirm cleared transactions quickly and efficiently.
• Enter any bank transaction, such as bank fees, interest or adjustments, on the fly while reconciling your account.

Different types of Reports

1. Daily cash flow projections (detail and consolidated)
2. Periodic cash flow projections (summary, detail and consolidated view)
3. Daily cash balance (summary and detail)
4. Cash trend analysis (cash position summary and collection/ payment detail)
5. Bank activity (summary and detail)
6. Cash management options list
7. Future cash flow list
8. Bank list
9. Bank account list (summary and detail)
10. Tender type list

Period End Audit Reports

ERP cash management modules enable you to quickly and easily handle and track a wide range of bank transactions - including deposits, withdrawals, adjustments, interest earnings and charges, bank fees and transfers between accounts, with pinpoint accuracy. In addition to this, the module gives you fast, convenient access to transaction details and source information.

It also simplifies deposit generation by allowing you to automatically create deposits in the system when posting cash receipts in accounts receivable. Integration of cash management with accounts payable and accounts receivable enables you to access payment and deposit information by bank account, confirming transactions and import cleared transactions from your bank for automatic reconciliation.

First Page: ERP for Cash Management