Financial Management

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Financial Management (FIN) Suite

The Simplicity® Financial Management (FIN) Suite is a full-fledged solution for the management of all corporate financial and accounting activities for your organization, ranging from setting up of your books, producing financial and management reports, tracking of accounts payable and receivable, monitoring of your cash flow, as well as financial consolidation.

 

It consists of six modules:

• General Ledger (GL)

• Receivables Management (AR)

• Payables Management (AP)

• Fixed Asset Management (FA)

• Cash Flow Management (CF)

• Financial Consoliadtion (FC)

General Ledger (GL)

The General Ledger (GL) is the foundation module of Simplicity® FIN. It is responsible for the Record-to-Report (R2R) process, and provides flexible and powerful tools for the setting up and management of charts of accounts, general journals, summary accounts as well as financial periods.

 

Key features:

• Chart of Accounts & Financial Periods

• Concurrent support for the accounting needs of multiple business entities within a single application;

• Supports flexible accounting periods and fiscal years, e.g. 14 month year;

• Configure business-entity dependent approval processes for accounting period and fiscal year openings and closures;

• Provides unlimited levels and multiple specialized segment structures for GL account codes, for example: Business Entities, Natural Accounts, Business Units, Departments, Project Activities;

• Provision of country-specific attributes for GL segments, for example Business Entities in India to track Permanent Account Number (PAN), in Australia to track Australia Company Number (ACN);

• Define permutation rules for generating GL accounts from GL segments;

• Support assignment and tagging of specialized GL accounts such as bank, reconciliation, tax, foreign currency gain/loss, control, as well as inter-company;

• Generate complex reports on the fly with summary accounts;

• Support for four types of balances for each GL account: Actual Balance, Budget Balance (for tracking income and expense budgets), Encumbrance Balance (for tracking funds under spending approval) and Commitment Balance (for tracking funds committed for spending);

• Support for “Overlay Ledgers” that can be posted to and superimposed over the base General Ledger for accruals, year-end audit and tax adjustments, as well as reporting under different local accounting standards (for example: GAAP);

• Comprehensive list of financial reports including income and balance sheet statements;

• Journal Entry & Processing

• Supports real-time or manual posting of journal entries in journal batches, with configurable approval process for manual postings; posting can be done to any of the four GL account balances (Actual, Budget, Encumbrance, Commitment) or Overlay Ledger adjustment balances (Accrual, Audit, Tax);

• Allows for temporary unbalanced journals with suspense account feature;

• Support for “cloning” of regularly performed journal postings for easy data entry;

• Support for reversal of posted journals;

• Support for automated journal posting based on pre-defined schedule;

• Tax

• Generalized support for various taxation categories such as Sales Tax, Value Added Tax and Withholding Tax;

• Specialized support and reporting for country-specific tax requirements, for example: Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) in India, Sales and Services Tax (SST) in Malaysia;

• Interfaces to local statutory tax portals for automated tax filing and claims submission;

• Multi-currency Support

• Multi-currency support using 3-character ISO Currency Codes;

• Recording of transaction value in multiple currencies including document currency, local reporting currency, and system base (group reporting) currency;

• Bulk import facility for latest exchange rates and currency codes;

• Tracking of current and historical exchange rate pairs;

• Support for multiple exchange rate types, for example: Accounting Period Rate, Transaction Rate;

• Support for foreign currency revaluation based on pre-defined rules, and subsequent next period automatic reversal;

• Reconciliation & Closing

• Wizards to guide execution of accounting period end activities, such as bank reconciliation, AR/ AP reconciliation, period-end accruals, as well as fiscal year end activities, such as carry-forward of GL/ Fixed Asset/ AR/ AP balances and consolidation of P&L account balances to retained earnings;

• Allows for both manual bank reconciliation (with support for uploading of electronic bank statements) and electronic bank reconciliation via direct Host-to-Host (H2H) interface with banks;

• Multi-currency support using 3-character ISO Currency Codes;

• Recording of transaction value in multiple currencies including document currency, local reporting currency, and system base (group reporting) currency.

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Receivables Management (AR)

The Receivables Management (AR) Module, together with the Contract Management Modules, manages the Order-to-Cash (O2C) process, allowing you to optimize your cash flow position by managing your accounts receivable processes and tracking customer payment activities. The Simplicity® AR Module is notable for its comprehensive support for both ad-hoc and recurring electronic transactions. It also provides tools for the computation of late payment interest and management of arrears.

The AR Module within the FIN Suite provides generic receivables management functions; it can be further augmented by industry-specific capabilities such as real estate or utilities billing (from the Tenancy and Utility Billing & Accounting Modules of the Tenancy and Utility (Contract & Billing) Management Suites respectively).

 

Key features:

• Customer Registration and Management

• Manage customer accounts and profiles;

• Manage customer registration and credit checking process;

• Track connected party status;

• Billing & Credit Notes

• Generate invoices, credit notes and debit notes to customers;

• Compute tax amounts (Sales Tax, VAT, Withholding Tax) and payment requirements based on country-specific requirements;

• Setup cyclical billing, with configurable billing frequencies (for example: daily, weekly, monthly, quarterly, half-yearly, annually);

• Track pre-payments and deposits;

• Handle billing of recoverable items (with integration to AP Module);

• Support for Pan-European Public Procurement On-Line (PEPPOL) electronic billing;

• Supports management of cash advance accounts and refund processes (with integration to AP) for customers who have credit on balance;

• Transfer credit between customer accounts;

• Net off AR against AP for customers who are also active vendors;

• Collection & Payment Gateway Interfaces

• Manage collections for different payment modes; support specialized handling for check clearance and cash collection (small value rounding)

• Prioritize payment order with knock-off sequence for different charge items, e.g. pay off interest before principal;

• Direct Debit (GIRO) collection processing, including application (including Electronic Direct Debit Authorization) and termination, and periodic processing (including generation of deduction files and processing of bank return files);

• Recurring Credit Card (RCC) collection processing, including pplication, token registration with major payment gateways and periodic processing;

• Interface to common payment kiosk services (such as AXS and SAMS);

• Real-time payment gateway interfaces (such as Paypal, eNETS and PayNow);

• Arrears Management

• Track arrears with reminder options and different methods of computing late payment charges (LPC);

• Automatically schedule computation of LPC;

• Manage LPC waivers;

• Support for rolling out of instalment plans for customers in difficulty;

• Automatically generate Dunning letters based on pre-defined sequences and letter formats (for example: First Reminder, Second Reminder, Final Warning), and send out the letters via electronic means or via interface with printing service providers;

• Bad Debt Management

• Support functions to provision for or to write-off bad debts;

• Supports approval processes for reversal of transactional documents

Payables Management (AP)

The Payables Management (AP) Module, together with the Procurement Module, manages the Procure-to-Pay (P2P) process, allowing you to optimize your cash flow position by managing your accounts payable processes and tracking vendor payment activities.  The Simplicity® AP Module is notable for its comprehensive support for both ad-hoc and recurring electronic transactions.

The AP Module flows naturally from the Procurement Module, taking over once goods and services receipt has been committed.  The AP Module also handles standalone direct payment transactions.

 

Key features:

• Vendor Registration and Management

• Manage vendor accounts and profiles;

• Manage vendor pre-qualification and registration process;

• Track connected party status;

• Purchase Invoicing & Credit Notes

• Input invoices, credit notes and debit notes from vendors;

• Performing matching against Purchase Order or Goods Receipt Note;

• Compute tax amounts (Sales Tax, VAT, Withholding Tax) and payment requirements based on country-specific requirements and provide control amount to check and reconcile differences in tax amounts computed by vendors;

• Automate recurring payments;

• Track pre-payments and deposits;

• Support receipt of Pan-European Public Procurement On-Line (PEPPOL) electronic billing;

• Payment & Payment Gateway Interfaces

• Manage payment voucher and refund voucher (with integration with AR) approval processes;

• Handle physical check printing;

• Manage cash journals for petty cash use;

• Net off AP against AR for vendors who are also active customers;

• Direct Credit (EFT and GIRO) payment processing interface to your banks for electronic payment to your vendors;

• Supports approval processes for reversal of transactional documents

Fixed Asset Management (FA)

The Fixed Asset (FA) Module allows you to track the value of your portfolio of capital assets, such as properties, plants and equipment, and manage their financial life cycle from acquisition to disposal.

 

Key features:

• Define different asset classes (including Right-of-Use (ROU) assets) for the fixed assets, each with configurable asset attributes;
• Support for creation of fixed asset record either directly in the FA Module or from the Procurement Module;
• Manage fixed asset information update, transfer, revaluation, disposal and impairment processes;
• Allows for multiple depreciation types, including straight line, declining balance, sum of digits and units of use;
• Allow the assignment of different depreciation types for each asset class to different Overlay Ledgers;
• Automatically calculate and post depreciation journals at pre-determined schedules for each fixed asset;
• Automatically computes net book value of fixed assets;
• Track tax deductions submitted and granted for asset depreciation.

Cash Flow Management (CF)

The Cash Flow Management (FC) Module assists you in managing the flow of incoming and outgoing funds for your operations.  The FC Module supports you to estimate and review upcoming cash flow position based on forecasted income and expenses, so as to better fine-tune your budget and adjust spending plans.

The FC Module works best if it can integrate with and obtain income forecast information from the Income Budget Management Module of the Tenancy (Contract & Billing) Management Suite and expenditure forecast information from the Expense Budget Management Module of the Supply Chain Management Suite.

 

Key features:

• Project short term cash flow position with integrated receivables and payables information from AR and AP Modules;
• Project long term cash flow position based on imported revenue and expenditure forecast;
• Structure and simulate multiple what-if scenarios.

Financial Consolidation (FC)

The Financial Consolidation (FC) Module allows you to speed up the financial close with real-time financial consolidation and intercompany eliminations based on pre-set ownership and currency translation rules.

 

Key features:

• Allows multiple level of consolidation set up;
• Handles multiple reporting currencies;
• Auto inter-co transaction elimination.

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