The integrated iKonomikal Cloud ERP has the feature of automatic creation and posting of accounting entries to previous, current and future accounting periods and years. Recording of transactions are distributed in each appropriate accounting period to follow the accounting principle of "Proper Matching of Cost and Revenue". What is best in iKonomikal Cloud ERP is the automatic creation of accounting entries is about 92%.
This feature is good for company with less number of people or doesn't intend to hire more despite of the big volume of transactions. It is applicable to holding companies with centralized services for their branches and/or subsidiary companies. This is also useful to Business Process Outsource companies servicing their clients.
The savings and benefits are:
1. Big reduction of work particularly at month end and year end
2. Reduction of manpower and its cost3. Saved time can be used in other tasks such as on checking and analysis
4. Accounting records are always updated and accurate
5. Financial fluctuations are avoided
6. Reports are printable anytime and anywhere
7. Real time information useful for monitoring and decision making
8. Employees are off early from work
1. Supply Chain process. Like in other programs of iKonomikal, the documents being extracted from one to another avoids repetitions of data entry are RFQ from customer, to RFQ to supplier, to Sales Quotation to Customer, to Sales Order Confirmation, to Purchase Order to Supplier are non accounting entries transactions but serve as the basis of transactions with accounting entries such as Acknowledgement of Receipt by the Customer, Invoice to Customer, Collection from the Customer, Invoice from the Supplier and Payment to Supplier are processes that generate 100% automatic accounting entries. Supply from stock is likewise the same.
2. HR Payroll is generating 100% automatic accounting entries. Setup and Payments of Advances/Loans, Processing and Payment of Payroll of group of employees, Leaves/Vacations, Tickets, Termination and Retirement accrual entries, Withholding and Annualization of Taxes, PHIC, SSS and HMDF dues/loans deductions and payments, Benefits Adjustments, Labor cost allocations to job order/project etc.. The HR Payroll processes 1 second per employee or 60 employees per minute or 3,600 employees per hour with complete reports and accounting entries.
3. Fixed Asset Management is generating 100% automatic accounting entries from acquisition, depreciation, transfer, disposal and to allocation of cost to job order/project.
Fixed Asset Depreciation. For example a newly purchased car is to be depreciated in 4 years or 49 accounting periods (the 49th period is fraction of the month). The fixed asset depreciation program of iKonomikal can do it in less than a minute in one batch for 4 fiscal years having 49 depreciation accounting entries in their respective current and future periods and years. Clicking the AM Batch Run icon of "QUE AND PROCESS" will automatically create depreciation entries in a targeted batch in less than a minute. A great relief because it need not be depreciated at the end of the month because depreciation was done after acquisition. The advantage is fixed asset register and the lapsing schedule can be displayed or printed anytime and at anywhere in seconds.
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The entries below were from the AM Depreciation Batch Run
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The below images are examples of Posting to Future Years with 4 years depreciation in single batch having 49 accounting entries from January 8, 2016 (FP:201601) to January 7, 2020 (FP:202001).
From:
Batch 1, Entry 1, Fiscal Period 2016-01, Posting Sequence 10
To:
Batch 1, Entry 49, Fiscal Period 2020-01, Posting Sequence 10
Legends:
B-E = Batch & Entry numbers, FP = Fiscal Periods, PS = Posting Sequence Numbers
Automatic reversal is available for posted future depreciation entries on assets to dispose before the end of useful years. Example situations of early disposal could be accident for cars, damaged machine or building due to fire or calamity, loss of properties to robbers or technology obsolescence.
4. General Ledger. The Journal Voucher entry of the General ledger also generates automatic accounting entries of sales and expenses for distribution to respective accounting periods and years.
1. Service invoice for the entire contract or agreement
2. Accrual of expenses with automatic reversal entry
3. Amortization of prepaid and pre-operating expenses
4. Invoice of Tuition Fee for students
Accrual of periodic estimated expenses extended to more than 1 year can be done with corresponding automatic reversal on the following period and replaced by the actual amount of invoice. Or credit the estimated accrual and debit/credit to expense the difference upon recording of the invoice to payable or upon payment if not on account. Good examples are predetermined expenses such as electricity, water and other expenses regularly invoiced by suppliers. Hence, even the invoice is delayed the estimated expense was already posted. Though may have slight difference but the result will turn to actual at the end. This method avoids periodic expense fluctuation or variance.
Amortization of prepaid expenses for multiple years. A good example is Insurance Expense paid in advance for 2 years to avail discount. This will be amortized automatically in one batch equally distributed in 24 (periodic) months.
From:
Batch 4, Entry 1, Fiscal Period 2016-01, Posting Sequence 12
Batch 1, Entry 25, Fiscal Period 2018-01, Posting Sequence 12
Similar automatic accounting entries are provided in other iKonomikal programs such as in Inventory Control and Assembly Modules, Treasury Modules, Sales Order Modules, Purchase Order Modules, AR/AP Modules, Bank Credit Facilities Modules, Project Management Modules, General Contracting Modules, Cargo Management System Modules, Cargo Inbound and Outbound System, Cargo Forwarding System, School Information System Modules and Mailer, Courier and Billing System.
All of the above features are possible in iKonomikal Cloud ERP. These features and its savings and benefits make the everyday work of the accountant easy and relaxing, and the management abreast on the status of the company condition and result of operation.
All of the above features are possible in iKonomikal Cloud ERP. These features and its savings and benefits make the everyday work of the accountant easy and relaxing, and the management abreast on the status of the company condition and result of operation.
End of blog
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