PROBLEM BACKGROUND
Nowadays, real time information can easily be provided by the cloud technology. Yes it is true "if" the internet connection is good in all locations. What about if there are company branches or outlets with poor internet or no connection at all"? What about if the people at the outlets or the transporter knows only using mobile phones? Then the information is incomplete. The big question is "How to get the data from the remote sources in real time and consolidate them to the company information system in a cloud technology?". This is the real problem of the majority number of small to medium enterprises in particular in the franchising industry. Owners want updated, uninterupted and instant information about their sales, VAT, cash, undeposited collection, cost of sales, gross profit, expenses, net profit, inventory of finished goods and raw materials, payables, receivables, undelivered sale orders and purchase orders etc...
SOLUTION
The answer to the big problem is the combination of Cloud and SMS technologies working with and without internet respectively. SMS is the last layer of communication sending messages to mobile phones with internet connection for example those located in the company head office. The integrated iKonomikal Cloud ERP SMS Gateway being used by the company has the capability to receive text data and transform them into transaction and post as well without human intervention. It also automatically prepares report and send them to mobile phone. Mobile phone can send request of a report to iKonomikal and iKonomikal will reply back to the mobile phone. Ikonomikal is available on a very affordable subscription scheme thereby avoiding financial impact. TCS or The Cost of Subscription is considered as OPEX rather than CAPEX.
The combination of Cloud and SMs technology increases the way data is entered in Ikonomikal Cloud ERP. They are through:
Documents and reports are displayed or downloaded in the following file formats
iKonomikal's security and safety features are quite strong. These are:
ON CONSIGNMENT
The Cloud and SMS technologies are vital in the supply chain and franchising industries in particular is the consignment deals with their clients. The combination feature is only available in iKonomikal Cloud ERP.
Consignment activities require the versatile iKonomikal Cloud ERP both in operations and financial transactions. One of the good features of iKonomikal is it has graphical dashboard of 38 Financial Ratios and Performance Indicators that are available in real time. In addition is 92% of the accounting entries are automatically generated.
The goods sent by the consignor are kept by the consignee. The records are in the consignor's iKonomikal. The consignee could be a franchisee or branch or outlet. Consignee's sale is recorded as receivable while the reduction in inventory as cost of sale by the consignor. The sale maybe gross or net of commission. Cash is collected from the consignee net of commission.
Ikonomikal provides in real time the consignor the following
1. Stock and value in the
a. company/consignor warehouse
b. transporter custody
c consignee custody
2. Sales value and volume
3. Cost of Sales
4. Receivable from the consignee
5. Gross profit from the sale of the consignee
TRANSFER OF GOODS
The transfer of goods means the shipment of goods from the consignor to transporter then to consignee. Aside from the warehouse of the consignor additional 2 virtual warehouses within Ikonomikal are created namely 1. Transporter and 2 Consignee to identify the whereabouts and accountability at any time.
1. Consignor to Transporter - goods are taken by the transporter for delivery to the consignee.
Accounting entry:
Debit Inventory - Transporter
Credit Inventory
To record goods taken by the transporter for delivery to the consignee
2. Consignee from Transporter - goods are received by the consignee from the transporter.
Accounting entry:
Debit Inventory - Consignee
Credi Inventory - Transporter
To record receipt of goods by the consignee from the transporter
COST AND QUANTITY ADJUSTMENT
3. Adjustment for the cost and quantity is the result of loss or damage
and the transport cost
The adjustment to be done could be either of the following
a. Quantity Increase
b. Cost Increase
c. Quantity Decrease
d. Cost Decrease
e. Both Increase
f. Both Decrease
Therefore the transaction will be entered either the quantity or the cost or both which may increase or decrease.
SALE AND DELIVERY OF GOODS
The sale of goods by the consignee is entered in iKonomikal as sales to consignee from the consigned goods. The consignee can enter directly if he has access or send text to iKonomikal to record the sale and receivable, and the reduction of inventory to cost of sale. The Delivery Note is automatically generated as an option once the Invoice is posted. So there are two documents that can be printed. The option to issue more than one Delivery Note as a result of multiple deliveries can be invoiced individually or combine all Delivery Notes into one Invoice. The delivered goods are taken from the goods in the custody of the consignee.
Invoice Accounting Entry
Debit Accounts Receivable
Credit Sales
To record the sales quantity and amount of the company to the consignee.
Delivery Note Accounting Entry
Debit Cost of Sales
Credit Inventory - from the stock of the consignee
To record the quantity and cost of the sales to the consignee
Inventory History - Stock Ledger Card
Gross Profit/Margin Analysis
Statement of Account
COLLECTION OF RECEIVABLE
The collection of outstanding receivable could either be through bank check/transfer or through in mode of cash as shown on the image.
Accounting Entry
Debit Cash on Hand
Credit Accounts Receivable
BANK DEPOSIT OF COLLECTION
The company may have a policy that all collections must be deposited to the designated company bank account. That is to avoid risks such as loss due to robbery, holdup, temptation or fortuitous events.
Accounting Entry:
Debit Deposit in Transit
Credit Cash on Hand
BANK RECONCILIATION
The process of comparing company bank transactions and the bank statement is called bank reconciliation. It signifies that the deposit has been recorded by the bank as shown in the statement the bank has proivided.
Accounting Entry:
Debit Cash in Bank
Credit Deposit in Transit
END OF BLOG
------------------------------------------------------------------------------------------
Nowadays, real time information can easily be provided by the cloud technology. Yes it is true "if" the internet connection is good in all locations. What about if there are company branches or outlets with poor internet or no connection at all"? What about if the people at the outlets or the transporter knows only using mobile phones? Then the information is incomplete. The big question is "How to get the data from the remote sources in real time and consolidate them to the company information system in a cloud technology?". This is the real problem of the majority number of small to medium enterprises in particular in the franchising industry. Owners want updated, uninterupted and instant information about their sales, VAT, cash, undeposited collection, cost of sales, gross profit, expenses, net profit, inventory of finished goods and raw materials, payables, receivables, undelivered sale orders and purchase orders etc...
 |
| Software: https://ikonomikal.com Company: https://hq.ikonomikal.com |
SOLUTION
The answer to the big problem is the combination of Cloud and SMS technologies working with and without internet respectively. SMS is the last layer of communication sending messages to mobile phones with internet connection for example those located in the company head office. The integrated iKonomikal Cloud ERP SMS Gateway being used by the company has the capability to receive text data and transform them into transaction and post as well without human intervention. It also automatically prepares report and send them to mobile phone. Mobile phone can send request of a report to iKonomikal and iKonomikal will reply back to the mobile phone. Ikonomikal is available on a very affordable subscription scheme thereby avoiding financial impact. TCS or The Cost of Subscription is considered as OPEX rather than CAPEX.
 |
| Software: https://ikonomikal.com Company: https://hq.ikonomikal.com |
 |
| https://play.google.com/store/apps/details?id=bcss.xmrn.wi.nt.smgw.android |
The combination of Cloud and SMs technology increases the way data is entered in Ikonomikal Cloud ERP. They are through:
- Data entry to the program
- Import or upload of Master and Transaction files using Excel or CSV formats
- API or Application Programming Interface from 3rd party program such as biometrics, POS or other client's legacy system
- SMS/ Text from ordinary mobile phone
Documents and reports are displayed or downloaded in the following file formats
- Crystal
- Word
- Excel
- Excel Data
iKonomikal's security and safety features are quite strong. These are:
- Cloudflare (Threat remover)
- SSL Grade A (Secure Socket Layer)
- Microsoft Azure Firewall
- IP Address Lock (White Listing)
- Identity Based Security
- User Invitations
- Role Based Security
- API/Webserver Based Data Access
- Audit Trail Logs
- Self Service Database Restore
- Geo Database Restore
- External Database Backup Storage
ON CONSIGNMENT
The Cloud and SMS technologies are vital in the supply chain and franchising industries in particular is the consignment deals with their clients. The combination feature is only available in iKonomikal Cloud ERP.
Consignment activities require the versatile iKonomikal Cloud ERP both in operations and financial transactions. One of the good features of iKonomikal is it has graphical dashboard of 38 Financial Ratios and Performance Indicators that are available in real time. In addition is 92% of the accounting entries are automatically generated.
The goods sent by the consignor are kept by the consignee. The records are in the consignor's iKonomikal. The consignee could be a franchisee or branch or outlet. Consignee's sale is recorded as receivable while the reduction in inventory as cost of sale by the consignor. The sale maybe gross or net of commission. Cash is collected from the consignee net of commission.
Ikonomikal provides in real time the consignor the following
1. Stock and value in the
a. company/consignor warehouse
b. transporter custody
c consignee custody
2. Sales value and volume
3. Cost of Sales
4. Receivable from the consignee
5. Gross profit from the sale of the consignee
TRANSFER OF GOODS
The transfer of goods means the shipment of goods from the consignor to transporter then to consignee. Aside from the warehouse of the consignor additional 2 virtual warehouses within Ikonomikal are created namely 1. Transporter and 2 Consignee to identify the whereabouts and accountability at any time.
1. Consignor to Transporter - goods are taken by the transporter for delivery to the consignee.
Accounting entry:
Debit Inventory - Transporter
Credit Inventory
To record goods taken by the transporter for delivery to the consignee
2. Consignee from Transporter - goods are received by the consignee from the transporter.
Accounting entry:
Debit Inventory - Consignee
Credi Inventory - Transporter
To record receipt of goods by the consignee from the transporter
COST AND QUANTITY ADJUSTMENT
3. Adjustment for the cost and quantity is the result of loss or damage
and the transport cost
The adjustment to be done could be either of the following
a. Quantity Increase
b. Cost Increase
c. Quantity Decrease
d. Cost Decrease
e. Both Increase
f. Both Decrease
Therefore the transaction will be entered either the quantity or the cost or both which may increase or decrease.
 |
| Adjustment Choices |
SALE AND DELIVERY OF GOODS
The sale of goods by the consignee is entered in iKonomikal as sales to consignee from the consigned goods. The consignee can enter directly if he has access or send text to iKonomikal to record the sale and receivable, and the reduction of inventory to cost of sale. The Delivery Note is automatically generated as an option once the Invoice is posted. So there are two documents that can be printed. The option to issue more than one Delivery Note as a result of multiple deliveries can be invoiced individually or combine all Delivery Notes into one Invoice. The delivered goods are taken from the goods in the custody of the consignee.
Invoice Accounting Entry
Debit Accounts Receivable
Credit Sales
To record the sales quantity and amount of the company to the consignee.
Delivery Note Accounting Entry
Debit Cost of Sales
Credit Inventory - from the stock of the consignee
To record the quantity and cost of the sales to the consignee
Inventory History - Stock Ledger Card
Gross Profit/Margin Analysis
Statement of Account
COLLECTION OF RECEIVABLE
The collection of outstanding receivable could either be through bank check/transfer or through in mode of cash as shown on the image.
Accounting Entry
Debit Cash on Hand
Credit Accounts Receivable
BANK DEPOSIT OF COLLECTION
The company may have a policy that all collections must be deposited to the designated company bank account. That is to avoid risks such as loss due to robbery, holdup, temptation or fortuitous events.
Accounting Entry:
Debit Deposit in Transit
Credit Cash on Hand
BANK RECONCILIATION
The process of comparing company bank transactions and the bank statement is called bank reconciliation. It signifies that the deposit has been recorded by the bank as shown in the statement the bank has proivided.
Accounting Entry:
Debit Cash in Bank
Credit Deposit in Transit
END OF BLOG
------------------------------------------------------------------------------------------
For inquiries contact:
Companies:
iKonomikal Cloud Services
Department of Trade and Industry Cert#: 04929944
Mayor’s Permit: BCN 1914-56
TIN: 224 089 131 VAT Registered
TR iKonomikal Consultants
Department of Trade and Industry Cert#: 04929961
Mayor’s Permit: BCN 1914-56-01
TIN: 224 089 131 VAT Registered
Address:
Ground Floor, TG Rolluqui Building
117 Burgos Street Corner Regalia Street
Brgy. Bagong Silang, Poblacion, Santa Cruz
Marinduque, 4902, Region 4B, Philippines
Links:
Skype: tgrolluqui@hotmail.com
Phones
M: +63 918 229 5934 (Smart)
M: +63 917 813 4905 (Globe)
T: +63 2 257 6646
iKonomikal Cloud ERP
Software Website: https://ikonomikal.com
Company Website: https://hq.ikonomikal.com
Tech Updates: https://docs.ikonomikal.com/
Agreements: https://policy.ikonomikal.com/
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